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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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received by the Trustee pursuant to the Mortgage and the Assignment of Lease) pursuant to <br />any right given or action taken under the provisions of this Article, upon acceleration of the <br />Bonds pursuant to Section 902, shall, after payment of the cost and expenses of the <br />proceedings resulting in the collection of such moneys and of the expenses, liabilities and <br />advances incurred or made by the Trustee, be deposited in the Bond Fund and all such <br />moneys in the Bond Fund shall be applied as follows: <br />(i) Unless the principal of all the Bonds shall have become or shall have been <br />declared due and payable, all such moneys shall be applied: <br />FIRST To the payment to the persons entitled thereto of all installments of <br />interest then due on the Bonds, in the order of the maturity of the installments <br />of such interest and, if the amount available shall not be. sufficient to pay in full <br />any particular installment, then to the payment ratably, according to the <br />amounts due on such installment, to the persons entitled thereto, without any <br />discrimination or privilege; and <br />SECOND -To the payment to the persons entitled thereto of the unpaid principal <br />of and premium, if any, on any of the Bonds which shall have become due <br />(other than Bonds called for prepayment for the payment of which moneys are <br />held pursuant to the provisions of this Indenture), in the order of their due <br />dates, with interest on such Bonds from the respective dates upon which they <br />become due, and, if the amount available shall not be sufficient to pay in full <br />Bonds due on any particular date, together with such interest, then to the <br />payment ratably, according to the amount of principal due on such date, to the <br />persons entitled thereto without any discrimination or privilege. <br />(ii) If the principal of all the Bonds shall have become due or shall have been <br />declared due and payable, all such moneys shall be applied to the payment of the <br />principal then due and unpaid on the Bonds (either to a holder or .a former holder of <br />the Bond) and to the payment of the interest then due and unpaid on the Bonds (either <br />to a holder or a former holder of the Bond), in such order as the holders thereof shall <br />elect. <br />(b) Moneys from the Mortgage and the Assignment of Lease. All moneys received <br />by the Trustee pursuant to the Mortgage and the Assignment of Lease, shall, after payment <br />of the cost and expenses of the proceedings resulting in the collection of such moneys and of <br />the expenses, liabilities and advances Incurred or made by the Trustee in connection <br />therewith, and unless otherwise directed to the Restoration Fund, be deposited in the Bond <br />Fund and all such moneys in the Bond Fund shall be applied as follows: <br />(i) Unless the principal of all the Bonds and the Taxable Note shall have <br />become or shall have been declared due and payable, all such moneys shall be applied: <br />FIRST —To the payment to the persons entitled thereto of all installments of <br />interest then due on the Bonds and the Taxable Note, in the order of the <br />-28- <br />
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