Amend the Amended Agreement of Operations between St Joseph County Hotel Motel Tax Board of Managers

Home Browse Search

t , • Section 1. The first sentence of Section 3 of the Agreement is hereby deleted. Section 2 . A new Section 13 is added to the Agreement, which reads as follows: The parties hereto understand that St. Joseph County, Indiana has issued bonds designated as "The Board of Commissioners of the County of St. Joseph, Indiana Special Tax Bonds of 1992 (Limited Obligations) , and that said bonds are repayable from the Hotel-Motel Tax. Notwithstanding anything herein to the contrary, collections from the Hotel-Motel Tax shall be applied as set forth in Ordinance No. 16-92 of St. Joseph County, Indiana, adopted by the St. Joseph County Council on March 10, 1992 , and approved by the Board of Commissioners of the County of St. Joseph on March 17 , 1992, as amended and as the same may be further amended or supplemented hereafter. The obligations of the parties hereunder shall be fully subject to said provisions of said Ordinance No. 16-92 , as amended. Section 3 . It is understood and agreed that the Bond Ordinance will require that the collections from the Hotel-Motel Tax be applied, used and withdrawn as set forth below, and that such money available for payment of debt service on the County Bonds is held in trust and is irrevocably pledged for the purposes set forth below: (a) Bond Principal and Interest Account. On each July 20, October 20, January 20 and April 20, there shall be deposited in the Bond Principal and Interest Account of the Fund an amount of money from the Fund, to the extent of available funds in the Fund, which together with any money contained in the Bond Principal and Interest Account is sufficient to pay one-third of the principal of and interest and premium (if any) on the County Bonds, and any additional bonds hereafter issued by St. Joseph County payable from the Hotel-Motel Tax (together, the "Special Tax Bonds") , coming due and payable during the twelve-month period commencing on the prior May 2 and ending on the following May 1. No such deposit need be made into the Bond Principal and Interest Account if the amount contained therein-is sufficient to pay such amounts so coming due and payable during said twelve-month period. All money in the Bond Principal and Interest Account shall be used and withdrawn solely for the purpose of paying the interest and premium (if any) on and the principal of the Special Tax Bonds as it shall become due and payable to the extent it is required therefor, including accrued interest on any such obligations purchased or redeemed prior to maturity. (b) Debt Service Reserve Account. On each July 20, October 20, January 20 and April 20, after first making any required deposit into the Bond Principal and Interest Account, there shall be set aside in the Debt Service Reserve Account of the Fund, from the Fund, any available