FULL AGENDA PACKET_2021-03-16 - Laserfiche WebLink

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It is the City's intent that redemption allocations made by DTC with respect to the Bonds be made on a pro rata pass -through distribution of principal basis as described above. However, the City cannot provide any assurance that DTC, DTC's direct and indirect participants, or any other intermediary will allocate the redemption of such Bonds on such basis. If the Bonds are not registered in book -entry form and if fewer than all of the Bonds of the same maturity and bearing the same interest rate are to be redeemed, the Bonds of such maturity and bearing such interest rate to be redeemed will be selected on a pro rata basis, and the particular Bonds of such maturity and bearing such interest rate to be redeemed will be selected by lot, provided that any such redemption must be performed such that all Bonds remaining outstanding will be in authorized denominations. Upon surrender of a Bond to be redeemed in part, the Trustee will authenticate for the registered owner a new Bond or Bonds of the same maturity and tenor equal in principal amount to the unredeemed portion of the Bond surrendered. ARTICLE V APPLICATION OF PROCEEDS; SOURCE OF PAYMENT OF BONDS Section 5.01 Application of Proceeds and City Contribution. The net proceeds of the sale of the Bonds received by the Trustee, $ ($ principal amount, less $ underwriter's discount), shall be deposited by the Trustee as follows: (i) the sum of $ shall be deposited into the Costs of Issuance Fund; (ii) the sum of $ shall be transferred to PERS and used to pay the Unfunded Liability relating to the City's PERS Safety Plan; and (iii) the sum of $ shall be transferred to PERS and used to pay the Unfunded Liability relating to the City's PERS Miscellaneous Plan. The City shall provide written payment instructions to the Trustee for the transfers above to PERS, upon which the Trustee may conclusively rely. The Trustee may establish and maintain for so long as is necessary one or more temporary funds and accounts under this Trust Agreement, including but not limited to a temporary fund for holding the proceeds of the Bonds. Section 5.02 Sources of Payment of Bonds; Semi -Annual Payments by the City. (a) The City shall provide for payment of principal or redemption price of and interest on the Bonds from any source of legally available funds of the City. If any Bonds are Outstanding, the City shall, no later than three Business Days preceding each Interest Payment Date beginning 1, 20 , deliver funds to the Trustee for deposit to the Revenue Fund in an aggregate amount equal to the portion of the Annual Debt Service coming due on such Interest Payment Date (less amounts on deposit in the Revenue Fund). City Council 23 33 — 36 3/16/2021 4846-535-8811v3/200434-0005