2006-175 Council Resolution - Laserfiche WebLink

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the form now on file with the City Clerk. All essential terms and conditions of the Escrow Agreement including payment by the City of reasonable charges for the services of the Escrow Agent, are hereby approved and adopted and made a part of this resolution, and the City covenants that it will promptly enforce all provisions thereof in the event of default thereunder by the Escrow Agent. 5.03. As of the date of delivery of and payment for the Bonds, the following funds are hereby pledged and appropriated and will be deposited in the Escrow Account: (a) $2,921,486.99 from proceeds of the Bonds; (b) $26,542.97 representing all or a portion of the purchase price paid by the Purchaser in excess of the minimum bid; (c) $396,636.71, transferred from the Reserve Fund for the Refunded Bonds under the Indenture, representing the portion of the Reserve Requirement under the Indenture that is released by reason of redemption of the Refunded Principal of the Refunded Bonds; and (d) $58,825.00 of available City funds. 5.04. It is hereby found and determined that proceeds of the Bonds available and appropriated to the Escrow Account will be sufficient, together with the permitted earnings on the investment of the Escrow Account without reinvestment, to pay at maturity or redemption all of the principal of, interest on and redemption premium (if any) on the Refunded Principal of the Refunded Bonds. 5.05. Securities purchased from the monies in the Escrow Account will be limited to securities specified in Section 10.01 of the Indenture for the Refunded Bonds. Springsted Incorporated, as agent for the City, is hereby authorized and directed to purchase for and on behalf of the City and in its name, appropriate securities to fund the Escrow Account. Upon the issuance and delivery of the Bonds, the securities so purchased will be deposited with the Escrow Agent and held pursuant to the terms of the Escrow Agreement and the Resolution. 5.06. The Refunded Principal of the Refunded Bonds (representing the maturities and sinking fund installments described in Section 5.01 hereof) will be redeemed and prepaid on the Redemption Date. The Refunded Principal will be redeemed and prepaid in accordance with the terms of the Refunded Bonds and the Indenture and in accordance with the terms and conditions set forth in the form of Notice of Call for Redemption attached hereto as Exhibit C which terms and conditions are hereby approved and incorporated herein by reference. The Trustee for the Refunded Bonds is authorized and directed to send a copy of the Notice of Redemption to each registered holder of the Refunded Principal of the Refunded Bonds. 5.07. The Mayor and City Administrator are authorized to execute a First Amendment to Lease - Purchase Agreement in substantially the form on file with the City Clerk, which amendment modified the lease payments payable by the City to reflect the partial redemption of the Refunded Bonds. 12 i