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t <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 />owners of the Refunded Bonds and the Other Refunded Obligations <br />and pledged to the payment of principal of and interest and <br />redemption premium on the Refunded Bonds and the Other <br />Refunded Obligations." <br />Section 4. Sections 1, 3 and 9 of Ordinance No. 2006-22, 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2006, be and are hereby repealed.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. 2006-22 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 />Passed: ~~ ~ ~ , 2006 <br />__~~ <br />Attest: <br />/ Clerk of Council <br />1. <br />Approved: ~ , 2006 <br />'~~~¢ <br />Mayor <br />~„_. ~,,, <br />President of Council <br />V .7 vtiL~ ~ ~. <br />~t <br />-~ <br />S~~/lo% 6 <br />. ~~~ <br />l <br />-12- <br />