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55A - RESO - GAS TAX BONDS
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11/05/2019
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55A - RESO - GAS TAX BONDS
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Last modified
10/30/2019 12:55:49 PM
Creation date
10/30/2019 11:40:51 AM
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City Clerk
Doc Type
Agenda Packet
Agency
Finance & Management Services
Item #
55A
Date
11/5/2019
Destruction Year
2024
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(b) by depositing with the Trustee, in trust, at or before maturity, money <br />which, together with the available amounts then on deposit in the funds and accounts <br />established pursuant to this Indenture, is fully sufficient to pay such Series 2019 Bonds, <br />including all principal of and interest thereon; or <br />(c) by depositing with a qualified escrow holder, in trust, Defeasance <br />Obligations in such amount as the City (verified by an Independent Certified Public <br />Accountant) shall determine will, together with the interest to accrue thereon and <br />available moneys then on deposit in the Funds and Accounts established pursuant to this <br />Indenture, be fully sufficient to pay and discharge the indebtedness on such Series 2019 <br />Bonds (including all principal and interest at their respective maturity dates; <br />then, at the election of the City, and notwithstanding that any of such Series 2019 Bonds shall <br />not have been surrendered for payment, the pledge of the Gas Tax Revenues and other funds <br />provided for in this Indenture with respect to such Series 2019 Bonds, and all other pecuniary <br />obligations of the City under this Indenture with respect to all such Series 2019 Bonds, shall <br />cease and terminate, except only the obligation of the City to pay or cause to be paid to the <br />Owners of such Series 2019 Bonds not so surrendered and paid all sums due thereon from <br />amounts set aside for such purpose as aforesaid, and all expenses and costs of the Trustee. Notice <br />of such election shall be filed with the Trustee. <br />Any funds thereafter held by the Trustee, which are not required for said purposes, shall <br />be paid over to the City. <br />To accomplish a defeasance under (c) of this section the City shall cause to be delivered <br />(i) a report of an Independent Certified Public Accountant verifying the sufficiency of the escrow <br />established to pay the Series 2019 Bonds in full on the maturity date ("Verification"), (ii) an <br />escrow deposit agreement, and (iii) an opinion of nationally recognized bond counsel to the <br />effect that the Series 2019 Bonds are no longer "Outstanding" under this Indenture; each <br />Verification and defeasance opinion shall be acceptable in form and substance, and addressed, to <br />the City and the Trustee. If a forward supply contract is employed in connection with the <br />refunding, (i) such verification report shall expressly state that the adequacy of the escrow to <br />accomplish the refunding relies solely on the initial escrowed investments and the maturing <br />principal thereof and interest income thereon and does not assume performance under or <br />compliance with the forward supply contract, and (ii) the applicable escrow agreement shall <br />provide that in the event of any discrepancy or difference between the terms of the forward <br />supply contract and the escrow agreement (or authorizing document, if no separate escrow <br />agreement is utilized), the terms of the escrow agreement or authorizing document, if applicable, <br />shall be controlling. <br />[At least (three) 3 Business Days prior to any defeasance with respect to the Series 2019 <br />Bonds, the City shall deliver to the Insurer draft copies of an escrow agreement, an opinion of <br />bond counsel regarding the validity and enforceability of the escrow agreement and the <br />defeasance of the Series 2019 Bonds, a Verification Report regarding the sufficiency of the <br />escrow fund. Such opinion and Verification Report shall be addressed to the Insurer and shall be <br />in form and substance satisfactory to the Insurer. In addition, the escrow agreement shall provide <br />that: <br />55394.00055\32329348.3 554-56 <br />
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