Resolution 4902 - Laserfiche WebLink

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. . . bonds payable therefrom, the deficiency shall be promptly paid out of any other funds of the City which are available for such purpose, and such other funds may be reimbursed with or without interest from the Debt Service Account when a sufficient balance is available therein. 19. Prior Bonds: Security. Until retirement and full payment of the Prior Bonds, all provisions heretofore made for the security thereof shall be observed by the City; provided, however, that the Council hereby finds and determines that the proceeds of the sale of the Bonds to be used to refund the Refunded Bonds, together with other funds available and appropri- ated to the Escrow Account for said purpose, will be sufficient, together with the earnings on the investment of such funds in the Escrow Account, to pay all principal of and interest on the Refunded Bonds. 20. Redemotion of Refunded Bonds. The Prior Bonds which mature in 1998 and thereafter shall be redeemed and prepaid on February 1, 1997, and the paying agent/registrar for the Prior Bonds is hereby authorized and directed to cause notice of said redemption to be given to the owners of the Prior Bonds in the manner required by law and by the terms of the Prior Bonds. 21. Escrow Aqreement. On or prior to the date of delivery of the Bonds the Mayor and Interim City Clerk- Administrator are hereby authorized to execute on behalf of the City the Escrow Agreement substantially in the form heretofore presented to the City but with such insertions and modifications as shall be deemed by them to be necessary to accomplish its purposes, as evidenced by their execution and delivery thereof. All terms and conditions of such Escrow Agreement, as so executed and delivered, are hereby approved and adopted and made a part of this Resolution. 22. Purchase of Securities. Springsted Incorporated, the City's public finance advisor for the Bonds, is hereby authorized, in consultation and coordination with the City Finance Director to solicit sufficient bids and to purchase or cause to be purchased for and on behalf of the City and/or the Escrow Agent the appropriate securities (including United States Treasury Securities) to be placed in the Escrow Account and to execute all such documents (including the appropriate subscription forms, if applicable) required to effect such purchase. 23. Records and Certificates. The officers of the City are hereby authorized and directed to prepare and furnish to the Purchaser, and to the attorneys approving the legality of the issuance of the Bonds, certified copies of all proceedings and records of the City relating to the Bonds and to the financial condition and affairs of the City, and such other affidavits, certificates and information as are required to show the facts 311080.1 21