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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
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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 506. Nonpresentment of Bonds. In the event any Bond held by a holder <br />which is not an Institutional Holder shall not be presented for payment when the principal <br />thereof becomes due, either at maturity or otherwise, or at the date fixed for prepayment <br />thereof, if funds sufficient to pay such Bonds shall have been made available to the Trustee <br />for the benefit of the holder or holders thereof, all liability of the Issuer to the holder <br />thereof for the payment of such Bond shall forthwith cease, determine and be completely <br />discharged, and thereupon it shall be the duty of the Trustee to hold such funds, without <br />liability for interest thereon, for the benefit of the holder of such Bond, who shall thereafter <br />be restricted exclusively to such funds, for any claim of whatever nature on his part under <br />this Indenture or on, or with respect to, said Bond. <br />Section 507. Trustee's Fees, Charges and Expenses. Pursuant to the provisions of the <br />Loan Agreement the Borrower has agreed to pay to the Trustee: (i) an amount equal to the <br />annual fee of the Trustee for the Ordinary Services of the Trustee rendered as Trustee, and <br />its Ordinary Expenses incurred under this Indenture, as and when the same become due, (ii) <br />the reasonable fees, charges and expenses of the Trustee, as Bond Registrar and paying <br />agent, as and when the same become due, and (iii) the reasonable fees, charges and expenses <br />of the Trustee for the necessary Extraordinary Services and Extraordinary Expenses of the <br />Trustee under this Indenture, as and when the same become due. <br />Section 508. Moneys to Be Held in Trust. All moneys required to be deposited with <br />or paid to the Trustee for account of the Bond Fund under any provision of this Indenture <br />shall be held by the Trustee in trust, and except for moneys deposited with or paid to the <br />Trustee for the prepayment of Bonds, notice of the prepayment of which has been duly <br />given, shall, while held by the Trustee, constitute part of the trust estate and be subject to the <br />lien hereof. <br />Section 509. Repayment to the Borrower from the Bond Fund. Any amounts <br />remaining in the Bond Fund, after (i) payment in full of the principal of, premium, if any, <br />and interest on the Bonds and the Taxable Note, and (ii) payment in full of all of the <br />liabilities of the Issuer hereunder and of the liabilities of the Borrower under the Note, the <br />Taxable Note, the Loan Agreement and the Mortgage and any other agreement or document <br />executed by the Borrower in connection therewith, shall be paid to the Borrower. <br />Section 510. Bond Proceeds Fund; Disbursements. There is hereby created and <br />established with the Trustee a trust fund in the name of the Issuer to be designated "City of <br />South Bend, Indiana, Economic Development Revenue Refunding Bonds (First Bank Center <br />Project) Bond Proceeds Fund ". Moneys in the Bond Proceeds Fund shall be expended in <br />accordance with the provisions of the Escrow Agreement. <br />The Trustee is hereby authorized and directed to issue its checks for each <br />disbursement required by the aforesaid Escrow Agreement. <br />-24- <br />
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