32-89 Hospital Improvement Revenue Bonds $36 mil

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The Series 1983-A Escrow Account, including the direct obliga- tions of the United States in which the moneys deposited in the Series 1983-A Escrow Account are to be invested pursuant to the first paragraph of this Section 6 and any other moneys at any time on deposit in the Series 1983-A Escrow Account, shall be held by the Trustee in trust and irrevocably committed to the payment of the aforesaid principal of and interest and redemption premium, if any, on the Series 1983-A Bonds, all in accordance with the provisions of the Series 1983-A Escrow Agreement. Pursuant to the Series 1983-A Escrow Agreement, the Issuer shall pay to the Trustee, or provide for the payment to the Trustee of, funds suffi- cient to provide for the payment of all fees and charges of the Trustee and any Paying Agents due or to become due through the date on which the last of the Series 1983-A Bonds will be retired or redeemed. The Execu- tive and the Fiscal Officer, and each of them, are hereby authorized and directed, alone or in conjunction with each other, to execute and de- liver the Series 1983-A Escrow Agreement on behalf of the Issuer and to take all other actions which such officials deem necessary and appropri- ate to achieve the refunding of the Series 1983-A Bonds in accordance with this First Supplemental Bond Legislation. Simultaneously with the issuance of the Series One Bonds, the Issuer shall cause the Trustee to transfer from the Debt Service Reserve Fund into the 1983-A Escrow Account all amounts now on deposit in the Debt Service Reserve Fund in excess of an amount equal to ten percent of the original proceeds of the Series One Bonds, which amounts shall be invested and applied in accordance with the Series 1983-A Escrow Agreement. Other than s6ch amount to be transferred from the Debt Service Reserve Fund pursuant to the next preceding sentence, amounts in the Debt Service Fund, the Debt Service Reserve Fund and the Deprecia- tion Reserve Fund established pursuant to Section 16 of the Bond Legislation shall remain on deposit therein and continue to be main- tained and used pursuant to the Indenture. Any investments held in the Debt Service Reserve Fund to be transferred to the Series 1983-A Escrow Account shall be valued at the current market value thereof at the time of the execution and delivery of the Purchase Contract for the Series One Bonds or at any time within five business days prior to such execu- tion and delivery for purposes of determining the sufficiency of any amounts so transferred for any purpose. Section 7. Authorization of Series Two Bonds. For the pur- poses referred to in Section 8 hereof, the Legislative Authority hereby authorizes the issuance of a Series of Bonds in an aggregate principal amount to be determined in the Certificate of Award for the Series Two Bonds in accordance with Section 9(i) hereof, but not to exceed Three Million Dollars ($3,000,000), and to be designated "Hospital Improvement Revenue Bonds, Series Two (Lakewood Hospital Association)". Section 8. Purpose of Issuance of Series Two Bonds. The Series TWo Bonds authorized in Section 7 hereof shall be issued for the public purpose of paying Costs of Hospital Facilities, specifically, the costs of an obstetrics service facility, including a patient care unit and ancillary and support service facilities incident thereto, the costs of issuance of the Series Two Bonds, and the costs of making deposits to -23-