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The use by the Purchaser of the term sheet related to the Note (the "Term Sheet") is <br /> hereby ratified, approved and authorized; the execution and delivery of the Teim Sheet is hereby <br /> authorized; and the officers of the City are hereby authorized to take any action as may be <br /> required on the part of the City to consummate the transactions contemplatel by the Purchase <br /> Contract,this Ordinance,the Term Sheet and the Note. <br /> Section 15. Creation of Funds and Appropriations. The proceeds f the sale of the <br /> Note are hereby appropriated as follows: <br /> A. Proceeds in the amount necessary to pay costs of issuance of the Note shall <br /> be (a) disbursed at the delivery of the Note by the Purchaser or (b) to the extent not so <br /> disbursed, shall be held by the Finance Officer in a separate fund, hereby created and <br /> designated as the "2013 Expense Fund" and disbursed in accordance with customary City <br /> procedures for disbursement of City funds. Funds remaining on d posit in the 2013 <br /> Expense Fund, if any, on the date which is three months after the Note is issued shall be <br /> transferred to the Bond and Interest Subaccount of the Waterworks Fu ad and used to pay <br /> first interest coming due on the Note. <br /> B. The remaining proceeds shall be set aside in a separa a fund, and in an <br /> account held by the Purchaser, pursuant to an agreement between t4e Pure haseFRegions- <br /> Bank-,_Indianapo is, Indiana, and the City (the "Agreement"), in a form <br /> new efereto be approved by the Treasurer,hereby authorized, hereby created and <br /> designated as the "2013 Project Fund" (the "Project Fund"), and disbursed in <br /> accordance with the Agreement,to pay the costs of the Project. <br /> Section 16. Defeasance. The Note or any portion thereof whic i (a) is paid and <br /> cancelled,-(b)for which sufficient sums been deposited with the Paying Agent to-pay all principal <br /> and interest due thereon, or (c) for which sufficient United States funds and direct United States <br /> Treasury obligations have been deposited with a bank or trust company authorized to keep trust <br /> -20- <br />