32-89 Hospital Improvement Revenue Bonds $36 mil

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Statement now on file with the Clerk, may be executed by the Executive and the Fiscal Officer, or either of them, on behalf of the Issuer and in their respective capacities with such modifications, changes and supplements necessary or desirable for the purposes thereof as the officer or officers executing the same on behalf of the Issuer shall approve. The Original Purchaser's use and distribution of such Official Statement and any supplements thereto as so executed in accordance with the terms of the Purchase Contract for the Series One Bonds is hereby authorized and approved. The Series One Bonds shall be executed by the Executive and the Fiscal Officer, provided that either or both of such signatures may be facsimiles, and shall bear the corporate seal of the Issuer or a facsimile thereof. Section 6. Allocation of Purchase Price for Series One Bonds~ Transfer from Special Funds. The Purchase Price for the Series One Bonds shall be received and receipted by the Fiscal Officer or by the Trustee on the Issuer's behalf, and shall be allocated, deposited and credited as follows: (a) to the Debt Service Fund, that portion, if any, representing accrued interest on the Series One Bonds from their date to the date of the delivery of and payment for the Series One Bonds; and (b) to the Trustee to be held in the Series 1983-A Escrow Account pursuant to the Series 1983-A Escrow Agreement, the entire balance of the Purchase Price. With respect to the funds delivered to the Trustee pursuant to clause (b) and the other moneys to be trans- ferred to the Series 1983-A Escrow Account as set forth below in this Section 6, the Trustee shall immediately and contemporaneously with the receipt thereof invest such amounts in direct obligations of the United States certified by an independent public accounting firm of national reputation to be of such maturities and interest payment dates and to bear such interest as will, without further investment or reinvestment of either the principal amount thereof or the interest earnings there- from, be sufficient for the payment, a: their maturity or redemption date, of the principal of the Series 1983-A Bonds, together with the redemption premium payable on the Series 1983-A Bonds called for redemp- tion pursuant to Section 11 hereof, and interest accrued to the date of maturity or redemption, as the case may be. The Legislative Authority hereby declares that the purpose of the deposit and investment of monies in the Series 1983-A Escrow Account pursuant to the next preceding paragraph shall be to cause the Series 1953-A Bonds to be deemed to be paid and discharged for purposes of Article IX of the Original Indenture. The Legislative Authority hereby finds and determines that the issuance of the Series One Bonds and the use of the net Purchase Price therefor, together with other moneys available to the Issuer, to cause the Series 1983-A Bonds to be deemed paid and discharged, will be advantageous to the Issuer and the Lessee and will enable the Issuer and the Lessee to achieve reductions from the aggregate Bond Service Charges on the Series 1983-A Bonds, taking into consideration the provisions of Section 148 of the Code and applicable regulations thereunder. -22-