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<br /> I <br /> ection 5. The Officials of the City are <br />he-reby aut orized to approve the payment to Boettcher & <br />Company of its customary fee plus expenses cJnd <br />out-'of-poc et costs incurred in connection with the <br />transactio s contemplated hereby, said fee and other <br />associated costs, to be payable solely from the proceeds <br />of redemption of the securities currently held in the <br />Escrow Acc unt and the City shall have no obligation to <br />pay any su h fee from any other source. <br /> ection 6. All proceeds from the sale or <br />redemption of the United States Treasury Notes and <br />Bonds-""':Sta e .and Local Government Series--in excess of <br />the amount necessary for 'payment of the purchase p r ice. <br />of the Sub titute Securities and the payment of the fee <br />to Boettcher & Company provided above shall be <br />transferre to the City to be used for any lawful <br />purpose; ovided, however, that pending such use, any <br />moneys rec ived from the Escrow Account shall not be <br />invested a a yield in excess of the yield on Refunding <br />Bo nds or sed to replace other moneys invested at a <br />yield in excess of the yield on Refunding Bo nd s unless <br />the City s all have first received an opinion of counsel <br />with a nat onal reputation fo r expertise in the issuance <br />of munici 211 bonds and the taxation of the interest <br />the (eon to the e f fec t that investment of such moneys at <br />higher y'ie ds, if reasonably expected on the date of <br />issuance 0 the Re fund in,) Bo nd s, would not have caused <br />such bonds to be arbitrage bonds. <br /> 7. This Resolution shall take effect <br />immediatel . <br /> this _~__th day of _~_u. 1981. <br /> ~ <br /> ------- ---------- -~-- <br /> MAYOR PRO-TEN <br />ATTEST: <br />~__~ Oh'L&Ml- <br /> T CLERK ;j)ffJ' <br /> I J <br />