Laserfiche WebLink
<br />e <br /> <br />e <br /> <br />e <br /> <br />24. Defeasance. When any obligation of a Bond has <br />been discharged as provided in this paragraph, all pledges, <br />covenants and other rights granted by this Resolution to the <br />registered owner of that Bond (with respect to the obligation <br />thereof so defeased) shall, to the extent permitted by law, <br />cease. The City may at any time discharge any or all of such <br />obligation(s) with respect to any Bond, subject to the provisions <br />of law now or hereafter authorizing or regulating such action, by <br />depositing irrevocably in escrow, with a suitable institution <br />qualified by law as an escrow agent for this purpose, cash or <br />securities which are backed by the full faith and credit of the <br />United states of America, bearing interest payable at such times <br />and at such rates and maturing on such dates and in such amounts <br />as shall be required and sufficient, subject to sale and/or <br />reinvestment in like securities, to pay said obligation(s), which <br />may include any interest paYment on such Bond and/or principal <br />amount due thereon at a stated maturity (or if irrevocable <br />provision shall have been made for permitted prior redemption of <br />such principal amount, at such earlier redemption date). <br /> <br />25. Compliance with Reimbursement Bond Reaulations. <br />with respect to the Improvements, the City has complied and will <br />continue to comply with the "Reimbursement Regulations" provided <br />in United states Treasury Regulations section 1.103-18, and any <br />successor regulations as may be applicable, including section <br />1.150-2. In particular, except where the following may not be <br />required by said Regulations (e.g., with respect to certain <br />"preliminary expenditures"), to the extent that any of the <br />proceeds of the Bonds will be used to reimburse the City for a <br />cost of the Improvements theretofore paid and temporarily <br />financed by the City out of other City funds, prior to the <br />initial paYment thereof (or within applicable time limits <br />thereafter) the City has made or will have made a duly qualifying <br />statement of its official intent to bond for such costs; <br />otherwise, the proceeds of the Bonds are to be used for initial <br />paYment, and not for such reimbursement, of costs of the <br />Improvements. <br /> <br />26. Amendment of Prior Resolution. Following the <br />adoption on May 2, 1994, of that certain resolution of the <br />Council (the "Prior Resolution") initiating the process for the <br />sale of the Bonds, the City determined that it was necessary to <br />change the earliest optional redemption date for the Bonds from <br />February 1, 2004, to February 1, 2001. Said revision of the <br />terms of the Bonds is hereby approved and ratified by the <br />Council, and the Prior Resolution is hereby amended with the same <br />force and effect as though the corrected first optional <br />redemption date for the Bonds had appeared therein at the time of <br />its adoption. <br /> <br />264002.1 <br /> <br />20 <br />