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e e paid on their respective redemption date, with proceeds of the Bonds. and the Refunded Obligations are hereby called for redemption on said date. Commerce Bank National Association. Houston. Texas. Houston, Texas. is hereby directed to make appropriate arrangements so that the principal of and accrued interest on such Refunded Obligations may be redeemed at said bank on such redemption dates. Unless notice is waived by the owners thereof. a copy of the Notice of Prior Redemption. substantially in the fonn attached hereto as Exhibit D. shall be delivered to the paying agent bank for the Refunded Obligations and a copy of such Notice of Prior Redemption shall be mailed to the registered owner thereof. or otherwise given as provided in the appropriate order, resolution. or ordinance authorizing the Refunded Obligations. SECTION 27. ESCROW AGREEMENT. The discharge of the Refunded Obligations shall be effectuated pursuant to the tenns and provisions of the Escrow Agreement, the tenns and provisions of which are hereby approved, subject to such insertions. additions, and modifications as shall be necessary (a) to carry out the program designed for the City by Masterson Moreland Sauer Whisman, Inc. and which shall be certified as to mathematical accuracy by Deloitte & Touche, Certified Public Accountants. whose verification report (the "Report") shall be delivered with the Escrow Agreement, (b) to maximize the City's present value savings and/or minimize the City costs of refunding. (c) to comply with all applicable laws and regulations relating to the refunding of the Refunded Obligations, and (d) to carry out the other intents and purposes of this Ordinance. and the Mayor is hereby authorized to execute and deliver the Escrow Agreement attached hereto as Exhibit C on behalf of the City in multiple counterparts and the City Secretary is hereby authorized to attest thereto and affix the City's seal. SECTION 28. SOURCE OF CITY FUNDS USED IN REFUNDING. The amount of 567,115.83 available funds of the City are hereby appropriated and shall be deposited to the Escrow Fund, which together with certin proceeds of the Bonds shall be used to refund the Refunded Obligations. SECTION 28. PURCHASE OF UNITED STATES TREASURY OBLIGATIONS. To assure the purchase of the Escrowed Securities referred to in the Escrow Agreement, the Mayor, the City's Chief Financial Officer. and the Escrow Agent are hereby authorized to subscribe for, agree to purchase. and purchase non-callable obligations of the United States of America. in such amounts and maturities and bearing interest at such rates as may be provided for in the Report. and to execute any and all subscriptions. purchase agreements, commitments, letters of authorization, and other documents necessary to effectuate the foregoing, and any actions heretofore taken for such purpose are hereby ratified and approved. SECTION 29. MATfERS RELATED TO REFUNDING. In order that the Issuer shall satisfy in a timely manner all of its obligations under this Ordinance, the Mayor and all other appropriate officers and agents of the Issuer are hereby authorized and directed to take all other actions that are reasonably necessary to provide for the refunding of the Refunded Obligations. includihg without limitation, executing and delivering on behalf of the Issuer all certificates. consents. receipts. requests, notices. and other documents as may be reasonably necessary to satisfy the Issuer's obligations under this Ordinance and to direct the ttansfer and application of funds of the Issuer consistent with the provisions of this Ordinance. SECTION 30. APPROVAL AND REGISTRATION OF BONDS. The Mayor of the City is hereby authorized to have control of the Bonds and all necessary records and proceedings pertaining to the Bonds pending their delivery and their investigation. examination. and approval by the Attorney General of the State of Texas. and their registration by the Comptroller of Public Accounts of the State of Texas. Upon registration of the Bonds, said Comptroller of Public Accounts (or a deputy designated in writing to act for said Comptroller) shall manually sign the Comptroller's Registration Certificate. The Bonds thus registered shall remain in the custody of the Mayor (or his designee) until delivered to the purchaser thereof. SECTION 31. FURTHER PROCEDURES. The Mayor. the City Secretary, and all other officers. employees. and agents of the City. and each of them, shall be and they are hereby expressly authorized. empowered. and directed form time to time and at any time to do and perform all such acts and things and to execute. acknowledge, and deliver in the name and under the corporate seal and on behalf of the City all such instruments, whether or not herein mentioned. as may be necessary or desirable in order to carry out the terms 21