O-1985-1448 - Laserfiche WebLink

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. . -,e e has determined to effectuate the defeasance of the Defeased Bonds pursuant to an escrow agreement under which provision is made for the safekeeping, investment, reinvestment, administration and disposition of the moneys made available in connection with such defeasance so as to provide firm banking and financial arrangements for the discharge and final payment of the Defeased Bonds; therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. That the term, "Defeased Bonds", defined in the preamble of this ordinance shall have the same meaning when hereafter used in the body of this ordinance. Section 2. That the City Council hereby affirma- tively finds and determines that the moneys held in the City's interest and sinking fund, reserve fund and contingency fund for the Defeased Bonds are more than adequate to provide for the full payment when due of the principal of and interest on said Bonds and that it would be advantageous and to the best interests of the City to provide firm banking and financial arrangements for the timely payment in full of the principal of and interest on the Defeased Bonds so that they will not be regarded as outstanding as a matter of law. Section 3. The form, terms and provisions of the Special Escrow Agreement dated as of July 15, 1985, by and between the City and First City National Bank of Houston, annexed hereto as Exhibit A, are hereby approved in all respects, and the Mayor and the City Secretary of the City are hereby authorized and directed, in the name and on behalf of the City, to sign, seal and deliver an escrow agreement with First City National Bank of Houston substantially in the form thereof set forth in said Exhibit A, with such changes therein as the officers executing the same shall, as conclusively evidenced by their signatures thereon, approve. 00IRDRBS/193BOl -2-