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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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8448-93 Authorizing City of South Bend Economic Development Revenue Refunding Bonds (First Bank Center Project) $8,030,384.77
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3/21/2013 4:22:24 PM
Creation date
10/1/2012 2:09:23 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/13/1993
Ord-Res Number
8443-93
Bill Number
108-93
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Section 406. List of Bondholders. The Issuer will keep on file at the principal office <br />of the Trustee a list of names and addresses of the registered owners of all Bonds. At <br />reasonable times and under reasonable regulations established by the Trustee, said list may <br />be inspected and copied by the Borrower or by owners (or a designated representative <br />thereof) of ten percent in principal amount of Bonds then outstanding, such ownership and <br />the authority of any such designated representative to be evidenced to the satisfaction of the <br />Trustee. <br />Section 407. Rights under Loan Agreement. The Loan Agreement, a duly executed <br />counterpart of which has been filed with the Trustee, sets forth the covenants and obligations <br />of the Issuer and the Borrower, including provisions that subsequent to the initial issuance of <br />Bonds and prior to their payment in full or provision for payment thereof in accordance <br />with the provisions hereof, the Loan Agreement and the Note may not be effectively <br />amended, changed, modified, altered or terminated (other than as provided therein) without <br />the concurring written consent of the Trustee and, in certain cases, the Bondholders as <br />provided in Sections 1202 and 1203 hereof, and reference is hereby made to the Loan <br />Agreement and the Note for a detailed statement of said covenants and obligations of the <br />Borrower under the Loan Agreement and the Note, and the Issuer agrees that the Trustee in <br />its name or in the name of the Issuer may enforce all rights of the Issuer and all obligations <br />of the Borrower under and pursuant to the Loan Agreement and the Note for and on behalf <br />of the Bondholders, whether or not the Issuer is in default hereunder. <br />ARTICLE V <br />BOND FUND <br />Section 501. Source of Payment of Bonds. The Bonds herein authorized and all <br />payments by the Issuer hereunder are not general obligations of the Issuer but are limited <br />obligations payable solely from the Revenues and as authorized by the Act and provided <br />herein. The Bonds are secured as provided herein. <br />Section 502. Creation of the Bond Fund; Restoration Fund. There is hereby created <br />by the Issuer and ordered established with the Trustee a trust fund to be designated "City of <br />South Bend, Indiana, Economic Development Revenue Refunding Bonds (First Bank Center <br />Project) Bond Fund" which shall be used to pay the principal of, premium, if any, and <br />interest on the Bonds and the Taxable Note on a pari passu basis. There is also hereby <br />created by the Issuer and ordered established with the Trustee a trust fund, to be a <br />subaccount of the Bond Fund, designated the "Restoration Fund" which may be used to <br />either (i) prepay the principal of, premium, if any, and interest on Bonds and the Taxable <br />Note on a pari passu basis or (ii) pay for restoration of the premises (as defined in the <br />Mortgage) in accordance with the terms of Sections 1.05 and 1.14 of the Mortgage. <br />Section 503. Payments into the Bond Fund. There shall be deposited into the Bond <br />Fund, as and when received: <br />-22- <br />
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