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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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(a) all Payments of principal, interest and premium, if any, payable in <br />respect of the Note; <br />(b) all moneys deposited pursuant to Section 905 hereof (relating to moneys <br />received by the Trustee as a result of the exercise of remedies hereunder); <br />(c) all amounts received by the Trustee pursuant to the Mortgage except that <br />all funds received by Trustee under Sections 1.05 and 1.14 of the Mortgage and <br />which the Trustee has elected to apply to restoration of the premises shall be deposited <br />in the Restoration Fund; <br />(d) all amounts received by the Trustee pursuant to the Assignment of Lease; <br />and <br />(e) all other moneys received by the Trustee under and pursuant to any of the <br />provisions of the Loan Agreement or any other document when accompanied by <br />directions that such moneys are to be paid into the Bond Fund. <br />Section 504. Use of Moneys in the Bond Fund. Except as provided in Section 509 <br />hereof, and except for moneys received by the Trustee pursuant to the Mortgage and the <br />Assignment of Lease, moneys in the Bond Fund shall be used solely for the payment of the <br />principal of, premium, if any, and interest on the Bonds and for the prepayment of the <br />Bonds prior to maturity. Any moneys in the Bond Fund which are in excess of (i) moneys, <br />if any, received by the Trustee as insurance or condemnation proceeds, and (ii) principal of, <br />premium, if any, and interest on the Bond due within thirty (30) days (or a longer period if <br />the Bond has been set for prepayment), shall be paid to the Borrower. <br />Any and all moneys received by the Trustee pursuant to the Mortgage (except for <br />moneys received as insurance or condemnation proceeds or as tax or insurance escrows, <br />which moneys shall be held and applied as provided in the Mortgage) and held in the Bond <br />Fund shall be used solely for the payment of the principal of, premium, if any, and interest <br />on the Bonds and the Taxable Note, and shall be applied in accordance with the provisions of <br />Section 905 hereof. <br />Any and all moneys received by the Trustee pursuant to the Assignment of Lease and <br />held in the Bond Fund prior to the occurrence of an Event of Default hereunder shall be <br />held and applied as provided in the Assignment of Lease. From and after the occurrence of <br />an Event of Default hereunder, all such moneys shall be applied in accordance with the <br />provisions of Section 905 hereof. <br />Section 505. Custody of the Bond Fund. The Bond Fund shall be in the custody of <br />the Trustee but in the name of the Issuer and the Issuer hereby authorizes and directs the <br />Trustee to withdraw sufficient funds from the Bond Fund to pay the principal of, premium, <br />if any, and interest on the Bonds as the same become due and payable and to make said funds <br />so withdrawn available to the Trustee for the purpose of paying said principal, premium and <br />interest, which authorization and direction the Trustee hereby accepts. <br />-23- <br />
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