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1988-06-17 Resolution 8
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1988-06-17 Resolution 8
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7/17/2008 11:50:07 AM
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incurred in connection therewith (except any applicable tax, fee <br />or other governmental charge) shall be paid by the Authority. <br />• The Trustee shall not be obliged to make any transfer or exchange <br />of any Bond called for redemption within thirty days of the <br />redemption date. <br />Sec. 2.10. The accrued interest and premium, if any, <br />received from the sale of the Bonds shall be deposited by the <br />Trustee in the Sinking Fund established and created by <br />Section 3.01 hereof. The sum of $5,522,225.49 received from the <br />sale of such Bonds by the Trustee shall then be applied on behalf <br />of the Authority to the purchase price of the Facility. The <br />balance of the proceeds from the sale of the Bonds shall then be <br />deposited to the credit of the Expense Fund. <br />ARTICLE III. <br />Funds <br />Sec. 3..01. There is hereby established and created a <br />fund designated as the "South Bend Redevelopment Authority <br />Stadium Facility Sinking Fund." The Trustee shall deposit in <br />such Sinking Fund from each rental payment received by the <br />Trustee pursuant to the Lease, an amount equal to the following <br />whichever is less: <br />(a) All of such rental payment; or <br />(b) An amount which, when added to the amount in <br />the Sinking Fund on the deposit date equals the sum of <br />the following amounts: <br />(i) Unpaid <br />before or within <br />date such rental <br />(ii) Unpaid <br />on, before or wi~ <br />date such rental <br />interest on the Bonds due on, <br />thirty (30) days after the <br />payment becomes due; and <br />principal on the Bonds due <br />thin seven (7) months from the <br />payment. becomes due. <br />Any portion of a rental payment remaining after such deposit <br />shall be deposited by the Trustee in the Operation and Reserve <br />Fund provided for in Sec. 3.06. The Trustee shall from time to <br />time withdraw from such Sinking Fund, or if the Sinking Fund is <br />not sufficient, then from the Operation and Reserve Fund created <br />below, and shall deposit in a special trust fund and make. <br />available to itself, sufficient moneys for paying the principal <br />of the Bonds at maturity and to pay the interest on the Bonds as <br />the same falls due. <br />Sec. 3.02. There is hereby established and created a <br />fund designated as the "South Bend Redevelopment Authority. <br />Stadium Facility Operation and Reserve Fund." The Operation and <br />• Reserve Fund shall be used only to pay necessary incidental <br />expenses of the Authority (e.g. required audits, appraisals, <br />,~. -12 - <br />
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