Laserfiche WebLink
<br />money, will be sufficient to pay the principal of, premium, if any, and <br />accrued interest on such Certificates to maturity or to the date fixed for <br />prior redemption of such Certificates, and to pay such other amounts as may <br />be reasonably estimated by the Paying Agent/Registrar to become payable <br />under this Ordinance, including the compensation due or to become due the <br />Paying Agent/Registrar; and <br /> <br />(ii) providing the Paying Agent/Registrar with an opinion of <br />nationally recognized certificate counsel acceptable to the Paying <br />Agent/Registrar to the effect that the deposit specified in subdivision (i) of <br />this subsection (a) will not cause the interest on the Certificates to become <br />subject to federal income taxation. <br /> <br />(b) Subject to subsection (c) of this Section, upon compliance with <br />subsection (a) of this Section, the Certificates shall no longer be regarded as <br />outstanding and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of <br />instructions from the City requesting the same, shall discharge and release the lien <br />of this Ordinance and execute and deliver to the City such releases or other <br />instruments as shall be requisite to release the lien hereof. <br /> <br />(c) Before the discharge and release of the lien of this Ordinance <br />pursuant to this Section, provision shall have been made by the City with the Paying <br />Agent/Registrar for: <br /> <br />(i) the establishment of a separate escrow account fund with the <br />Paying Agent/Registrar for the deposit pursuant to subsection (a) (i) of this <br />Section; <br /> <br />(ii) the payment to the Holders at the date of maturity or at the <br />date fixed for prior redemption, as applicable, of the full amount to which <br />the Holders would be entitled by way of principal, premium, if any, and <br />interest to the date of such maturity or prior redemption; <br /> <br />(Hi) the investment of such moneys by the Paying Agenti <br />Registrar in securities or obligations maturing in sufficient time, in the <br />judgment of the Paying Agent/Registrar, to make available the moneys <br />required for such purposes; <br /> <br />(iv) the sending of written notice by registered or certified <br />United States mail to the Holder of each Certificate then outstanding within <br />30 days following the date of such deposit that such moneys are so available <br />for such payment; and <br /> <br />(v) the payment to the City, periodically or following final <br />payment of the principal of, premium, if any, and interest on the <br />Certificates, of any moneys, interest earnings, profits or capital gains over <br />and above the amounts necessary for such purposes. <br /> <br />1434f <br /> <br />-26- <br />