Laserfiche WebLink
.» <br />~» <br />any proceeds to be used for the payment of any expenses properly <br />allocable to the refunding of the Refimded Bonds or the issuance of <br />the Bonds as determined by the Director of Finance. The funds so <br />deposited in the Escrow Fund are appropriated, and shall be applied, <br />to pay principal of and interest and redemption premium on the <br />Refunded Bonds, as provided in the Escrow Agreement. <br />The funds so deposited in the Escrow Fund shall be (a) held in <br />cash to the extent that they are not needed to make the investments <br />hereinafter described and (b) invested in direct obligations of, or <br />obligations guaranteed as to payment by, the United States of <br />America (within the meaning of Section 133.34(D) of the Revised <br />Code) that mature or are subject to redemption by and at the option <br />of the holder, in amounts sufficient, together with any uninvested <br />cash in the Escrow Fund but without further investment or <br />reinvestment, for the payment of (i) the interest when due on the <br />Refunded Bonds on each June 1 and December 1 from December 1, <br />2006 through December 1, 2007, and (ii) the principal of and <br />redemption premium on the Refunded Bonds upon their redemption <br />by optional redemption on December 1, 2007, as provided in the <br />Escrow Agreement. <br />If U.S. Treasury Securities -- State and Local Government Series <br />are to be purchased for the Escrow Fund, the Escrow Trustee is <br />hereby specifically authorized to file, on behalf of the City, <br />subscriptions for the purchase and issuance of those U.S. Treasury <br />Securities -State and Local Government Series. If, in the judgment <br />of the Director of Finance, anopen-market purchase of obligations <br />described in (b) in the preceding paragraph for the Escrow Fund is in <br />the best interest of and financially advantageous to this City, the <br />Director of Finance or any other officer of the City, on behalf of the <br />City and in her official capacity, may purchase and deliver such <br />obligations, engage the services of a financial advisor, bidding agent <br />or similar entity for the purpose of facilitating the bidding, purchase <br />and delivery of such obligations for, and any related structuring of, <br />the Escrow Fund, execute such instruments as are deemed necessary <br />to engage such services for such purpose, and provide further for the <br />payment of the cost of obtaining such services, except to the extent <br />paid by the Original Purchaser in accordance with the Purchase <br />Agreement, from the proceeds of the Bonds to the extent available <br />and otherwise from any other funds lawfully available and that are <br />appropriated or shall be appropriated for that purpose. Any actions <br />heretofore taken by any of those officers in connection with the <br />foregoing are hereby ratified and approved. <br />If the City determines to fund or refund other outstanding unvoted <br />general obligation securities (collectively, the Other Refunded <br />Obligations) contemporaneously with the refunding of the Refunded <br />Bonds, the proceeds from the sale of bonds and other funds <br />necessary and sufficient for that purpose may be deposited in the <br />Escrow Fund and commingled and invested with the proceeds of the <br />Bonds and other funds necessary and sufficient for the refunding of <br />the Refunded Bonds. In that event, the Escrow Fund shall be held <br />and maintained by the Escrow Trustee in trust for the registered <br />-8- <br />