1997 Resolutions - Laserfiche WebLink

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SECTION 13. Appointment of Escrow Aqent; Approval of Execution and Delivery of Escrow Deposit Aqreements. (a) The City Manager or the Deputy City Manager for Finance is hereby authorized to appoint an escrow agent {the "Escrow Agent") for the City in connection with the refunding of the Refunded 1992 Public Improvement Bonds and the Refunded 1992 Public Utility Bonds and the Existing VRS Obligation. (b) The City Manager or the Deputy City Manager for Finance is hereby authorized and directed to execute and deliver one or more Escrow Deposit Agreements by and between the City and the Escrow Agent in such forms as shall be approved .by the City Manager or the Deputy City Manager for Finance upon the advice of counsel (including the City Attorney or Bond Counsel), such approval to be conclusively evidenced by the execution of the Escrow Deposit Agreements by the City Manager or the Deputy City Manager for Finance. (c) The City Manager and the Deputy City Manager for Finance of the City, or either of them, are hereby authorized to execute, on behalf of the City, subscriptions for United States Treasury Obligations State and Local Government Series, if any, to be purchased by the Escrow Agent from moneys deposited in the Escrow Deposit Fund created and established under any Escrow Deposit Agreement. Such United States Treasury Obligations State and Local Government Series, if any, so purchased shall be held by the Escrow Agent under and in accordance with the provisions of the related Escrow Deposit Agreement. The City Manager and Deputy City Manager for Finance of the City, or either of them, are hereby authorized to enter into such purchase agreements, including forward supply agreements, if any, as shall be required in connection with the purchase by the Escrow Agent, from moneys deposited in the Escrow Deposit Fund created and established under any Escrow Deposit Agreement, of Government Securities (as defined in the Escrow Deposit Agreement) other than United States Treasury Obligations - State and Local Government Series. SECTION 14. Designation of Refunded Bonds for Redemption; Refundinq of Existing VRS Obligation. (a) The Council hereby designates the Refunded 1992 Public Improvement Bonds for redemption on August 1, 2001 in accordance with the provisions of the aforementioned resolutions authorizing the issuance of the 1992 Public Improvement Bonds adopted by the Council on January 14, 1992 and January 28, 1992 and authorizes the City Manager and the Deputy City Manager for Finance to take all such actions as they shall deem to be necessary or desirable to effect the redemption of the Refunded 1992 Public Improvement Bonds on such date.