Ordinance No. 19551 - Laserfiche WebLink

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SECTION 11. DISCHARGE OF LIENS AND PLEDGES; BONDS NO LONGER OUTSTANDING HEREUNDER 11.1. Bonds No Lon er Outstandin The obligations of the City under this Ordinance, including all Supplemental Ordinances, and the liens, pledges, charges, trusts, assignments, covenants and agreements of the City herein or therein made ar provided for, shall be fully discharged and satisfied as to any Bond and such Bond shall no longer be deemed to be Outstanding hereunder and thereunder: 11.1.1, when such Bond shall have been cancelled, ar shall have been purchased by the Trustee from moneys in the Bond Fund held by it under this Ordinance, or 11.1.2, as to any Band not cancelled or so purchased, when payment of the principal of and the applicable redemption premium, if any, on such Bond, plus interest thereon to the due date thereof whether such due date be by reason of maturity or upon redemption or prepayment or by declaration as provided in Section 9.3 hereof; or otherwise}, either shall have been made or caused to be made in accordance with the terms thereof, or shall have been provided by irrevocably depositing with the Trustee or Paying Agent for such Bond, in trust and irrevocably appropriated and set aside exclusively for such payment: ~a} moneys sufficient to make such payment; or fib} Governmental Obligations or Prerefunded Municipal Obligations has described in the definition of "Permitted Investments"} maturing as to principal and interest in such amounts and at such times as will insure the availability of sufficient moneys to make such payment, and all necessary and proper fees, compensation and expenses of the Trustee and said Paying Agents pertaining to the Bond with respect to which such deposit is made shall have been paid or the repayment thereaf provided for to the satisfaction of the Trustee and said Paying Agents, 11.2. Defeasance. Prior to any defeasance of Series 1988 Bonds becoming effective under Section 11,1.2 of this Ordinance, ~a} BIG shall have received an opinion of counsel, satisfactory to BIG, to the effect that any deposit of cash or securities and any deposit of investment earnings thereon to effect such defeasance shall not constitute a voidable preference in a case commenced under the Federal Bankruptcy Cade by or against the City, fib} the amounts required to be deposited in the Escrow Fund pursuant to this Ordinance and the Escrow Deposit Agreement shall be invested only in Defeasance Obligations has defined below} and ~c} BIG shall have received ~i} the final official statement delivered in connection with the refunding Page 62 - Ordinance ,~ . ,,. i~