Ordinance 1139-85 - Laserfiche WebLink

The District shall purchase, or cause the Refunding Trustee to purchase on its behalf, on the date of the delivery of the Refunding Bonds, out of the proceeds of the Bonds and other moneys deposited in the 1985 Advance Refunding Fund-B from the debt service account and reserve account for the 1978 Bonds, 1980 Bonds and 1983 Bonds, certain Acquired Obligations (more particularly described in the Safekeeping Agreement) for credit to the 1985 Advance Refunding Fund-B which, together with any necessary beginning cash balance therein, will be sufficient for the payment of the principal of and interest on the Outstanding B Bonds at maturity and upon the prior redemption thereof as more particularly described herein and in the Safekeeping Agreement. Such necessary beginning cash balance and Acquired Obligations shall be deposited in trust in the 1985 Advance Refunding Fund-B with the Refunding Trustee pursuant to the Safekeeping Agreement. Such beginning cash and Acquired Obligations are hereby irrevocably pledged to be held and applied solely for the payment of the principal and interest due and to become due on the Outstanding B Bonds, provided, however, that the City may from time to time transfer, or cause to be transferred, from the 1985 Advance Refunding Fund-B to the Revenue Fund any moneys not required for payment of the principal and interest due and to become due on the Outstanding B Bonds upon securing a verification from a certified public accounting firm and an opinion of bond counsel as hereinafter set forth. The City reserves the right to substitute other Acquired Obligations for the Acquired Obligations deposited in the 1985 Advance Refunding Fund-B, provided, that at all times the moneys and Acquired Obligations on deposit in the 1985 Advance Refunding Fund-B shall be sufficient for the payment of principal and interest due and to become due on the Outstanding B Bonds as -33- WMD202 85/06/10