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"Escrow Agreement" means the agreement by and between the City and the Escrow <br /> Agent as authorized in Section 16 hereof and set forth as Exhibit A. <br /> "Mayor"means the Mayor of the City. <br /> "Ordinance" means this Ordinance, numbered as set forth on the title page hereof, and <br /> passed by the Council on the 5th day of November, 2012. <br /> "Paying Agent" means the paying agent for the Bonds, which shall be a bank or trust <br /> company with a corporate trust office located in the State of Illinois (as set forth in the Bond <br /> Notification), or a successor thereto or a successor designated as Paying Agent hereunder. <br /> "Pledged Taxes" means the taxes levied on the taxable property within the City to pay <br /> principal of and interest on the Bonds as made in Section 13 hereof. <br /> "Purchaser"means Raymond James &Associates, Inc., Chicago, Illinois. <br /> "Refunded Bonds" means those of the Prior Bonds actually selected to be refunded <br /> pursuant to the Escrow Agreement. <br /> "Tax-exempt" means, with respect to the Bonds, the status of interest paid and received <br /> thereon as excludable from the gross income of the owners thereof under the Code for federal <br /> income tax purposes. <br /> "Term Bonds" means Bonds subject to mandatory redemption and designated as term <br /> bonds in the Bond Notification. <br /> "Treasurer"means the Treasurer of the City. <br /> Section 2. Incorporation of Preambles. The Council hereby finds that all of the <br /> recitals contained in the preambles to this Ordinance are true, correct and complete and does <br /> incorporate them into this Ordinance by this reference. <br /> Section 3. Determination to Issue Bonds. It is necessary and desirable to provide for <br /> the Refunding, to pay all related costs and expenses incidental thereto, and to borrow money and <br /> -6- <br /> 21 <br />