Ordinance No. 19627 - Laserfiche WebLink

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provisions of the Refunding Indenture and pursuant to instructions contained in the 1989 Escrow Deposit Agreement. Section 1 ~ . Use of Proceeds . The proceeds of the sale of the 1989 Refunding Certificates shall be applied as follows: - ~a} The Reserve Requirement shall be deposited into the Debt Service Reserve Fund to provide additional security for the payment of principal of, premium, if any, and interest on or of the 1989 Refunding Certificates. fib} As provided in the 1989 Escrow Deposit Agreement, there shall be deposited in the 1989 Escrow Deposit Fund certain Government Obligations and cash initially trans- ferred sufficient in amount that the maturing principal of and interest an such Government obligations, together with other funds in the 1989 Escrow Deposit Fund, shall pay the principal of and interest on the outstanding 1985 Refunding Certificates as they mature prior to and including June 1, 1994 and as are called far redemption on June 1, 1994. ~ c 7 The balance of the 1989 Refunding Certificates proceeds shall be deposited to the Costs of Issuance Fund as defined in Section la hereof and shall be disbursed to pay the costs of issuance of the 1989 Refunding Certificates. Any moneys remaining in the Costs of Issuance Fund after payment of the costs of issuance of the 1989 Refunding Certificates shall be transferred to the Principal Fund. Section 17. Purchase of Government Obligations a.~~d 1989 Escrow Deposit Agreement. The Trustee is authorized to purchase the Government Obligations for the account of the 1989 Escrow Deposit Fund. Section 1S. Approval of Documents. The City Council does hereby approve of the terms and provisions of the First Supplemental Refunding Trust Indenture, the Second Amendment to the Lease-Purchase Agreement, the Second Amendment to the Intergovernmental Agreement, the 1989 Escrow Deposit Agreement and the Investment instructions, all dated as of August 1, 1989, and the Purchase Agreement from Seattle Northwest Securities Corporation and Shear son Lehman Hutton, Inc . , substantially in the farm presented at this meeting. The Finance Director is authorized to execute those documents on behalf of the City with those changes as are app roved by the City Attorney. Section 19. Farm of 1989 Refunding Certificates. The 1989 Refunding Certificates shall be issued substantially in the form set forth in the First Supplemental Refunding Trust indenture. Section 20. Printing of 1989 Refunding Certificates. The Finance Director is authorized to contract for the printing of ORDINANCE - Page $.