88-87 Amend 116-84 - Laserfiche WebLink

Home Browse Search

provided in Section 6.2 of the Agreement, in each case, at a redemption price of 100 percent of the principal amount redeemed plus interest accrued to the redemption date. 3. The Bonds are sub3ect to mandatory redemption upon a Deter- mination of Taxability, as defined in the Indenture, at a redemption price equal to 100 percent of the principal amount thereof plus interest accrued to the redemption date and, except in the case of a Determination of Taxability based upon a finding that a portion of the interest on the Bonds constitutes a return on an equity interest in the Pro3ect, an amount or amounts equal to any penalties, interest, assessments or additions to tax payable by any Holder to any taxing authority as a result of the loss of the tax exempt status of interest on the Bonds, at the earliest practicable date selected by the Trustee, after consultation with the Company, but in no event later than 180 days following the Trustee's notification of the Determination of Taxability. 4. The Bonds are also sub3ect to redemption in whole on any date or in part on any Interest Payment Date in the amount of $50,000 or any integral multiple thereof, by the Issuer, at the Company's option, at a redemption price equal to 100 percent of the principal amount redeemed, plus interest accrued to the redemption date. If less than all the Bonds are to be redeemed, their selection shall be made by lot by the Trustee. If the Bonds or portions thereof are called for redemption and if on the redemption date moneys for the redemption thereof are held by the Trustee, thereafter those Bonds or portions thereof to be redeemed shall cease to bear interest, and shall cease to be secured by, and shall not be deemed to be outstanding under, the Indenture. The Indenture permits certain amendments or supplements to the Agree- ment, the Indenture, the Mortgage, the Guaranty, the Assignment and the Note not pre3udicial to the Holders to be made without the consent of or notice to the Holders, and other amendments or supplements thereto to be made with the consent of the Holders of not less than a ma3ority in aggregate principal amount of the Bonds then outstanding. The Holder of each Bond has only those remedies provided in the Indenture. The Bonds shall not constitute the personal obligation, either joint- ly or severally, of the members of the Council of the Issuer or of any other officer of the Issuer. IT IS HEREBY CERTIFIED AND RECITED that all acts, conditions and things necessary to be done or performed by the Issuer or to have happened precedent to and in the issuing of the Bonds in order to make them legal, valid and binding special obligations of the Issuer in accordance with their terms, and precedent to and in the execution and delivery of the Agreement and the Indenture have been done and performed and have happened in regular and due form as required by law; that payment in full for the Bonds has been received; and that the Bonds do not exceed or 'violate any constitutional or statutory limitation.