Ordinance 1976-504 - Laserfiche WebLink

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deposit in the Refunding Escrow Account in direct obligations of, or the principal and interest of which obligations are unconditionally guaranteed by, the United States of America, and shall fully secure any cash balance in said Account in the manner required by law for other trust funds. Section 9. If for any reason, at any time, the funds on hand in such Refunding Escrow Account shall be insufficient to meet the payments required as the same shall be about to become due and payable, the City Council of the City shall forthwith deposit in such Refunding Escrow Account such additional funds as may be required fully to meet the amount so about to become due and payable. Section 10. The Bank shall from time to time redeem all or a portion of the obligations in said Refunding Escrow Account in sufficient amounts so that the proceeds therefrom and the interest thereon as the same accrues will be suffi- cient to meet the interest requirements on the outstanding bonds of the 1966, 1971 and 1975 Issues as such interest accrues, and to payor call in and redeem said bonds at their respective maturities, or on the Prior Redemption Date, as the case may be, according to the schedule herein- above set forth. Section 11. The Mayor, the City Clerk and the City Treasurer of the City shall, and they are hereby authorized and directed to take all necessary or appropriate action toward the execution of a proper Escrow Agreement with the Bank concerning the deposits in, investments of and disbursements from said Refunding Escrow Account, and such other agreements as may be necessary or desirable to effectuate the provisions of this Ordinance and comply with the requirements of law. Section 12. On or about the date when the Refunding Bonds are delivered, or within a reasonable time thereafter, the City Treasurer is authorized and directed to publish a -13-