81-144 Ordinance - Laserfiche WebLink

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The Issuer covenants and agrees, whenever the moneys and investments in the Bond Fund which constitute Pledged Receipts (or otherwise held by the Trustee for such purpose) are sufficient in amount to redeem all of the Bonds then outstanding and to pay interest to accrue thereon to the date or dates of such redemption, to take and cause to be taken the necessary steps to redeem all of said Bonds on the next succeeding redemption date or dates for which the required notice of call for redemption may be given. Nothing in this Bond Legislation is intended to prevent the Company from delivering moneys to the Trustee pursuant to Section 4.6 of the Agreement to be used to purchase or redeem Bonds in accordance with that Section and the Trustee shall promptly apply such moneys at such time as such moneys shall become Pledged Receipts to the purchase or redemption of Bonds in accordance with the Company's instructions. Section 8. Additional Bonds. The Issuer at the re uest of the Company with the written consent then in default under the Agreement, for purposes consistent with the Act time to time to provide for: ? q of the Bank, if the Company is not to the extent permitted by law and may issue Additional Bonds from (a) completion of the Project, or major repairs to the Project arising from damage, destruction or casualty, or (b) the acquisition for the Project of additional real prop- erty or interests therein within the boundaries of the Issuer or the acquisition, construction, enlargement, improvement, equipping and furnishing of property to be used in connection with the Project, or any combination thereof, or (c) refunding outstanding Bonds, or (d) any combination of the above; provided, that the proceeds of any Additional Bonds shall be used by the Company solely to pay permissible costs under the Act and that the issuance of such Additional Bnnds shall not result in the interest on the Bonds outstanding immediately prior to such issuance becoming sub- ject to federal income taxation and that any such Additional Bonds shall be secured by additional letters of credit in the same manner as the Project Bonds. Such Additional Bonds shall be on a parity with the Project Bonds and any. Additional Bonds theretofore or thereafter issued. Before any Additional*Bonds are authenticated there shall tie delivered to the Trustee the items required by Section 2.08 of the Indenture and any necessary amendment of the Agreement to provide for increased Loan Psyments so that the aggregate of the Loan Payments thereafter payable under the Agreement shall be sufficient in amount to make all required payments into the Bond Fund in order to pay out of Pledged Receipts when due Bond service charges on all Bonds then to be outstanding, and for all Additional Payments (as defined in the Agreement) by the Company under the provisions of the Agreement and the Bond Legislation. BR-15