Ord 1996-038 - Laserfiche WebLink

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C¡AIJ ARTICLE XIII - DISCHARGE Section 13.01. Discharge bv Pavment. When all Bonds have been paid in full as to principal and as to interest and premium, if any, or when all Bonds have become due and payable, whether at maturity or otherwise, and the City shall have provided for the payment of the whole amOl.mt due or to become due on all Bonds then outstanding, including aU interest that has accrued thereon or that may accrue to the date of maturity, and any premium due or that may become due at maturity, by depositing \v-ith the Paying Agent/Registrar, for payment of the principal of such outstanding Bonds and the interest accrued thereon and any premium due thereon, the entire amount due or to become due thereon, and the City shall also have paid or caused to be paid all sums payable 1.IDder this Ordinance by the City, including the compensation due or to become due the Paying Agent/Registrar, then the Paying AgentfRegistrar, upon receipt of a letter of instructions from the City requesting the same, shall discharge and release the lien of this Ordinance and execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof. Section 13.02. Discharge bv Deposit. (a) The City may discharge its obligation to pay the principal of, premium, if any, and interest on all or any portion of the Bonds and its obligation to pay other sums payable or to become payable under this Ordinance by the City, including the compensation due or to become due the Paying Agent/Registrar, by: .. (i) depositing or causing to be deposited with the Paying AgentfRegistrar an amount of money that, together with the interest earned on or capital gains or profits to be realized from the investment of such money, ",ill be sufficient to pay the principal of, premium, if any, and accrued interest on such Bonds to maturity or to the date fixed for prior redemption of such Bonds, and to pay such other amounts as may be reasonably estimated by the Paying Agent/Registrar to become payable under this Ordinance, including the compensation due or to become due the Paying Agent/Registrar; and (ii) providing the Paying Agent/Registrar \vith an opinion of nationally recognized bond counsel acceptable to the Paying Agent/Registrar to the effect that the deposit specified in subdivision (i) of this subsection (a) \v-ill not cause the interest on the Bonds to become subject to federal income ta.xation. (b) Subject to subsection (c) of this Section, upon compliance with subsection (a) of this Section, the Bonds for which provision is so made shall no longer be regarded as outstanding and unpaid, and the Paying Agent/Registrar, upon receipt of a letter of instructions from the City requesting the same, shall discharge and release the lien of this Ordinance and execute and deliver to the City such releases or other instruments as shall be requisite to release the lien hereof. (c) Before the discharge and release of the lien of this Ordinance pursuant to this Section, provision shall have been made by the City with the Paying Agent/Registrar for: (i) the establishment of a separate escrow account fund \vith the Paying Agent/Registrar for the deposit pursuant to subsection (a)(i) of this Section; '" \SAN"'AIl' wwss. '" DOCS'O IlDN= FN 30