Ordinance 1139-85 - Laserfiche WebLink

• Safekeeping Agreement. When all of the Outstanding B Bonds shall have been redeemed and retired, the City may cause to be transferred from the 1985 Advance Refunding Fund-B to the Revenue Fund any moneys not required for the purpose set forth above. E. Redemption of Outstanding Bonds. The City hereby calls for redemption on July 1, 1992, the 1982 Bonds maturing on July 1, 1993 , in accordance with Section 4 of Ordinance No . 830-81 . Such call for redemption shall be irrevocable upon the delivery of the Refunding Bonds to the initial purchasers thereof. The City hereby calls for redemption on July 1, 1993, the 1983 Bonds maturing on and after July 1, 1994, in accordance with Section 4 of Ordinance No. 941-83 . Such call for redemption shall be irrevocable upon the delivery of the Refunding Bonds to the initial purchases thereof. The Refunding Trustee, acting in concert with the Treasurer and the Finance Director of the City, is hereby authorized and directed to provide for the giving of notice of the redemption of such 1982 Bonds in accordance with the provisions of such ordinance. Section 11 . Finding of Defeasance. The Council hereby finds and determines that the moneys and Acquired Obligations to be deposited with the Refunding Trustee to pay the principal and interest due and to become due on the Outstanding Bonds are sufficient to pay such amounts and will discharge and satisfy the obligations of the City under the respective ordinances authorizing the issuance of the Outstanding Bonds and the pledges, charges, trusts, covenants and agreements of the City therein made. The Outstanding Bonds shall be deemed to be not longer outstanding immediately upon the deposit of such moneys and Acquired Obligations with the Refunding Trustee. -37- WMD202 85/06/10