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<br />(ii) <br /> <br />to the Principal Account in the Bond Fund on the Business Day prior to each <br />Bond Payment Date an amount equal to the principal that is required to be <br />deposited into the Principal Account in order to pay the principal due on the Bond <br />on the next succeeding Bond Payment Date. <br /> <br />Section 7 <br /> <br />Accounts Within Funds <br /> <br />Any fund or account created by this Ordinance may contain such accounts or subaccounts <br />as may be necessary for the orderly administration thereof. <br /> <br />Section 8 <br /> <br />Investment of Funds <br /> <br />(i) The City shall separately invest and reinvest any monies held in the funds <br />established by this Ordinance in investments which would mature in amounts and at times so that <br />the principal of, premium, if any, and interest on, the Note can be paid when due at maturity <br />thereof. <br /> <br />(ii) Permissible investments include investments in securities that are legal <br />investments under Chapter 45 of Title 2.2 of the Code of Virginia of 1950, as amended (Section <br />2.2-4500 et seq.) and which are otherwise in compliance with Section 15.2-2619 of the Act. <br /> <br />Section 9 <br /> <br />Defeasance <br /> <br />(a) The obligations of the City under this Ordinance and covenants of the City <br />provided for herein shall be fully discharged and satisfied as to the Note and the Note shall no <br />longer be deemed to be Outstanding thereunder when the Note shall have been purchased by the <br />City and canceled or destroyed, when the payment of principal ofthe Note, plus interest on such <br />principal to the due date thereof either (a) shall have been made or (b) shall have been provided <br />for by irrevocably depositing with a financial institution acting as escrow agent selected by the <br />Paying Agent for the Note, money sufficient to make such payment, or direct and general <br />obligations of, or obligations the principal of, and interest on, which are guaranteed by, the <br />United States of America, maturing in such amounts and at such times as will insure the <br />availability of sufficient monies to make such payment. <br /> <br />(b) The obligations of the City under this Ordinance and covenants of the City <br />provided for herein shall be fully discharged and satisfied as to the Bond and the Bond shall no <br />longer be deemed to be Outstanding thereunder when the Bond shall have been purchased by the <br />City and canceled or destroyed, when the payment of principal of the Bond, plus interest on such <br />principal to the due date thereof either (a) shall have been made or (b) shall have been provided <br />for by irrevocably depositing with a financial institution acting as escrow agent selected by the <br />Paying Agent for the Bond, money sufficient to make such payment, or direct and general <br />obligations of, or obligations the principal of, and interest on, which are guaranteed by, the <br /> <br />20 <br />