RES 02047 - Laserfiche WebLink

Indenture, or (2) in regard to questions arising under the Indenture which the City may deem necessary or desirable and not inconsistent with the Indenture and which shall not materiallv adversely affect the interests of the Ov,ners: provided that the City and the Trustee may rely i~ entering into any such amendment of the Indenture upon the opinion of nationally recognized bond counsel stating that the requirements of this sentence shall have been met with respect to such amendment. In the event of any such amendment or supplement. copies of such amendment or supplement and any other documents relating thereto shall be provided by the City to Moody's and S&P (provided such rating agencies are currently rating the Bonds, or any Contracts or Parity Bonds) at least fifteen (15) days prior to the effective date thereof. Section 8.02. Disqualified Bonds. Bonds ov,ned or held bv or for the account of the City . . shall not be deemed Outstanding for the purpose of any consent or other action or any calculation of Outstanding Bonds provided in this Article VIll. and shall not be entitled to consent to or take any other action provided in this Article VIll. and the Trustee may adopt appropriate regulations to require each Owner. before his or her consent provided for herein shall be deemed effective. to reveal if the Bonds as to which such consent is given are disqualified as provided in this Section 8.02. ARTICLE IX DEFEASANCE Section 9,01. Defeasance. Any Outstanding Bonds shall be paid and discharged in any one or rnore of the following ways: (a) by paying or causing to be paid the principal of and interest on such Bonds Outstanding. as and when the same becorne due and payable: (b) by depositing with the Trustee. in trust. before maturity. money which. together with the amounts which are then on deposit in the Payment Fund and the Reserve Fund and available therefor. is fully sufficient to pay such Bonds. including all principal and interest: or (c) by depositing with the Trustee. (or such other fiduciary as determined by the City) under an escrow deposit and trust agreement. cash. non-callable Federal Securities or pre- refunded non-callable municipal obligations rated "AAA" and "Aaa" by S&P and Moody's. respectively (or any combination thereof) (the "Defeasance Obligations") in such amount as a nationally recognized certified public accountant shall determine will. together with the interest to accrue thereon and moneys then on deposit (or a pro rata share thereof) in the Payment Fund and Reserve Fund available therefor. together with the interest to accrue thereon. be fully sufficient to pay and discharge such Bonds (including all principal and interest) at or before their respective maturity dates. -41- Pleasanton Cross Town Indenture (2).DOC