Laserfiche WebLink
Section 18. Taxes Previously Levied. The taxes previously levied to pay principal of <br /> and interest on the Refunded Bonds, to the extent such principal and interest is provided for <br /> from the proceeds of the Bonds or from the Escrow Account under the Escrow Agreement as <br /> hereinabove described or cash on hand and lawfully available shall be abated. The filing of a <br /> certificate of abatement with the County Clerk shall constitute authority and direction for the <br /> County Clerk to make such abatement. <br /> Section 19. Defeasance. Any Bond or Bonds which (a) are paid and cancelled, <br /> (b) which have matured and for which sufficient sums been deposited with the Paying Agent to <br /> pay all principal and interest due thereon, or (c) for which sufficient U.S. funds and direct <br /> U.S. Treasury obligations have been deposited with the Paying Agent or similar institution to <br /> pay, taking into account investment earnings on such obligations, all principal of and interest on <br /> such Bond or Bonds when due at maturity or as called for redemption, pursuant to an <br /> irrevocable escrow or trust agreement, shall cease to have any lien on or right to receive or be <br /> paid from the Bond Moneys or Pledged Taxes hereunder and shall no longer have the benefits <br /> of any covenant for the registered owners of outstanding Bonds as set forth herein as such <br /> relates to lien and security of the outstanding Bonds. All covenants relative to the Tax-exempt <br /> status of the Bonds; and payment, registration, transfer, and exchange; are expressly continued <br /> for all Bonds whether outstanding Bonds or not. <br /> Section 20. Continuing Disclosure Undertaking. The Mayor or Treasurer of the City is <br /> hereby authorized, empowered and directed (if applicable) to execute and deliver the <br /> Continuing Disclosure Undertaking (the "Continuing Disclosure Undertaking") in substantially <br /> the same farm as now before the Council, or with such changes therein as the individual ', <br /> executing the Continuing Disclosure Undertaking on behalf of the City shall approve, the , <br /> official's execution thereof to constitute conclusive evidence of the approval of such changes. <br /> -30- <br />