Ordinance 1989-0991 - Laserfiche WebLink

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inhabitants thereof, that the Outstanding Bonds be refunded, and that refunding bonds in the principal amount of $2.910.000 (the "Bonds") be issued for such purpose; and WHEREAS, the City has in its funds and accounts, and legally available for such purpose, an amount not exceeding $1.104.000 (the "Escrow Supplement") which the City has determined and hereby determines to allocate, with the proceeds of the Bonds, to supplement the same, for the purpose of paying the principal of, premium if any, and interest on the Outstanding Bonds at maturity or upon designated prior redemption dates, and for the purpose of paying all costs and expenses of the refunding procedure, all as is hereinafter more specifically set forth; and WHEREAS, the proceeds derived from the sale of the Bonds, together with the Escrow Supplement, after payment of the costs and expenses of the refunding procedure, shall be placed in a special fund and trust account, to be established as herein authorized, for the purpose only of paying the principal of, premium if any, and interest on the Outstanding Bonds as they become due and payable, all as is more particularly hereinafter set forth; and WHEREAS, the Bonds shall have an irrevocable and first lien on the net revenue of the System, but not necessarily an exclusive first lien; and WHEREAS, the Reserve Account (defined hereafter) shall be held and administered by Central Bank Denver, National Association, in Denver, Colorado, pursuant to a Reserve Account Escrow Agreement (the "Reserve Account Escrow Agreement") between the City and such bank; and WHEREAS, the City has received a proposal in the form of a Bond Purchase Agreement (the "Bond Purchase Agreement" ) from Kirchner Moore & Company, Denver, Colorado, concerning the purchase of the Bonds; and WHEREAS, the Council has determined that the Bonds shall be sold to Kirchner Moore & Company, in accordance with the Bond - 53 -