08-83 Hospital Improvement revenue bonds

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The Series 1983-A Bonds shall be executed by the Executive and the Fiscal Officer, provided that either or both of such signatures may be facsimiles, and shall bear the corporate seal of the Issuer or a fac- simile thereof, and the coupons appertaining thereto shall bear the fac- simile signature of the Fiscal Officer. Section 8. Allocation of Purchase Price for Series 1983-A Bonds. The Purchase Price for the Series 1983-A Bonds shall be received and receipted by the Fiscal Officer or by the Trustee on the Issuer's behalf, and shall be allocated, deposited and credited as follows: (a) to the Debt Service Fund, that portion, if any, representing accrued interest on the Series 1983-A Bonds from their date to the date of the delivery of and payment for the Series 1983-A Bonds; (b) to the Con- struction Fund, that portion representing estimated costs of issuance of the Series 1983-A Bonds payable by the Issuer; and (c) to the Trustee under the Prior Indenture, to be held in the Escrow Account pursuant to the Escrow Agreement, the entire balance of the Purchase Price. With respect to the funds delivered to the Trustee under the Prior Indenture pursuant to clause (c) above and the other moneys to be transferred to the Escrow Account as set forth below in this Section 8, the Trustee under the Prior Indenture shall immediately and contemporaneously with the receipt thereof invest such amounts in direct obligations of the United States certified by an independent public accounting firm of national reputation to be of such maturities and interest payment dates and to bear such interest as will, without further investment or rein- vestment of either the principal amount thereof or the interest earnings therefrom, be sufficient for the payment, at their maturity or redemp- tion date, of the principal of the Prior Revenue Bonds, together with the redemption premium payable on the Prior Revenue Bonds called for redemption pursuant to Section 9 hereof, and interest accrued to the date of maturity or redemption, as.the case may be. The Legislative Authority hereby declares that the purpose of the deposit and investment of monies in the Escrow Account pursuant to the next preceding paragraph shall be to cause the Prior Revenue Bonds to be deemed to be paid and discharged for purposes of Article X of the Prior Indenture, to cause the Prior Indenture to be defeased and re- leased, and to cause the lien of the Prior Indenture to be cancelled and discharged, all in accordance with Article X of the Prior Indenture. The Legislative Authority hereby finds and determines that the issuance of the Series 1983-A Bonds and the use of the net Purchase Price there- for, together with other moneys available to the Issuer, to cause the Prior Revenue Bonds to be deemed paid and discharged and to cause the Prior Indenture to be defeased and released, will be advantageous to the Issuer and will enable the Issuer to achieve reductions from the aggre- gate debt service charges on its currently outstanding debt obligations, taking into consideration the provisions of Section 103(c) of the Inter- nal Revenue Code of 1954, as amended, and applicable regulations thereunder. The Escrow Account, including the direct obligations of the United States in which the moneys deposited in the Escrow Account are to -22-