RES 93093 - Laserfiche WebLink

remaining in said fund after payment of all Refunding Bonds and the interest thereon shall be applied as directed by the City. All moneys in said fund shall be invested in any lawful investments of City funds maturing not later than the date on which such moneys are required for disbursement as herein provided, and all interest earned on such investments shall be credited to said fund, except as otherwise required by Section 13 of this resolution. SectiOn 10. There is hereby created and established a fund to be known as the "Limited Obligation Refunding Bonds, City of Pleasanton, Consolidated Reassessment District 1993-4, Series 1993-4 Refunding Fund," which fund shall be kept bythe Finance Director and shall constitute a trust fund for the benefit of the registered owners of the Original Bonds. At the time of the issuance of the Refunding Bonds, the Finance Director shall deposit in the Refunding Fund from the proceeds of sale of the Refunding Bonds an amount which, together with any other money deposited therein, will be sufficient to redeem all outstanding Original Bonds on September 2, 1993, or January 2, 1994, or September 2, 1994, as the case may be, together with the payment of the redemption premiums thereon and the accrued interest thereon. All money in said fund shall be transferred forthwith following such deposit, on the same day or as soon thereafter as practicable, to Bank of America National Trust and Savings Association, as Escrow Agent for the Original Bonds, acting pursuant to that certain Refunding Escrow Agreement, dated as of July 1, 1993, by and between the City and the Bank, as Escrow SF248850.~ 19