1998-10-19 Resolution 130 - Laserfiche WebLink

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`r which when due will provide sufficient moneys, or (iv) any combination of (i), (ii) or (iii) above Upon any such termination of the Trustee's title, on demand of the Authority, the Trustee shall release this Agreement and shall execute such documents to evidence such release as may be reasonably required by the Authority, and shall turn over to the Authority or to such officer, board or body as may then be entitled by law to receive the same any surplus in the Sinking Fund ..created by Section 3.01 hereof and in the Operation Fund created by Section 3.02 hereof.-and all balances remaining in any other fund or accounts other than moneys and obligations held for the redemption or payment of Bonds; provided, however, that in the event direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America or time certificates of deposits shall be deposited with and held by the Trustee as herein above provided, in addition to the requirements set forth in Article IV of this Agreement, the Trustee shall within thirty (30) days after such obligations or time certificates of deposits shall have been deposited with it, cause a notice signed by the Trustee to be published once in The Daily Bond Buyer, the City of New York, New York or, if The Daily Bond Buyer is not published, then in a newspaper or financial journal published and of general circulation in the City of New York, New York, or the City of Chicago, Illinois, setting forth (a) the date designated for the redemption which will provide sufficient moneys, shall be held by the Trustee for such purpose under the provisions of this Agreement, and provision shall also be made for paying all Trustee's fees and expenses and other sums payable hereunder by the Authority, then and in that case the right, title and - interest of the Trustee shall thereupon cease, determine and become void. • of the Bonds, (b) a description of the obligations so held by it, and (c) that this Agreement has been released in accordance with the provisions of this Section. All moneys, and obligations and time certificates of deposit held by the Trustee pursuant to this Section shall be held intrust and said moneys and the principal and interest of said obligations and time certificates of deposit when received, applied to the payment, when due, of the principal and the interest and the premium, if any, of the Bonds so called for redemption. Section 8.02. Any Bond not presented at the proper time and place for payment shall, within the meaning of this Agreement, be deemed to be fully paid when due if the money necessary to discharge the principal amount thereof and all interest then accrued and unpaid thereon (and the premium required in case of redemption before maturity) is held by the Trustee when or before the same become due. The holder of any such Bond shall not be entitled to any interest thereon after the maturity thereof nor to any interest upon money so held by the Trustee. ARTICLE IX. Concerning the Trustee Section 9.01. The Trustee hereby accepts the trusts of this Agreement upon the following terms and conditions, to which the parties and the registered holders of said Bonds agree: :ODMA\PCDOCS\SBDOCS 1\24203\2 '3 0'