1980-738-R - Laserfiche WebLink

Home Browse Search

yields realized on the Government Securities currently held by the Escrow Trustee , the City may realize additional cash benefits in the approximate amount of $ 75 ,000 - 00 from a revision of the investments in the escrow account; and WHEREAS , the City has determined that it is in its best financial interest to authorize and direct (i) the redemption of certain Government Securities purchased pursuant to the Agreement , ( ii ) the reinvestment of the proceeds of such redemptions in additional Government Securities, and (iii) the payment of the fees and expenses incurred in connection therewith; and WHEREAS , such substitution of Government Securities will (° not adversely affect the rights or security of the holders of � ,r the Refunded Bonds ; NOW, THEREFORE, BE IT RESOLVED by the City Council of Batesville , Arkansas: Section 1 . That there is hereby authorized the execution and delivery of an Amended and Substituted Refunding Trust Agreement between the City and Union National Bank of Little Rock , Little Rock , Arkansas (the "Amended and Substituted Refunding Trust Agreement") , providing, among other things, for the substitution and revision of the investments in the escrow account now held by the Escrow Trustee pursuant to the Agreement , and the Mayor and City Clerk are hereby authorized to execute , acknowledge and deliver the Amended and Substituted Refunding Trust Agreement for and on behalt of the City. The Amended and Substituted Refunding Trust Agreement is hereby approved in substantially the form submitted to this meeting, and the Mayor is hereby authorized to confer with the Escrow Trustee , the Special Consultant, hereinafter named in Section 2 hereof , and others in order to complete the Amended and Substituted Refunding Trust Agreement in substantially the form submitted to this meeting with such changes as shall be approved by such persons executing the document , their