Laserfiche WebLink
<br />(ii) providing the Paying Agent/Registrar with an opinion of <br />nationally recognized bond counsel acceptable to the Paying Agent/Registrar <br />to the effect that the deposit specified in subdivision (i) of this subsection (a) <br />will not cause the interest on the Bonds to become subject to federal income <br />taxation. <br /> <br />(b) Subject to subsection (c) of this Section, upon compliance with <br />subsection (a) of this Section, the Bonds shall no longer be regarded as outstanding <br />and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of instructions <br />from the City requesting the same, shall discharge and release the lien of this <br />Ordinance and execute and deliver to the City such releases or other instruments as <br />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)(1) of this <br />Section; <br /> <br />(ii) the payment to the Holders at the date of maturity, of the <br />full amount to which the Holders would be entitled by way of principal, <br />premium, if any, and interest to the date of such maturity or prior <br />redemption; <br /> <br />(Hi) the investment of such moneys by the Paying Agent/ <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 Bond then outstanding within 30 <br />days following the date of such deposit that such moneys are so available for <br />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 Bonds, of <br />any moneys, interest earnings, profits or capital gains over and above the <br />amounts necessary for such purposes. <br /> <br />ARTICLE XII <br /> <br />AWARDING SALE OF THE BONDS AND <br />APPROVAL OF OFFICIAL STATEMENT <br /> <br />Section 12.01. Awarding Sale of the Bonds. <br /> <br />The Bonds are hereby officially sold and awarded to Ro~VI. \\A.I::).S~'C, {\o\.C . <br />, at a price of par, plus accrued interest from <br /> <br />0406s <br /> <br />-23- <br />