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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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maturity of the installment, of such interest and, if the amount available shall <br />not be sufficient to pay in full any particular installments then to the payment <br />ratably, according to the amounts due on such installment, to the persons <br />entitled thereto, without any discrimination or privilege, and <br />SECOND —To the payment to the persons entitled thereto of any unpaid <br />installments of principal of and premium, if any, on the Bonds and the Taxable <br />Note, in the order of their due dates, with interest on such Bonds from the <br />respective dates upon which they become due, and, if the amount available shall <br />not be sufficient to pay in full such installments of principal of and premium, if <br />any, together with such interest, then to the payment ratably, according to the <br />amount of principal due on such date, to the persons entitled thereto without any <br />discrimination or privilege. <br />(ii) If the principal of all the Bonds and the Taxable Note shall have become <br />due or shall have been declared due and payable, all such moneys shall be applied to <br />the payment of the principal then due and unpaid on the Bonds and the Taxable Note <br />and to the payment of the interest then due and unpaid on the Bonds and the Taxable <br />Note (either to a holder or a former holder of the Bonds or the Taxable Note), in such <br />order as the holders thereof shall elect. <br />(c) Whenever all principal of, premium, if any, and interest on all Bonds and on <br />the Taxable Note have been paid under the provisions of this section and all expenses and <br />charges of the Trustee have been paid, any balance remaining in the Bond Fund shall be paid <br />to the Borrower as provided in Section 509 hereof. <br />Section 906. Remedies Vested in Trustee. All rights of action (including the right to <br />file proof of claims) under this Indenture or under any of the Bonds may be enforced by the <br />Trustee without the possession of any of the Bonds or the production thereof, but only upon <br />the direction to the Trustee in accordance with Section 904, in any trial or other proceedings <br />relating thereto and any such suit or proceeding instituted by the Trustee shall be brought in <br />its name as Trustee without the necessity of joining as plaintiffs or defendants any holders of <br />the Bonds, and any recovery or judgment shall be for the ratable benefit of the holders of <br />the outstanding Bonds. <br />Section 907. Rights and Remedies of Bondholders. No holder of any Bond shall have <br />any right to institute any suit, action or proceeding in equity or at law for the enforcement <br />of this Indenture or for the execution of any trust thereof or for the appointment of a <br />receiver or any other remedy hereunder, unless (i) a Default has occurred of which the <br />Trustee has been notified as provided in subsection (g) of Section 1001, or of which by said <br />subsection it is deemed to have notices and (ii) such Default shall have become an Event of <br />Default and the holders of a majority in aggregate principal amount of Bonds then <br />outstanding shall have made written request to the Trustee and shall have offered it <br />reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to <br />institute such action, suit or proceeding in its own name, and have offered to the Trustee <br />indemnity as provided in Section 1001, and (iii) the Trustee shall thereafter fail or refuse to <br />-29- <br />
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