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83-86 Bonds - Hospital
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83-86 Bonds - Hospital
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Last modified
5/14/2013 3:06:56 PM
Creation date
9/8/2003 7:57:43 AM
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Office Of Council
Document Type
Ordinances
Date
9/8/2003
Date Adopted
7/21/1986
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Section 4. Security and Sources of Payment for the Bonds. <br />Prior to t~e Crossover Date, the Bond Service Charges on the Refunding <br />Bonds shall be pa~able solely from the Escrow Account and secured, <br />equally and ratably, solely' by the pledge thereof and lien thereon made <br />and granted in the Trust Agreement. Until the Crossover Date, the <br />Refunding Bonds shall not constitute "Bonds" under and for purposes of <br />the Trust Indenture, and the Bond Service Charges on the Refunding Bonds <br />shall not be secured under the Trust ]Indenture or payable from the <br />Hospital Receipts, the Net Revenues or the Special Funds. Prom and after <br />the Crossover Date, any Refunding Bonds that remain outstanding shall <br />constitute "Bonds" under and for purposes of the Trust Indenture, and, <br />as such, shall be payable solely from the Special Funds and shall be <br />secured equally and ratably by the Trust Indenture constituting a pledge <br />of and first lien on the Net Revenues and the moneys on deposit in the <br />Special Funds, all subject to and in accordance with the Trust Inden- <br />ture. At no time, whether prior to, on or after the Crossover Date, <br />shall the Refunding Bonds or this Trust Agreement constitute, indi- <br />vidually or collectively, a general obligation, general debt or general <br />bonded indebtedness of the Issuer, nor shall the general resources of <br />the Issuer be required to be employed, nor shall the full faith and <br />credit of the Issuer be pledged, for the performance of any duty there- <br />under, and the holders of the Refunding Bonds shall have no right to <br />have excises or taxes levied by this Legislative Authority or the taxing <br />authority of any other political subdivision for the payment of the Bond <br />Service Charges on the Refunding Bonds. <br /> <br />Section 5. Terms and Provisions of the Refundin~ Bonds. <br /> <br /> (a) Form and Numbering. The Refunding Bonds shall be issued <br />only in fully registered form, shall be exchangeable for other Refunding <br />Bonds in the manner and on the terms set forth in the Trust Agreement, <br />and shall be numbered as determined by the Fiscal Officer. <br /> <br /> (b) Denominations and Dates. Refunding Bonds shall be in the <br />denomination of $5,000 or any integral multiple thereof and shall all be <br />dated as of a date to be specified in the Certificate of Award, but <br />which shall not be later than September 1, 1986. Each Refunding Bond <br />shall have only one principal maturity date, except interim certificates <br />or receipts issued pending preparation ~of definitive Refunding Bonds, <br />which may have multiple principal maturity dates. <br /> <br /> (c) PaTment. Bond Service Charges on the Refunding Bonds <br />shall be payable in lawful money of the United States, without deduction <br />for fees or charges for services of the Paying Agent as such. The <br />principal of and any premium on the Refunding Bonds shall be payable at <br />the principal corporate trust office of the Trustee, and interest on the <br />Refunding Bonds shall be payable by check or draft mailed by the Trustee <br />or, under certain conditions, by wire transfer sent by the Trustee, all <br />as provided in the Trust Agreement. <br /> <br /> (d) Interest. From their dated date to, but not including <br />the Crossover Date, the Refunding Bonds shall bear interest at the <br />Initial Interest Rate, as specified in the Certificate of Award. From <br /> <br />-6- <br /> <br /> <br />
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