85-128 Ordinance - Laserfiche WebLink

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? All payments of Bond Service Charges shall be made in lawful money of the United States of America, without deduction for services as paying agent. If any Bond Service Charges are not paid when due, the Issuer shall also pay to the Trustee, for distribution to the Bondholders, a"late charge" equal to 4$ of such late payment which constitutes Bond Service Charges to cover the extra expenses involved in handling delinquent payments. In addition, upon acceleration of the Bonds, the amounts payable upon such acceleration, together with interest thereon at the Interest Rate for Advances from the date of acceleration, shall continue as an obligation of the Issuer until paid. Moneys received by the Trustee as "late charges" and interest at the Interest Rate for Advances shall be paid by the Trustee to the persons holding or formerly holding Bonds which were not paid principal, premium and/or interest at the time required herein. The fact and period of holding any Bond shall be determined as provided in Section 9.01 of the Indenture. Al1 Bonds shall be negotiable instruments within the meaning of Chapter 165 of the Ohio Revised Code, subject to applicable provisions for registration, and shall express on their faces the purpose for which they are issued and such other statements or legends as may be required by law. . If Bonds or portions of Bonds are duly called for redemption and if on such redemption date moneys for the redemption of all the Bonds to be redeemed, together with accrued interest to the redemption date, shall be held by the Trustee so as to be available therefor, then from and after sucn redemption date such Bonds or portions of Bonds shall cease to bear interest. The Bonds shall be executed on behalf of the Issuer by the Executive and Fiscal Officer of the Issuer, provided that such signatures may be facsimiles, and the corporate seal of the Issuer or a facsimile thereof shall be affixed or impressed thereon. In case any officer whose signature or a facsimile thereof shall appear on any Bond shall cease to be such officer before the issuance, authentication or delivery of the Bond, such signature or facsimile thereof shall nevertheless be valid and sufficient for all purposes, the same as if he had remained in office until after that time. Section 5. Securit for the Bonds. As provided herein, the Bonds shall be payab e so e y rom the Bond Fund, the Reserve Fund and the Pledged Receipts and secured by a pledge of and lien on the Pledged Receipts, the Bond Fund and the Reserve Fund, and shall be further secured by the Mortgage, the Guaranty Agreement, the Assignment of Rents and the Indenture. Anything in the Bonct Legislation, the Indenture, the Bonds or any other agreement or instrument to the contrary notwithstanding, neither the Bond Legislation, the Bonds, the Indenture, the Loan Agreement, the Bond Purchase Agreement, the Mortgage, the Assignment of Rents nor the Guaranty Agreement -12-