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106-83 Bonds for Hospial
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106-83 Bonds for Hospial
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Last modified
5/14/2013 3:10:03 PM
Creation date
12/21/2005 6:35:28 AM
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Office Of Council
Document Type
Ordinances
Date
12/21/2005
Date Adopted
10/17/1983
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the Trustee may make such credit arrangements with such Paying Agent as <br />to permit meeting such payments. <br /> <br /> (c) Until required for the purposes for which held, moneys in <br />the Debt Service Fund may be invested as provided in Section 10(f) <br />hereof. Investments therein, when and as directed by the Fiscal Offi- <br />cer, may be sold, surrendered, exchanged, or otherwise disposed of. In <br />computing the amount held in such Fund at any time, the investments <br />therein shall be valued at the lower of cost or current market value. <br />The investment income on moneys held in each such Fund shall be credited <br />pursuant to and in accordance with Section 10(f) hereof. <br /> <br /> (d) Any Bonds purchased fo~ cancellation shall be purchased <br />at a price not exceeding their fair market value or their then prevail- <br />ing call price, or if not then callable, then the price at which the <br />Bonds are first callable. <br /> <br /> (e) Nothing in the Bond Legislation is intended to prevent <br />the Issuer from delivering moneys to the Trustee for the purchase or <br />redemption of Bonds in accordance with the Indenture. <br /> <br /> (f) The Trustee shall not be responsible for any of the <br />investments or reinvestments of the moneys held in the Debt Service Fund <br />or any accounts therein, except for failure to follow the instructions <br />of the Fiscal Officer given in accordance with the provisions of Section <br />10(f) hereof, or for accepting any Eligible Investments deposited <br />thereto by the Issuer or for liquidating more of the investments of such <br />Fund or such accounts than may be necessary for the purpose thereof, and <br />the Trustee may rely without any liability on any written statement <br />delivered to it by or on behalf of the Issuer and provided for in the <br />Indenture. <br /> <br /> Section 9. Additional Bonds. The Issuer shall have the <br />right, from time to time, to issue Additional Bonds, to the extent <br />permitted by law then in effect, for the purpose of paying Costs of <br />Hospital Facilities or for the purpose of refunding any outstanding <br />Bonds, which Additional Bonds shall be payable from the Available Net <br />Revenues and shall be secured by the Indenture and by the pledge of the <br />Debt Service Fund and the amount on deposit therein on a parity with the <br />other Bonds then outstanding (except with respect to any moneys drawn by <br />the Trustee under the Letter of Credit and deposited in the Debt Service <br />Fund, which shall be used only for the payment of Bond Service charges <br />on the Series 1983 Bonds), all as authorized by the Series Bond <br />Legislation authorizing the issuance of such Additional Bonds and as <br />permitted by law. <br /> <br /> No Additional Bonds shall be issued unless the following <br />documents shall have been received by the Trustee from the Issuer at or <br />prior to the time of authentication of such Bonds by the Trustee: <br /> <br />-24- <br /> <br /> <br />
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