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14-20 Cedar Glen Bond Ordinance Addendums
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14-20 Cedar Glen Bond Ordinance Addendums
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3/18/2020 2:57:42 PM
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3/18/2020 2:55:23 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
3/23/2020
Bill Number
14-20
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ARTICLE VIII <br /> MISCELLANEOUS <br /> Section 8.1. Term of Agreement. <br /> This Agreement shall be and remain in full force and effect from the date of delivery of <br /> the Bonds to the Underwriter until such time as all of the Bonds shall have been fully paid (or <br /> provision made for such payment) pursuant to the Indenture and all other sums payable by the <br /> Borrower under this Agreement and the Note shall have been paid, except for obligations of the <br /> Borrower under Sections 3.8, 4.2 and 5.3 hereof, which shall survive any termination of this <br /> Agreement. <br /> Section 8.2. Amounts Remaining in Funds. <br /> Any amounts in the Bond Fund remaining unclaimed by the Holders of Bonds for four <br /> years after the due date thereof (whether at stated maturity or otherwise), at the option of the <br /> Borrower, shall be deemed to belong to and shall be paid, at the written request of the Borrower, <br /> to the Borrower by the Trustee as overpayment of Loan Payments. With respect to that principal <br /> of and interest on the Bonds to be paid from moneys paid to the Borrower pursuant to the <br /> preceding sentence, the Holders of the Bonds entitled to those moneys shall look solely to the <br /> Borrower for the payment of those moneys. Further, any amounts remaining in the Project Fund <br /> and any other Special Funds or accounts created under this Agreement, the Regulatory <br /> Agreement or the Indenture after all of the Outstanding Bonds shall be deemed to have been paid <br /> and discharged under the provisions of the Indenture and all other amounts required to be paid <br /> under this Agreement, the Note, the Regulatory Agreement and the Indenture have been paid, <br /> shall be transferred to the Residual Fund and applied in accordance with the provisions of the <br /> Indenture. <br /> Section 8.3. Notices. <br /> All notices, certificates, requests or other communications hereunder shall be in writing <br /> and shall be deemed to be sufficiently given when mailed by registered or certified mail, postage <br /> prepaid, or forwarded by overnight courier service, delivery charges prepaid, and addressed to <br /> the appropriate Notice Address. Any notice given pursuant to Article V or Article VII shall be <br /> simultaneously given to the Rating Agency. A duplicate copy of each notice, certificate, request <br /> or other communication given hereunder to the Issuer, the Borrower or the Trustee shall also be <br /> given to the others. The Borrower, the Issuer, and the Trustee, by notice given hereunder, may <br /> designate any further or different addresses to which subsequent notices, certificates, requests or <br /> other communications shall be sent. <br /> Section 8.4. Extent of Covenants of the Issuer; No Personal Liability. <br /> All covenants, obligations and agreements of the Issuer contained in this Agreement and <br /> the Indenture shall be effective to the extent authorized and permitted by applicable law. No <br /> such covenant, obligation or agreement shall be deemed to be a covenant, obligation or <br /> agreement of any present or future member, officer, agent or employee of the Issuer in other than <br /> his official capacity, and no official executing the Bonds shall be liable personally on the Bonds <br /> 5 <br />
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