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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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ARTICLE VI <br />PROCEEDS OF BONDS; BOND PROCEEDS FUND <br />Section 601. Deposits in the Bond Proceeds Fund. The Bond Proceeds Fund shall be <br />a temporary closing account for the purposes stated in this Section. The proceeds from the <br />sale of the Bonds shall be received by the Trustee and deposited to the credit of the Bond <br />Proceeds Fund concurrently with the initial delivery of the Bonds. The funds thus received <br />by the Trustee shall be disbursed, paid and transferred pursuant to instructions of the <br />Escrow Agreement. <br />ARTICLE VII <br />INVESTMENTS <br />Section 701. [Intentionally Omitted]. <br />Section 702. Investment of Bond Fund Moneys. Any moneys held as part of the <br />Bond Fund shall, at the written request of the Authorized Partnership Representative, be <br />invested or reinvested by the Trustee. The said written request shall specify the issuer or <br />obligor, the principal amount, maturity date and interest rate of such investment. Any such <br />investments shall be held by or under control of the Trustee and shall be deemed at all times <br />a part of the Bond Fund and the interest accruing thereon and any profit realized therefrom <br />shall be credited to such fund and any loss resulting from such investments shall be charged <br />to such fund. The Trustee shall sell and reduce to cash funds a sufficient portion of <br />investments under the provisions of this Section 702 whenever the cash balance in the Bond <br />Fund is insufficient to pay the principal of, premium, if any, and interest on the Bonds as <br />and when payable. <br />Section 703. Investments Through Trustee's Bond Department. The Trustee may <br />make any and all investments permitted by the provisions of Sections 701 and 702 through <br />its own bond department. <br />Section 704. Arbitrage. With respect to the authority to invest granted in <br />Article VII of this Indenture, the Trustee covenants that at any time that it has discretion as <br />to such investments it will not use or invest the proceeds of the Bonds in any manner which <br />will cause the Bonds to become arbitrage bonds within the meaning of Section 103(c) of the <br />Code. <br />With respect to Section 103(c) of the Code, the Borrower has made certain covenants <br />to the Issuer in Section 3.6 of the Loan Agreement, which covenants by this reference are <br />incorporated herein and made a part hereof, and the Issuer hereby covenants with the <br />holders of the Bonds that so long as any principal installment of the Bonds remains <br />outstanding the Issuer will not take or authorize the taking of any action which will cause the <br />-25- <br />
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