Laserfiche WebLink
authorized hereunder. The City may retire the Notes either by issuing the Bonds authorized <br />hereunder or by making a payment or payments from any other lawfully available funds, provided <br />that the maximum amount of the Bonds authorized hereunder will be reduced by the amount of <br />Notes retired by other lawfully available funds. If the City issues Bonds to retire the Notes, the <br />City shall issue the Bonds in accordance with the terms of and subject to the parameters contained <br />in this Ordinance. <br />16. Refunding of Prior Obligations. The City Representative is hereby authorized and <br />directed to execute one or more escrow agreements (each an "Escrow Agreement ") with an escrow <br />agent (the "Escrow Agent ") to be appointed by the City Representative, with respect to the <br />Refunded Bonds (as defined below). The Escrow Agreement shall be in the form approved by the <br />City Representative. The execution of an Escrow Agreement by the City Representative shall <br />constitute conclusive evidence of such official's approval of the Escrow Agreement. The Escrow <br />Agent is hereby authorized and directed to execute initial and final subscription forms for the <br />purchase of noncallable, direct obligations of the United States and such other contracts and <br />agreements necessary to provide for the refunding of the Refunded Bonds and payment of the <br />applicable interest on the Bonds as are approved by the City Representative. The City <br />Representative is hereby authorized and directed to determine, which maturities (or portions <br />thereof) of the Prior Obligations are to be refunded by the proceeds of the Bonds (such refunded <br />Prior Obligations are referred to as, the "Refunded Bonds "). The City Representative is further <br />authorized to call the Refunded Bonds for redemption. The Escrow Agreements shall provide for <br />