2003-54 PROVIDING FOR THE ISSUANCE OF GENERAL OBLIGATION REFUNDING BONDS

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' . account from which advances to the Bond Fund may have been made to pay principal of or interest on the Bonds prior to receipt of Pledged Ta�ces. Interest income or investment profit earned in the Bond Fund shall be retained in the Bond Fund for payment of the principal of or interest on the Bonds on the interest payment date next after such interest or pro�t is received or, to the extent lawful and as determined by the Council, transfened to such other fund as may be determined. The City hereby pledges, as equal and ratable security for the Bonds, all present and future proceeds of the Pledged Taxes for the sole benefit of the registered owners of the Bonds, subject to the reserved right of the Council to transfer certain interest income or investment pro�t earned in the Bond Fund to other funds of the City,as described in the preceding sentence. C. The sum of principal proceeds of the Bonds, including premium, if any, received upon delivery of the Bonds, as is necessary, together with such money in the debt service funds for the Refunded Bonds as may be advisable for the purpose, shall be used to provide for the Refunding, and the payment of such expenses as may be designated, pursuant to the provisions of an Escrow Agreement with the Escrow Agent as is designated, all in accordance with the provisions of an Escrow Agreement, substantially in the form attached hereto as Exhibit A to this , Ordinance, made a part hereof by this reference, and hereby approved; the officers appearing �I signatory to such Escrow Agreement are hereby authorized and directed to execute same, their execution to constitute conclusive proof of action in accordance with this Ordinance, and approval of all completions or revisions necessary or appropriate to effect the Refunding. The City expressly authorizes the use of the Government Obligations as set forth in the Escrow Account as set forth in the Escrow Agreement. Secrion 17. General Arbitrage Covenants. The City hereby covenants that it will not take any action,omit to take any action or permit the taking or omission of any action within its control (including, without limitation, making or permitting any use of the proceeds of the I, -28-