89-100 Ordinance - Laserfiche WebLink

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Pursuant to the Agreement, the Borrower has caused to be issued and delivered to the Trustee by the Bank an irrevocable letter of credit (the "Letter of Credit"), pursuant to which the Trustee is entitled to draw up to (a) the principal amount of the Project Bonds outstanding to enable the Trustee to pay (i) the principal amount of the Project Bonds when due at maturity or upon redemption or acceleration on the occurrence of an event of default, and (ii) an amount equal to the principal portion of the purchase price of any Project Bonds duly tendered by the Holders thereof for purchase pursuant to the Indenture, plus (b) the amount of interest accruing on the Project Bonds, but not to exceed 225 days' maximum accrued interest, to enable the Trustee to pay interest when due on the Project Bonds and the interest portion (if any) of the purchase price of any Project Bonds duly tendered by the Holders thereof for purchase pursuant to the Indenture. To provide for the issuance of the Letter of Credit, the Borrower has entered into a Reimbursement Agreement dated as of December 1, 1989 (the "Reimbursement Agreement"), with the Bank, pursuant to which the Borrower is obligated to reimburse the Bank for all drawings made under the Letter of Credit. The Letter of Credit shall expire, subject to provisions for earlier termination or for extension, on August 15, 1994. Subject to the provisions of the Indenture and the Agreement, the Letter of Credit may be replaced from time to time by another letter of credit (an "Alternate Letter of Credit"), in which case the term "Bank" shall mean the financial institution issuing the Alternate Letter of Credit and the term "Letter of Credit" shall mean the Alternate Letter of Credit. Copies of the Indenture, the Agreement, the Mortgage, the Letter of Credit, the Reimbursement Agreement, the Security Agreement, the Assignment and the Project Note are on file in the principal corporate trust office of the Trustee. The Bond Service Charges on the Project Bonds are payable solely from the Revenues, as defined and as provided in the Indenture (being, generally, the amounts payable under the Agreement in repayment of the Loan, any unexpended proceeds of the Project Bonds and amounts deposited in the Bond Fund as defined and provided for in the Indenture including, except as to premiums, amounts drawn pursuant to the Letter of Credit), and are an obligation of the Issuer only to the extent of the Revenues. The Project Bonds are not secured by a pledge of the faith and credit or the taxing power of the Issuer, the State of Ohio or any political subdivision thereof. No recourse under or upon any obligation, covenant, acceptance or agreement contained in the Indenture, or in any of the Bonds, or under any judgment obtained against the Issuer or by the enforcement of any assessment or by any legal or equitable proceeding by virtue of any constitution or statute or otherwise, or under any circumstances, shall be had against any member or -6-