2006-101 Ordinance - Laserfiche WebLink

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system, principal of and interest on the Bonds shall be payable in the manner provided in any agreement entered into by the Director of Finance, m the name and on behalf of the City, in connection with the book entry system. The City reserves the right to order the Bond Registrar to return to it any money held by the Bond Registrar for the payment of (i) checks or drafts for the payment of interest on the Bonds or (ii) principal of Bonds, which checks, drafts or Bonds have not been presented for payment within four years following the date on which payment of the interest or principal represented thereby came due. Thereafter, the registered owners shall look only to the City for payment of the interest and principal represented by those checks, drafts and Bonds. (e) Redemption Provisions. The Bonds shall not be subject to redemption prior to stated maturity." Section 3. Section 9 of Ordinance No. 2006-24 passed on February 21, 2006, be and is hereby amended to read as follows: "Section 9. Escrow Fund. There is created under the Escrow Agreement a trust fund designated the "City of North Olmsted Refunded Bonds Escrow Fund" which shall be held and maintained by the Escrow Trustee in trust for the registered owners of the Refunded Bonds and is pledged for the payment of principal of and interest and redemption premium on the Refunded Bonds, all in accordance with the provisions of the Escrow Agreement. The Director of Finance is hereby authorized and directed to pay to the Escrow Trustee for deposit in the Escrow Fund (i) any funds on deposit in the Bond Retirement Fund or otherwise available for the payment of debt charges on the Refunded Bonds, and (ii) all of the proceeds from the sale of the Bonds, except any accrued interest and any proceeds to be used for the payment of any expenses properly allocable to the refunding of the Refunded Bonds or the issuance of the Bonds as determined by the Director of Finance. The funds so deposited in the Escrow Fund are appropriated, and shall be applied, to pay principal of and interest and redemption premium on the Refunded Bonds, as provided in the Escrow Agreement. The funds so deposited in the Escrow Fund shall be (a) held in cash to the extent that they are not needed to make the investments hereinafter described and (b) invested in direct obligations of, or obligations guaranteed as to payment by, the United States of America (within the meaning of Section 133.34(D) of the Revised Code) that mature or are subject to redemption by and at the option of the holder, in amounts sufficient, together with any uninvested cash in the Escrow Fund but without further investment or reinvestment, for the payment of (i) the interest when due on the Refunded Bonds on each June 1 and December 1 from December 1, 2006 through December 1, 2007, and (ii) the principal of and redemption premium on the Refunded Bonds upon their redemption by optional redemption on December 1, 2007, as provided in the Escrow Agreement. -7-