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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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l <br /> • <br /> the Trustee shall deposit the Minor Portion and any FHA debentures in the Bond Fund and apply <br /> the interest income thereon and the principal thereof to Sinking Fund Redemption of Bonds <br /> pursuant to Section [ ] hereof; and the Trustee shall deposit all Funds Available for <br /> Extraordinary Mandatory Redemption which are in excess of the Minor Portion in the <br /> Redemption Fund and apply the same on the first practicable date to the Extraordinary <br /> Mandatory Redemption of Bonds; provided, that the Minor Portion shall not be invested for a <br /> period longer than necessary to pay the principal or Redemption Price of and interest on all <br /> Bonds Outstanding. <br /> (d) In the event that the mortgage insurance proceeds, Cash on Hand and the proceeds <br /> which could be realized from the sale of Investments on Hand are not sufficient to pay the <br /> principal or Redemption Price of and interest on all Bonds Outstanding in the manner described <br /> in paragraph (C) above, including funds which could be derived from the investment of the <br /> Minor Portion, then all Investments on Hand and all FHA debentures shall be sold and the <br /> proceeds of sale, together with all Cash Proceeds and Cash on Hand shall be deposited in the <br /> Redemption Fund and applied pursuant to paragraph (E) below. <br /> (e) Any proceeds from the sale of FHA debentures and other investments as deposited <br /> in the Redemption Fund pursuant to Section 6.06(E) hereof, and any amounts transferred to the <br /> Redemption Fund pursuant to paragraph (D)of this Section 6.07, shall be applied to the payment <br /> of the accrued interest and then to the principal then owing on the Bonds, and in case such <br /> moneys shall be insufficient to pay the same in full, then such amounts (including the interest <br /> and principal on any FHA debentures) shall be applied to the payment of interest and principal <br /> ratably without preference or priority of one Bond or coupon over another. <br /> Section 608. No Obligation of FHA. No provision of Trust Indenture shall impose any <br /> obligation upon FHA, confer upon any party hereto, or to any Bondholder any right against <br /> FHA, or relieve FHA of any obligation under the FHA mortgage insurance. <br /> Section 609. 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 in any trial or other <br /> proceedings relating thereto and any such suit or proceeding instituted by the Trustee shall be <br /> brought in its name as Trustee without the necessity of joining as plaintiffs or defendants any <br /> holders of the Bonds, and any recovery of judgment shall be for the benefit as provided herein <br /> of the holders of the Outstanding Bonds. <br /> Section 610. Remedies of Bondholders. No holder of any Bond shall have any right to <br /> institute any suit, action or proceeding in equity or at law for the enforcement of this Indenture <br /> or for the execution of any trust hereunder or for the appointment of a receiver or any other <br /> remedy hereunder, unless (a) a default shall have occurred of which the Trustee shall have been <br /> notified as provided herein; (b) such default shall have become an event of default; (c) the <br /> 2975.1 41 <br />
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