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~~ ... ~, <br />If the City determines to fund or refund other outstanding unvoted <br />general obligation securities (collectively, the Other Refunded Obligations) <br />contemporaneously with the refunding of the Refunded Bonds, the proceeds <br />from the sale of bonds and other funds necessary and sufficient for that <br />purpose may be deposited in the Escrow Fund and commingled and <br />invested with the proceeds of the Bonds and other funds necessary and <br />sufficient for the refunding of the Refunded Bonds. In that event, the <br />Escrow Fund shall be held and maintained by the Escrow Trustee in trust <br />for the registered owners of the Refunded Bonds and the Other Refunded <br />Obligations and pledged to the payment of principal of and interest and <br />redemption premium on the Refunded Bonds and the Other Refunded <br />Obligations." <br />Section 4. Sections 1, 3 and 9 of Ordinance No. 2006-31, as passed on February 21, <br />2006, be and are hereby repealed. <br />Section 5. This Council finds and determines that all formal actions of this Council and <br />of any of its committees concerning and relating to the passage of this ordinance were taken, and <br />that all deliberations of this Council and of any committees that resulted in those formal actions <br />were held, in meetings open to the public in compliance with the law. <br />Section 6. This ordinance is declared to be an emergency measure necessary for the <br />immediate preservation of the public peace, health, safety and welfare of the City, and for the <br />further reason that this ordinance is required to be immediately effective in order to permit the City <br />to issue the Bonds authorized by Ordinance No. 2006-31 on any date on or after June 1, 2006 and <br />on or prior to December 1, 2006, to assist the City in achieving additional interest cost savings; <br />wherefore, this ordinance shall be in full force and effect immediately upon its passage and approval <br />by the Mayor. <br />'1 <br />Passed: ~ ~6 , 2006 <br />Attest: ~, ~~-u~ ~ <br />Clerk of Council <br />~~ <br />President Co <br />Approved: ~ ~~ , 2006 <br />Mayor <br />., <br />1 <br />~-~~~ '. <br />s l~~ a G <br />-8- <br />