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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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Bonds to be classified as "arbitrage bonds" within the meaning of said Section 103(c) and <br />any lawful regulations thereunder. <br />ARTICLE VIII <br />SATISFACTION AND DISCHARGE <br />Section 801. Satisfaction and Discharge of the Indenture. If (a) the Issuer shall pay <br />or cause to be paid to the owners of the Bonds the principal, premium, if any, and interest to <br />become due thereon at the times and in the manner stipulated therein and herein, and (b) all <br />fees and expenses of the Trustee and any alternate paying agent shall have been paid, and (c) <br />all other amounts payable to the owners of the Bonds and the Trustee under the provisions <br />of the Bonds, this Indenture or the Loan Agreement shall have been duly paid, then these <br />presents shall cease, determine and be void, and thereupon the Trustee shall cancel and <br />discharge the lien of this Indenture, and execute and deliver to the Issuer such instruments in <br />writing as shall be requisite to evidence such cancellation and discharge, and shall assign and <br />deliver to the Issuer any property at the time subject to the lien of this Indenture which may <br />then be in its possession, except amounts in the Bond Fund required to be paid to the <br />Borrower under Section 509 hereof and except cash or securities held by the Trustee for the <br />payment of interest on and retirement of the Bonds. Notwithstanding the provisions of this <br />Section 801, however, the provisions of Section 210 hereof shall survive payment of the <br />Bonds and release and termination of this Indenture. <br />ARTICLE IX <br />DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDHOLDERS <br />Section 901. Events of Default. If any of the following events occur, it is hereby <br />defined as and declared to be and to constitute an "Event of Default": <br />(a) Default in the due and punctual payment of any installment of principal <br />of, or premium, if any, or interest on any Bonds whether at the stated or any <br />accelerated maturity thereof, <br />(b) The occurrence and continuation of an Event of Default under the Loan <br />Agreement as defined in Section 6.1 of the Loan Agreement; or <br />(c) The occurrence and continuation of an Event of Default under the <br />Mortgage as defined in Section 4.01 of the Mortgage; or <br />(d) The failure by the Issuer to perform or observe any other of the <br />covenants, agreements or conditions on the part of the Issuer in this Indenture or in <br />the Bonds contained. <br />-26- <br />
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