Ordinance No. 19458 - Laserfiche WebLink

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Section 14. Redemption of 1985 Refunding Certificates. All of the 1985 Refunding Certificates then outstanding are irrevocably designated for redemption on June 1, 1994. The Escrow Agent as the Trustee far the 1985 Refunding Certificates is directed to exercise its election to call and redeem such outstanding certificates and shall cause notice of redemption to be given in the manner provided by law and in accordance with the provisions of the Refunding Indenture and pursuant to instructions contained in the 1987 Escrow Deposit Agreement. Section 15 . Use of Proceeds . The proceeds of the sale of the 1985 Refunding Certificates shall be applied as follows ~ a ~ The sum of $ G 30, 000 steal 1 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 1987 Refunding Certificates . ~b~ As provided in the 1987 Escrow Deposit Agreement, there shall be deposited in the 1987 Escrow Deposit Fund certain Government Obligations and cash initially transferred sufficient in amount that the maturing principal of and interest on such Government Obligations, together with other funds in the 1987 Escrow Deposit Fund, shall pay the principal of and interest on the callable portion of the outstanding 1985 Refunding Certificates as they mature to and including June 1, 1995 and as are called for redemption on June 1, 1994. ~c} The balance of the 1987 Refunding Certificates proceeds shall be deposited to the Costs of Issuance Fund as dewined i n Section IC hereof and shall be disbursed to pay the costs of issuance of the 1987 Refunding Certificates. Any moneys remaining in the Costs of Issuance Fund after payment of the costs of issuance of the 1987 Refunding Certificates shall be transferred to the Principal Fund. 5ecti on 1G. ~~;r~h?e~ o f Govor ~~on± Obligations and 1987 Escrow Deposit agreement. The Trustee is authorized to purchase the Government Obligations far the account of the 1987 Escrow Deposit Fund. Section 17. A~oroval of Documents. The City Council does hereby approve of the terms and provision+s of the First Supplemental Refunding Trust Indenture, the Second Amendment to the Lease-Purchase Agreement, the Second Amendment to the Intergovernmental Agreement, the 1987 Escrow Deposit Agreement, the Purchase Agreement and the Investment Instructions, al 1 dated as of May 1, 1987, substantially in the form presented at this meeting. The City Manager is authorized to execute those documents on behalf of the City with those changes as are approved b the Cit Y Y Attorney. -~ ORDINANCE - ,Page 7.