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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Regarding Issurance of economic development revenue refunding bonds Regency Place Project
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Last modified
5/13/2013 1:13:30 PM
Creation date
10/11/2012 11:14:15 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
11/9/1992
Ord-Res Number
8314-92
Bill Number
87-92
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x a z <br /> C.F.R. Section 207.258(b)(5)(i), pay to FHA any amounts then remaining [on deposit in the <br /> Equity Account and the Mortgage Account of the Construction Fund]. <br /> Section 607. Application of FHA Mortgage Insurance Benefits. (a)Moneys in the Bond <br /> Fund and Debt Service Reserve Fund shall (except as provided in Section 606(F) hereof) be <br /> deemed held for the benefit of the holders of the Bonds, and shall not be subject to such rights <br /> of FHA. <br /> (b) Upon receipt of the final payment of mortgage insurance proceeds from FHA, the <br /> Trustee shall calculate the "Funds Available for Extraordinary Mandatory Redemption," being <br /> the sum of: (i) all mortgage insurance proceeds paid in cash, including accrued interest on FHA <br /> debentures to their date of delivery ("Cash Proceeds"); (ii) all uninvested moneys held in all <br /> funds and accounts established under this Indenture; and (iii)the amount which could be realized <br /> from the sale of all investments (not including FHA debentures) deposited to the credit of all <br /> funds and accounts established under this Trust Indenture ("Investments on Hand"). In the event <br /> that all mortgage insurance proceeds are paid by FHA in cash and the Funds Available for <br /> Extraordinary Mandatory Redemption are sufficient to redeem all Bonds Outstanding pursuant <br /> to extraordinary Mandatory Redemption on the first practicable date such redemption can be <br /> made in accordance with Article III hereof, the Trustee shall sell all Investments on Hand and <br /> deposit the proceeds of sale, together with all Cash Proceeds and Cash on Hand in the <br /> Redemption Fund and apply such amounts to the Extraordinary Mandatory Redemption of <br /> Bonds. In the event that mortgage insurance benefits are paid by FHA in part in FHA <br /> debentures and in part in cash, and the Funds Available for Extraordinary Mandatory <br /> Redemption (if applied on the first practicable date to Extraordinary Mandatory Redemption of <br /> Bonds) and the income and principal on the FHA debentures (if applied to Sinking Fund <br /> Redemption pursuant to Section [ ] hereof) would be sufficient to pay when due the interest on, <br /> and to pay at or prior to maturity the principal.of, all Bonds Outstanding, then the Trustee shall <br /> sell all Investments on Hand and deposit the proceeds of sale, together with all Cash Proceeds <br /> and Cash on Hand in the Redemption Fund and apply such amounts to the Extraordinary <br /> Mandatory Redemption of Bonds; and the Trustee shall deposit the FHA debentures to the credit <br /> of the Debt Service Account and apply the interest income thereon and the principal thereof to <br /> Sinking Fund Redemption of Bonds pursuant to Section [ ] hereof. <br /> (c) In the event that the mortgage insurance proceeds (whether received in the form <br /> of cash, FHA debentures or both) together with Cash on Hand and the proceeds which could be <br /> realized from the sale of Investments on Hand are not sufficient to pay the principal or <br /> Redemption Price of and interest on all Bonds Outstanding in the manner described in paragraph <br /> (B) above, and if the Trustee could make up such deficiency by investing an amount not <br /> exceeding [$651,750] (the "Minor Portion," consisting of Cash Proceeds, Cash on Hand, <br /> Investments on Hand, or any combination thereof) and applying the Minor Portion and the <br /> investment income therefrom (without reinvestment) to the Sinking Fund Redemption of the <br /> Bonds for which the application of funds pursuant to paragraph (B) above is insufficient, then <br /> 2975.1 40 <br />
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