Ordinance No. 19551 - Laserfiche WebLink

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bonds, if any. iii} a copy of the accountants' verification report, viii} a copy of the escrow deposit agreement in form and substance acceptable to BIG, and Div} a copy of an opinion of bond counsel, dated the date of closing and addressed to BIG, to the effect that such Bonds have been paid within the meaning and with the effect expressed in the ordinance, and that the covenants, agreements and other obligations of the City to the holders of such Bonds have been discharged and satisfied. The opinion required by ~a} above may be waived in the discretion of BIG at the time of such defeasance. In the event that the principal of and/or interest on the Bonds shall be paid by BIG pursuant to the terms of the Series 1988 Municipal Bond Insurance Policy, the assignment and pledge of the Net Revenues and all covenants, agreements and other obligations of the City to the Bondowners shall continue to exist, such Bonds shall be deemed to be outstanding and BIG shall be fully subrogated to the rights of such Bondowners. For purposes of this section, "Defeasance obligations" shall mean the United States obligations and Prerefunded Municipal obligations has described in the definition of "Permitted Investments"}, If amounts are owed under the Series 1988 Credit Agreement and the Series 1988 Note, then no Bonds may be defeased until the amounts due thereunder are paid. If Series 1988 Bonds are no longer deemed Outstanding hereunder, the 1988 Reserve Equivalent shall terminate. 11.3. Interest and Securit if Not Uutstandin . At such time as a Bond shall be deemed to be no longer outstanding hereunder, such Bond shall cease to draw interest from the due date thereof whether such due date be by reason of maturity, or upon redemption or prepayment ar by declaration as aforesaid, or otherwise} and, except for the purposes of any such payment from such moneys or Governmental obligations, shall no longer be secured by or entitled to the benefits of this ordinance, including all Supplemental ordinances. Investments and Exc ss Earn~n 11, 4 . _ ~ ~~ . e ~.~~.~~..~ ' ~.~ s , I f the City obtains the verifcation o~f~~~~a~n independent f i~~rm of certified public accountants that the remaining amounts will be sufficient to pay Bonds as provided in Section 11.1,2 hereof, all income from cash and investment held under Section 11.1.2 hereof which is not required for the payment of the Bands and interest and premium thereon with respect to which such moneys shall have been sa deposited, shall be paid to the City and deposited in the Airport Fund as and when realized and collected for use and application as are other moneys deposited in that fund. Page 63 - ordinance