Ord 1985-121 - Laserfiche WebLink

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either money in an amount which shall be sufficient, or Government Securities the principal of and the interest on which, when due, will provide money which, together with the money, if any, deposited with the Paying Agent/Registrar at the same time shall be sufficient to pay, when due, the principal of such Bonds and the interest to become due on such Bonds on and prior to the stated Maturity. Neither Government Securities nor money deposited with the Paying Agent/Registrar pursuant to this section, nor principal or interest payments on any such Government Securities, shall be withdrawn or used for any purpose other than, and shall be held in trust for, the payment of the principal of, premium, if any, and interest on such Bonds. Any cash received from such principal of and interest on such Government Securities deposited with the Paying Agent/Registrar, if not needed for such purpose, shall, to the extent practicable, be reinvested in Government securities (which ma¥ be non-interest bearing) maturing at times and in amounts suffic~ent to pay when due the principal of, premium, if any, and interest on such Bonds on and prior to the Stated Maturity thereof, and interest earned from such reinvestments shall be paid over to the City as received by the Paying Agent/Registrar, free and clear of any trust, lien or pledge. Any payment for Government Securities purchased for the pur~ose of re~nvesting cash as aforesaid shall be made only aga~nst delivery of such Government Securities. At such time as all of the Bonds are retired, or provision is made for their payment, money in the Interest and Sinking Fund, if any, shall be transferred to the general fund of the City, unless then required by law to be transferred to some other fund or used for some other purpose¡ provided however, that any money held by the Paying Agent/Registrar which has been provided for the payment of interest or principal and not so used for any reason shall continue to be held by the Paying Agent/ Registrar for a period of three calendar years, and, if not claimed, the same shall be returned to the City. section 19. NO-ARBITRAGE. The City covenants and agrees that it will not make or permit any use of the proceeds of the Bonds, including proceeds from the investment thereof, that, if such use had been reasonably expected on the date of issuance of the Bonds, would have caused such obligations to be "arbitrage certificates" within the meaning of section 103(c) of the Internal Revenue Code of 1954, as amended, or regulations thereunder in effect at the time of such use and applicable to obligations issued on the date of issuance of the Bonds. section 20. Section 21. CUSTODY AND CONTROL OF RECORDS AND BONDS. The Mayor of the City is hereby authorized and directed to take and -16-