1998-10-19 Resolution 130 - Laserfiche WebLink

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• Section 4.05. All Bonds so redeemed (or purchased as authorized by Section 3.06) shall be canceled and disposed of as provided in Section 2.01. Bonds so redeemed or purchased shall not be reissued, nor shall any Bonds be issued in lieu thereof. Section 4.06. If the amount necessary to redeem any Bonds called for redemption, as aforesaid, shall have been deposited with the Trustee for the account of the owner or owners of such Bonds on or before the date specified for such redemption, and if the notice hereinbefore mentioned shall have been duly mailed or provision satisfactory to the Trustee shall have been made for the mailing of such notice, and if all proper charges and expenses of the Trustee in connection with such redemption shall have been paid or provided for, the Authority shall be released from all liability on such Bonds and such Bonds shall no longer be deemed to be outstanding hereunder, and interest thereon shall cease at the date specified for such redemption; and thereafter such Bonds shall not be secured by the lien of this Agreement. The Trustee shall be privileged to give notice of any call for redemption, but shall not be required to do so unless the amount necessary to redeem the Bonds called and to pay all proper charges of the Trustee shall have been deposited with, paid to, or otherwise made available to the Trustee, as aforesaid. In case any question shall arise as to whether any such notice shall have been sufficiently given or any such redemption shall be effective, such question shall be decided by the Trustee, and the decision of the Trustee shall be final and binding upon all parties in interest. • ARTICLE V. Covenants of the Authority Section 5.01. The Authority covenants and agrees that it will faithfully do and perform, and at all times faithfully observe, any and all covenants, undertakings, stipulations and provisions contained in each and every Bond issued hereunder, and will duly and punctually pay or cause to be paid the principal of said Bonds and the premium, if any, and interest thereon, at the times and places, and in the manner mentioned in said Bonds, according to the true intent and meaning thereof. Except as in this Agreement otherwise provided, the principal, interest and premiums are payable solely from Pledged Funds including the rental derived from the Project, which Pledged Funds are hereby pledged to the payment thereof in the manner and to the extent provided in this Agreement and in said Bonds. Section 5.02. The Authority covenants that it will promptly make, execute and deliver all agreements supplemental hereto, or otherwise, and take all such action as may reasonably be deemed, by the Trustee or by its counsel, necessary or advisable for the better securing of any Bonds issued hereunder, or as may be required to carry out the purposes of this Agreement. Section 5.03. The Authority covenants that, the Authority is now well seized of the Project, subject only to Permitted Encumbrances, as such term is defined in the Lease, and such other encumbrances as shall be permitted by the Trustee, and has good right, full power and lawful authority to make this Agreement and to pledge the lease rentals of the Project as herein provided,. ::ODMA\PCDOCS\SBDOCS 1\24203\2 ' 18'