1980-738-R - Laserfiche WebLink

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1 . The City has issued its $ 1 , 220 , 000 Water and Sewer Refunding Revenue Bonds , dated August 1 , 1976, for the purpose of financing certain improvements to the City' s water and sewer system and refunding the bonds previously issued by the City, specifically: (1) Sewer Revenue Bonds , dated February 1 , 1967. (2) Waterworks Revenue Bonds, dated October 1, 1961. (3 ) Second Lien Water System Revenue Bonds , dated April 1, 1965. The purpose of this Agreement is to amend and replace the Original Agreement dated August 2 , 1976, in order to strengthen the position of the bondholders and make adequate provision for maturing principal and interest , with trustee' s and paying agent' s fees , on the Previous Bonds, as the same become due and payable in accordance with the schedules set out in Exhibit A hereto respectively, which the City and the Trustee agree are accurate schedules of such requirements. 2 . The Bonds were sold to T . J . Raney & Sons , Inc . ; Stephens Inc. ; and Hill , Crawford & Lanford , Inc . (the "Bond Purchasers" ) and were delivered to the Bond Purchasers , simultaneously with the execution and delivery of the Original Agreement. A sufficient amount of the sale proceeds were applied to the purchase of the Investment Securities described in Exhibit B ( consisting of direct obligations of , or obligations the principal of and interest on which are fully guaranteed by, the United States of America) and the Investment Securities were delivered to the Trustee. The Trustee has acknowledged receipt of the Investment Securities. 3 . The Trustee will hold the Investment Securities and all proceeds derived therefrom (the "Trust Fund") in trust for the sole and exclusive benefit of the holders of the Previous Bonds , in accordance with the terms of this Agreement , and shall apply the Trust Funds solely to the payment of principal , interest and trustee' s and paying agent' s fees in accordance 2