§ 2-584. Debt defeasance.

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The city may defease its debt by irrevocably placing cash or other assets in a trust to be used solely for satisfying scheduled payments of both the interest and principal of the defeased debt. In this situation, the trust is restricted to owning only monetary assets that are essentially risk free as to the amount, timing and collection of interest and principal. Additionally, the city may choose to defease its outstanding indebtedness through purchases of its securities on the open market when market conditions make such an option financially feasible. The city will develop procedures for executing and biding open market purchases and the savings objectives to be achieved by undertaking such actions.

(Ord. No. 2013-03, § 1, 2-5-13)

                    
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