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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 /> t r <br /> c 3 <br /> supplemental hereto, against any trustee, member, officer, agent, counsel or director, as such, <br /> past, present or future, of the Issuer or any successor, whether by virtue of any constitution, <br /> statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such <br /> liability being, by the acceptance thereof and as part of the consideration for the issue thereof, <br /> expressly waived and released. <br /> Section 1009. Successors and Assigns. All the covenants and representations contained <br /> in this Indenture, by or on behalf of the Issuer and the Trustee, shall bind and inure to the <br /> benefit of their successors and assigns, whether so expressed or not. <br /> Section 1010. Books. Records and Accounts. The Trustee agrees to keep proper books, <br /> records and accounts in which complete and correct entries shall be made of all transactions <br /> relating to the receipt, disbursements, investment, allocation and application of the proceeds <br /> received from the sale of the Bonds, the revenues received from the Loan Agreement, the Loan, <br /> the Funds created pursuant to this Indenture and all other moneys held by the Trustee hereunder. <br /> The Trustee shall make such books, records and accounts available for inspection by the Issuer <br /> or the owner of any Bond during reasonable hours and under reasonable conditions. <br /> Section 1011. Subordination to HUD Regulations. Notwithstanding anything in this <br /> instrument to the contrary, the provisions hereof are subject to the following: <br /> (a) In the event of conflict between the provisions of this instrument and the <br /> National Housing Act, the regulations and administrative requirements promulgated <br /> thereto, such acts, regulations and administrative requirements shall control. No <br /> amendment to this instrument shall conflict with any such acts, regulations, <br /> administrative requirements. <br /> (b) This instrument shall not be construed to restrict or adversely affect the <br /> duties and obligations of the Trustee under the contracts of insurance between the Trustee <br /> and FHA with respect to the Loan. <br /> (c) The Bonds are not a debt of the United States of America, FHA, or any <br /> other federal governmental agency and are not guaranteed by the full faith and credit of <br /> the United States. <br /> (d) Any project funds held by the Trustee, as mortgagee, for or on behalf of <br /> the Developer shall be maintained separate and apart from the funds established and held <br /> by the Trustee for the holders of the Bonds and the various escrows and funds, if any, <br /> under this Indenture. <br /> [End of Article X] <br /> 2975.1 56 <br />
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