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?.? connection with the original issuance of the Bonds, and (iv) complete and sign those official statements and annual information statement as so approved together with such certificates, statements or other documents in connection with the finality, accuracy and completeness of those official statements and annual information statement. Section 8. This Council hereby determines that it is necessary and in the best interest of the City to advance refund the outstanding principal amount of the Original Bonds and to redeem by optional redemption on December 1, 1997 all of the Original Bonds maturing on and after December 1, 1998 and which remain outstanding on that date. Those Original Bonds shall be redeemed in accordance with the provisions of the Original Bond Legislation and the Escrow Agreement as defined in Section 9. Section 9. National City Bank, Cleveland, Ohio, is authorized and appointed to act as the escrow agent (the Escrow Agent) with respect to the advance refunding of the Original Bonds and to cause notice of the optional redemption on December 1, 1997 of the Original Bonds maturing on and after December 1, 1998 to be given in accordance with the Original Bond Legislation and the Escrow Agreement. The Mayor and the Director of Finance shall sign and deliver, in the name and on behalf of the City, the Escrow Agreement between the City and National City Bank, as Escrow Agent and as the paying agent for the O.riginal Bonds (the Escrow Agreement) in substantially the form as is now on file with the Clerk of Council. The Escrow Agreement is approved, together with any changes or amendments that are not inconsistent with this ordinance and not substantially adverse to the City and that are approved by the Mayor and Director of Finance on behalf of the City, all of which sha11 be conclusively evidenced by the signing of the Escrow Agreement or amendments thereto. The Director of Finance shall provide for the payment of ttie services rendered and for reimbursement of expenses incurred pursuant to the Escrow Agreement from the proceeds of the Bonds to the extent available and then from other money lawfully available and appropriated or to be appropriated for that purpose. Section 10. There is created under the Escrow Agreement a fund designated the "City of North Oimsted Recreation Bonds Escrow Fund" (the Escrow Fund) which shall constitute a part of the City's Bond Retirement Fund and which shall be held and maintained by the Escrow Agent in trust for the registered owners of the Original Bonds and pledged for the payment of principal of and interest and redemption premium on the Original Bonds, all in accordance with the provisions of the Escrow Agreement. The Director of Finance is hereby authorized and directed to transfer to the Escrow Agent for deposit in the Escrow Fund (i) all funds on deposit in the Bond Retirement Fund for the payment of debt service on the Original Bonds and (ii) all of the proceeds from the sale of the Bonds, except any accrued interest and any proceeds to be used to pay the costs of issuance of the Bonds. Those moneys are appropriated and shall be used to pay principal of and interest and redemption premium on the Original Bonds, as provided in the Escrow Agreement. The funds deposited in the Escrow Fund shall be (a) held in cash to the extent not needed to make the investments described below and (b) invested in direct obligations of, or obligations guaranteed as to payment by, the United States (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 - 7 -