21 ATTACHMENT 3 - Laserfiche WebLink

10 REFUNDING PLAN Redemption of the 2011 Bonds. Pursuant to the Indenture, LAVWMA will deliver a portion of the proceeds of the 2021 Bonds to the Trustee for deposit into an escrow fund (the "Escrow Fund") established pursuant to an Escrow Deposit and Trust Agreement, dated as of August 1, 2021 (the “Escrow Agreement”), between LAVWMA and U.S. Bank National Association, as escrow agent for the 2011 Bonds (the “Escrow Agent”). The Escrow Agent will hold the moneys in the Escrow Fund in cash, uninvested. From the moneys on deposit in the Escrow Fund, the Escrow Agent will pay the redemption price of the 2011 Bonds on _________________, 2021 (the “Redemption Date”), being the outstanding principal amount of $64,420,000, without premium, plus interest accrued to the Redemption Date. Sufficiency of the deposits in the Escrow Fund for those purposes will be verified by Robert Thomas CPA, LLC, Minneapolis, Minnesota (the “Verification Agent”). See "Verification of Mathematical Computations" below. Assuming the accuracy of the Verification Agent’s computations, as a result of the deposit and application of funds as provided in the Escrow Agreement, the 2011 Bonds will be defeased on the date of issuance of the 2021 Bonds. The amounts held by the Escrow Agent in the Escrow Fund are pledged solely to the payment of amounts due and payable by LAVWMA with respect to the 2011 Bonds. The funds deposited in the Escrow Fund will not be available for the payment of debt service with respect to the 2021 Bonds unless amounts remain therein following the payment and redemption in full of the 2011 Bonds. Verification of Mathematical Computations. The Verification Agent will examine the arithmetical accuracy of certain computations included in the schedules provided by LAVWMA relating to defeasance of the 2011 Bonds and the redemption of the 2011 Bonds on the Redemption Date. The Verification Agent has restricted its procedures to examining the arithmetical accuracy of certain computations and has not made any study or evaluation of the assumptions and information upon which the computations are based and, accordingly, has not expressed an opinion on the data used, the reasonableness of the assumptions, or the achievability of the forecasted outcome.