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60-18 Bond Financing for the Community Center Project
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60-18 Bond Financing for the Community Center Project
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Last modified
11/7/2018 2:09:11 PM
Creation date
11/20/2018 8:47:21 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/12/2018
Bill Number
60-18
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Fund shall be used by the Trustee to pay the interest on and principal of the Bonds as the same <br /> becomes due at maturity, redemption or upon acceleration, together with the Annual Fees <br /> described in subsection (a) in that sequence or order of priority. If necessary, the Trustee shall <br /> transmit such funds to the Paying Agent for any series of Bonds in sufficient time to ensure that <br /> such interest will be paid as it becomes due. <br /> Section 4.4 Deposit of Pledged Revenues. <br /> (a) On or before 10:00 a.m., Eastern Time, at least three (3) business days <br /> immediately preceding each Interest Payment Date, commencing on February 1, 2019, the <br /> Trustee shall deposit the Pledged Revenues (as received from the Redevelopment Commission in <br /> accordance with the TIF Pledge Resolution) into the Bond Fund, but no more than shall be <br /> necessary for the payment of the principal of and interest on the Bonds on the immediately <br /> succeeding Interest Payment Date (taking into consideration any amounts currently deposited <br /> therein) and overdue principal and interest payments on outstanding Bonds, together with <br /> Annual Fees coming due within the next six (6)months. <br /> (b) Any amounts remaining from deposits described in Section 4.4(a) shall be applied <br /> by the Trustee as follows: (i)first, to be transferred into the Debt Service Reserve Fund for the <br /> purpose of replenishing the Debt Service Reserve Fund to the Reserve Requirement with respect <br /> to the Bonds, (ii) second, to be transferred into the Debt Service Reserve Fund for the purpose of <br /> satisfying any Debt Service Reserve Fund Reimbursement Obligation for any Reserve Fund <br /> Credit Facility, including all Credit Facility Costs, and (iii) third, to redeem outstanding Bonds in <br /> accordance with Section 5.1 hereof, as directed by the Issuer, or to be released and returned to <br /> the Issuer and used for any other purpose permitted by the Act. <br /> (c) The obligations hereunder to deposit and apply the Pledged Revenues shall be <br /> absolute and unconditional and shall not be impaired by the failure of the Financing Agreement <br /> to be in effect or the default by the Public Library thereunder. <br /> Section 4.5 Construction Fund. <br /> (a) A portion of the Net Proceeds received from the sale of the Series 20 Bonds <br /> shall be deposited with the Trustee in trust in the Construction Fund in an amount required to be <br /> deposited therein pursuant to Article III hereof. Moneys held in the Construction Fund <br /> representing proceeds of the sale of the Series 20_ Bonds shall be disbursed by the Trustee in <br /> accordance with the provisions of this Section to pay the costs of completing the Project <br /> approved by the Issuer. Subject to the limitations below and any applicable conditions <br /> precedent, limitations, restrictions, representations, warranties and covenants contained in the <br /> Financing Agreement or this Indenture, or the Tax Certificate, disbursements from the <br /> Construction Fund shall be made only to pay (or to reimburse the Public Library or its designee <br /> for payment of)the Annual Fees and costs of the Project approved by the Issuer, as follows: <br /> (1) Costs incurred directly or indirectly for or in connection with the <br /> acquisition, construction, expansion, equipping, installation or improvement of the <br /> Project, as the case may be, including: costs incurred with respect to preliminary planning <br /> and studies; architectural, legal, engineering, accounting, consulting, supervisory and <br /> 20 <br />
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