10A Action 2014 0902 - Laserfiche WebLink

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8 REFUNDING PLAN Refunding of the 2002 Bonds Pursuant to the Irrevocable Refunding Instructions (the “2002 Bonds Refunding Instructions”), by and between the Successor Agency and U.S. Bank National Association, as trustee of the 2002 Bonds (in such capacity, the “2002 Bonds Escrow Bank”), the Successor Agency will deliver a portion of the proceeds of the 2014 Bonds, along with other available amounts, to the 2002 Bonds Escrow Bank for deposit in an escrow account established under the 2002 Bonds Refunding Instructions (in such capacity, the “2002 Bonds Escrow Account”). The 2002 Bonds Escrow Bank will hold such amounts uninvested. From the moneys on deposit in the 2002 Bonds Escrow Account, the 2002 Bonds Escrow Bank will pay, on ____, 2014, the outstanding principal amount of the 2002 Bonds and the accrued interest on the 2002 Bonds to the redemption date. The amounts held by the 2002 Bonds Escrow Bank in the 2002 Bonds Escrow Account are pledged solely to the amounts due and payable by the Successor Agency under the 2002 Bonds Indenture. Neither the funds deposited in the 2002 Bonds Escrow Account nor any interest on the invested funds, if any, will be available for the payment of debt service with respect to the 2014 Bonds. Refunding of the 2004 Bonds Pursuant to the Irrevocable Refunding Instructions (the “2004 Bonds Refunding Instructions”), by and between the Successor Agency and U.S. Bank National Association, as trustee of the 2004 Bonds (in such capacity, the “2004 Bonds Escrow Bank”), the Successor Agency will deliver a portion of the proceeds of the 2014 Bonds, along with other available amounts, to the 2004 Bonds Escrow Bank for deposit in an escrow account established under the 2004 Bonds Refunding Instructions (in such capacity, the “2004 Bonds Escrow Account”). The 2004 Bonds Escrow Bank will hold such amounts uninvested. From the moneys on deposit in the 2004 Bonds Escrow Account, the 2004 Bonds Escrow Bank will pay, on ________, 2014, the outstanding principal amount of the 2004 Bonds and the accrued interest on the 2004 Bonds to the redemption date. The amounts held by the 2004 Bonds Escrow Bank in the 2004 Bonds Escrow Account are pledged solely to the payment of amounts due and payable by the Successor Agency under the 2004 Bonds Indenture. Neither the funds deposited in the 2004 Bonds Escrow Account nor any interest on the invested funds, if any, will be available for the payment of debt service with respect to the 2014 Bonds.