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<br />I <br /> <br /> <br /> <br />the transactions cont~mplated hereby <br />will require the Escrow Bank to purchase direct <br />obligation of, or obligations fully guaranteed by, the <br />United Sta es of America (the "Substitute Securities") <br />in princip 1 amounts and bearing interest at rates such <br />that the rincipal of and interest on such Substitute <br />Securities to be purchased, together with the principal <br />of and int rest on any obligations presently held in the <br />Escrow Acc unt not redeemed or sold will be sufficient <br />to pay th principal of and interest on the Refunded <br />Bonds as a d when the same shall become due and payable, <br />which Sub titute Securities, together with other <br />s ec u r i tie s h e1 d , may not h a v e a y i e 1 din' ex c e s s 0 f t hat <br />permitted nder applicable' regulations under Section 103 <br />of the Cod ; and <br /> <br />HSREAS, . it is inadvisable for the Ci ty to <br />proceed wi h the sale or redemption of obligations held <br />in the E crow Account without assurance of the <br />availabili y of such Substitute Securities for sale to <br />the Escrow Bank; and <br /> <br />~ HEREAS, Boettcher & Company has agreed to <br />provide s chsubstitute securities for sale to the <br />Escrow Ban ; and <br /> <br />HEREAS, the undertaking by Boettcher & <br />Company provide such Substitute Securities for sale <br />to the Escrow Bank will require Boettcher & Company to <br />aSsume a s bstaritial risk in the market for obligations <br />of the United States during a period of extreme <br />volatility in such market; and <br /> <br />in order to fairly and equitably <br />compensate Boettcher & Company for the risks to be <br />incurred i connection with its undertaking to provide <br />such Subst"tute Securiti~~s and its unde'rtaking to pay <br />.the fees and expenses described above, it will be <br />necessary to pay Boettcher & Company a fee for its <br />services i selecting ~ppropriate Substitute Securities, <br />purchasing such Substitute Securities for resale to the <br />Escrow Ban and securing the services of l~gal counsel, <br />accountant and other necessary professionals; and <br /> <br />HEREAS, it is the intention and desire of the <br />City Coun 11 and the City Council does hereby find and <br />determine that it is in the best interests of the City <br />and its r sidents to undertake the restructuring of the <br />Escrow Ac ount As contemplated h~reby. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />I . I <br />