RES 02047 - Laserfiche WebLink

In the event of a refunding as described in paragraph (c) above (i) the City shall cause to be delivered. on the deposit date and upon any reinvestment of the defeasance amount. a report of an independent finn of nationally recognized certified public accountants (the "AccountanC) verifYing the sufficiency of the escrow established to pay such Bonds in full on the maturity or redemption date (the "Verification"). (ii) the escrow instructions shall provide that no (A) substitution of a Defeasance Obligation shall not be pennitted except with another Defeasance Obligation and upon delivery of a new Verification and (B) reinvestment of a Defeasance Obligation shall not be pennitted except as contemplated by the original Verification or upon delivery ofa new Verification. and (iii) there shall be delivered an opinion of nationally recognized bond counsel to the effect that such Bonds are no longer "Outstanding" under the Indenture. Each Verification and defeasance opinion shall be addressed to the City. the Trustee. the escrow agent. if any. and any other parties as are deemed appropriate by the City at the time of such refunding. In the event a forward purchase agreement will be employed in the refunding. such agreement shall be accompanied by such opinions of counsel. Notwithstanding that some Bonds may not have been surrendered for payment. all obligations of the City and the Trustee under the Indenture with respect to such defeased Bonds shall cease and tenninate. except only the obligation of the Trustee to payor cause to be paid to the Owners of such Bonds all sums due thereon and the obligation of the City to indemnify and pay the Trustee in accordance with Sections 7.02 and 7,03 hereof. Any funds held by the Trustee. at the time of one of the events described above in subsections (a). (b) or (c). which are not required for the payment to be made to Owners. or for payments to be made to the Trustee by the City. shall be paid over to the City pursuant to written instruction from an Authorized Officer of the City and delivery of a certificate of a certified public accountant that such funds are not required to be paid to the Owners, Section 9.02. Unclaimed Monevs. Anything contained herein to the contrary notwithstanding. any money held by the Trustee in trust for the payment and discharge of the interest or principal of the Bonds which remains unclaimed for the lesser of the period ending one day prior to the date such money would escheat to the State or two (2) years after the date when the payments evidenced and represented by such Bonds have become payable. if such money was held by the Trustee at such date. or for the lesser of the period ending one day prior to the date such money would escheat to the State or two (2) years after the date of deposit of such money if deposited with the Trustee after the date when the interest and principal evidenced and represented by such Bonds have become payable. the Trustee shall pay such amounts to the City as its absolute property free from trust. and the Trustee shall thereupon be released and discharged with respect thereto and the Owners shall look only to the City for interest and principal represented by such Bonds: provided. however. that before being required to make any such payment to the City. the Trustee may. at the expense of the City. cause to be published once a week for two (2) successive weeks in a financial newspaper a notice that such money remains unclaimed and that after a date named in such notice. which date shall not be less than thirty (30) days after the date of the first publication of such notice. the balance of such money then unclaimed will be returned to the City. -42- Pleasanton Cross Town Indenture (2).DOC