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COM 1109.000 2020-2022
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COM 1109.000 2020-2022
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Last modified
11/10/2022 11:36:40 AM
Creation date
11/9/2022 11:12:52 AM
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Communications
Communications - Type
COM
Communications - Council Term
2020-2022
Communication
1109
Point
000
Author
Deanna S. Sako, Director of Finance
Communications - Referred To
COUNCIL
Document Relationships
AGE COUNCIL 2022-11-16 2020-2022
(Related To)
Path:
\Council Records\Agendas\2020-2022\Council
RES 618 Draft 01 2020-2022
(Related To)
Path:
\Council Records\Resolutions\2020-2022
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Tax Code. Notice of such election shall be filed with the Trustee not less than ten days prior to the <br /> proposed defeasance date, or such shorter period of time as may be acceptable to the Trustee. In <br /> connection with a defeasance under (b) or (c) above, there shall be provided to the County and the <br /> Trustee a verification report from an independent nationally recognized certified public accountant <br /> stating its opinion as to the sufficiency of the moneys or securities deposited with the Trustee or the <br /> escrow bank to pay and discharge the principal of, premium, if any, and interest on all Outstanding <br /> Bonds to be defeased in accordance with this Section, as and when the same shall become due and <br /> payable, and an opinion of Bond Counsel (which may rely upon the opinion of the certified public <br /> accountant) to the effect that the Bonds being defeased have been legally defeased in accordance <br /> with this Indenture and any applicable Supplemental Indenture. If a forward supply contract is <br /> employed in connection with an advance refunding to be effected under (c) above, (i) such <br /> verification report shall expressly state that the adequacy of the amounts deposited with the bank <br /> under (c) above to accomplish the refunding relies solely on the initial escrowed investments and the <br /> maturing principal thereof and interest income thereon and does not assume performance under or <br /> compliance with the forward supply contract, and (ii) the applicable escrow agreement executed to <br /> effect an advance refunding in accordance with (c) above shall provide that, in the event of any <br /> discrepancy or difference between the terms of the forward supply contract and the escrow <br /> agreement,the terms of the escrow agreement shall be controlling. <br /> Upon a defeasance, the Trustee, upon request of the County, shall release the rights of the <br /> Owners of such Bonds and execute and deliver to the County all such instruments as may be <br /> desirable to evidence such release, discharge and satisfaction. In the case of a defeasance hereunder <br /> of all Outstanding Bonds, the Trustee shall pay over or deliver to the County any funds held by the <br /> Trustee at the time of a defeasance, which are not required for the purpose of paying and discharging <br /> the principal or redemption price of or interest on the Bonds when due. The Trustee shall, at the <br /> written direction of the County, mail, first class, postage prepaid, a notice to the Bondowners whose <br /> Bonds have been defeased, in the form directed by the County, stating that the defeasance has <br /> occurred. <br /> ARTICLE X <br /> MISCELLANEOUS <br /> Section 10.1. Cancellation of Bonds. All Bonds surrendered to the Trustee for payment <br /> upon maturity or for redemption shall be upon payment therefor, and any Bond purchased by the <br /> County as authorized herein and delivered to the Trustee for such purpose shall be, cancelled <br /> forthwith and shall not be reissued. The Trustee shall destroy such Bonds, and, upon request of the <br /> County, furnish to the County a certificate of such destruction. <br /> Section 10.2. Execution of Documents and Proof of Ownership. Any request, direction, <br /> consent, revocation of consent, or other instrument in writing required or permitted by this Indenture <br /> to be signed or executed by Bondowners may be in any number of concurrent instruments of similar <br /> tenor may be signed or executed by such Owners in person or by their attorneys appointed by an <br /> instrument in writing for that purpose, or by the bank, trust company or other depository for such <br /> Bonds. Proof of the execution of any such instrument, or of any instrument appointing any such <br /> attorney, and of the ownership of Bonds shall be sufficient for the purposes of this Indenture (except <br /> as otherwise herein provided), if made in the following manner: <br /> (a) The fact and date of the execution by any Owner or his or her attorney of any such <br /> instrument and of any instrument appointing any such attorney, may be proved by a signature <br /> 51 <br />
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