The proceeds of the refunding Debt and the earnings thereon shall be in an amount sufficient to meet either the requirements of A or B of Section 6.778 at the time of issuance of the refunding bonds, as certified by a certified public accountant licensed to practice in this State.
A. The proceeds (including any amounts in any reserve fund established for the Debt to be refunded not needed for purposes of the refunding Debt) and investments, together with any interest or other gain to be derived from any such investment, shall be in an amount sufficient to pay the principal, interest, and redemption premiums, if any, on the refunded Debt as they become due or at designated dates prior to maturity and the costs of issuance of the refunding Debt.
B. The proceeds (including any amounts in any reserve fund established for the Debt to be refunded not needed for purposes of the refunding Debt) and investments, together with any interest or other gain to be derived from any such investment, shall be in an amount sufficient to pay the principal, interest, and redemption premiums, if any, on the refunding bonds prior to the maturity of the Debt to be refunded or prior to a designated date or dates before the maturity of the Debt to be refunded, the principal and any redemption premiums due on the refunded Debt at maturity or upon that designated date or dates, and the costs of issuance of the refunding Debt.
SECTION HISTORY
Added by Ord. No. 177,051, Eff. 11-20-05.