Ordinance 1986-887 - Laserfiche WebLink

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maturity dates, on the date set forth below, and at the following price: Prior Redemption Maturities Date and Price 1992-2000, incl. December 1 , 1991, at a price of par, and accrued interest, without redemption premium ( C ) Interest on the Outstanding Bonds which comes due in the years 1986 and thereafter shall be paid semiannually each year on the proper interest payment dates according to their original terms, until the Outstanding Bonds mature or are called for prior redemption. Section 20. Investment of Escrow Account. In accord- ance with the Escrow Agreement, the Bank shall invest the funds on deposit in the Escrow Account in non-callable Federal Securities only, and shall fully secure any cash balance in the Escrow- Account in the manner required by law for other trust funds; provided however, that the Bank may substitute obligations in the Escrow Account pursuant to the Escrow Agreement. Section 21. Additional Deposits. If for any reason the funds on hand in the Escrow Account shall be at any time insufficient to meet payments of principal of, premium if any, and interest on the Outstanding Bonds, as the same shall become due and payable in accordance with the schedule set forth herein, the City shall forthwith deposit in the Escrow Account such additional funds as may be required to pay the entire amount about to become due and payable. Section 22. Obligations of Bank. The Bank shall from time to time redeem at maturity all or a portion of the non- callable Federal Securities in the Escrow Account in sufficient amounts so that the proceeds therefrom and the interest thereon as the same accrues will be sufficient to pay the principal of, premium if any, and interest on the Outstanding Bonds as the same become due in accordance with the schedule set forth herein. - 29 -