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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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• <br /> • <br /> ARTICLE IX <br /> SATISFACTION AND DISCHARGE OF INDENTURE <br /> Section 901. Defeasance. When the principal of, and interest on, all Bonds issued <br /> hereunder have been paid, or provision has been made for payment of the same, together with <br /> all other sums payable hereunder by the Issuer, the right, title and interest of the Trustee shall <br /> thereupon cease and the Trustee, on demand of the Issuer, shall release the lien of this <br /> Indenture, shall cancel the Note and return the same to the Developer, shall endorse the <br /> Mortgage for cancellation, and shall execute such documents to evidence such release as may <br /> be reasonably required by the Issuer and the Developer and shall turn over to the Developer or <br /> such person, body or authority as may be entitled to receive the same all balances remaining in <br /> any funds hereunder provided, however, that in the event of a default under the Mortgage and <br /> payment of a claim under the mortgage insurance in FHA debentures, if any principal remains <br /> outstanding on such FHA debentures when the principal of, and interest on all Bonds has been <br /> paid, or provision therefor has been made, as provided below, the Trustee shall return such FHA <br /> debentures to FHA for cancellation, unless the Issuer and the Trustee shall have received a <br /> written opinion of nationally recognized bond counsel satisfactory to both that retention of such <br /> FHA debentures will not adversely affect the exemption of interest on the Bonds from federal <br /> income tax. <br /> Proper provision for the payment of the principal of and interest on the Bonds may be <br /> made by delivery to the Trustee of (a) cash, (b) non-callable direct obligations of the United <br /> States of America, or non-callable obligations fully guaranteed as to principal and interest by the <br /> United States of America, maturing on or before the dates when payments in respect of the <br /> Bonds become due, and the principal amount of which and the interest thereon which when due <br /> will be in an aggregate amount sufficient without reinvestment to make all payments on the <br /> Bonds when due, or (c) any combination of cash and such obligations. <br /> [End of Article IX] <br /> 2975.1 53 <br />
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