Ordinance 1966-351 - Laserfiche WebLink

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Se.ctic 10. 'T" J..:i.e. procee.cis 0'::: C:" ~ ,~. L...; L..;,.1...--1.J. ReZL1'("LG -~_.~_~ 'ria ter .L) C T'..CL S ) be.ing an amount of no~ le.ss than ~270,COO, shall be de.posited by the. City il, a special fund and separate. trust account, de.signated as the. "City of Louisville., ~.Ja ter Bond Re.funding Escrmv Account" (he.re.in some.~ir:,e.s re..ferre.d to as Lle. "Re.funding Escrmv Accouc,t!!), sa~_d .Account to be. e.stablished and maintaine.d at the First Nation- al Bank of BOJlde.r, Boelder, Colorado, a comme.rcial bank duly or- ganlzecJ. c'-c.d exi._ ~ing unde.r the. Laws of the United State.s of Amer- ica, being a me.mber of the. Fede.ral De.posit Insurance. Corporation, having full and comple.te trust powers (hereinaf~e.r sometime.s re- fe.rre.d<:.:o as the '!Bank'!). The. accrued interest, if any, on said Refunding 1ilate.r Bonels from thE~ir date to the. date of issuance and delivery the.re.of shall oe. de.posite.d at the. Office. of the City Tre.asurer in the Bond and Intere~;t Fund of said City. ~~e. accrue.d interest, '.c l.L any, on the outstanding bonds, Serie.s Januar'y l, 1955, to be refunde.d, from the last In- tere.st payme.nL date to Lhe. date. of delivery of the Refunding Water Bonds shall be deposited by the City with the Bank In said Refund- ing Escrow Account. Section 11. Said Rerunding Escrow Account, including therein the. procee.ds of the Refurl.ding Bonds and the accrued in te.r- i e.st on the outstanding bonds, as referre.d to above, when inve.sted by the. Bank, will at all times be. at least sufficient to pay the interest on and principal of the. outstanding bonds or the City be.- ing refu:-cded, under 2nd in accordance wi th tl'le following schedule. (A) Outstanding bonds maturlng 1967 to 1975, in- elusive, being bonds numbere.d 106 to 280, inclusive, shall be paid and re.tired 2t the.ir respective maturity dates according to their original te.rms. - 16 -