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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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Sec. 6.07. In case the Authority shall neglect, fail or <br />• refuse to proceed forthwith in good-faith with the repair or <br />replacement of the Facility which shall have been so destroyed or <br />damaged, and such negligence, failure or refusal shall continue. <br />for one hundred twenty (120) days, the Trustee, upon receipt of <br />the insurance moneys, shall (unless the Trustee proceeds to make <br />the repairs or replacements of the destroyed or damaged property <br />as above provided) transfer such proceeds to the Sinking Fund. <br />Sec. 6.08. If, at any time, the Facility is totally or <br />substantially destroyed and the amount of insurance money <br />received on account thereof by the Trustee is sufficient to <br />redeem all of the then outstanding Bonds hereunder and such Bonds <br />are then subject to redemption, the Authority, with the written <br />approval of the Commission, may direct the Trustee to use said <br />moneys for .the purpose of calling for redemption all of the Bonds <br />issued and then. outstanding under this Agreement at the then <br />current redemption price. <br />Sec. 6.09. In the event of any reconstruction of the <br />Facility after substantially total destruction thereof, a new <br />building or buildings may be constructed on the site by the <br />Authority in accordance with plans and specifications which must <br />be satisfactory to the Trustee and the Lessee of such Facility, <br />and such new building or buildings may be wholly different in <br />design or construction or designed for a different purpose. <br />Sec. 6.10. The Trustee may accept the statements, <br />affidavits and certificates hereinabove in this Article VI <br />provided to be filed with the .Trustee, as conclusive evidence of <br />the facts therein stated, but the. Trustee (although under no <br />obligation so to do) may, at the expense of the Authority, <br />require further or other evidence of such matters and may rely on <br />the report or opinion of such architect, engineer, other person, <br />or counsel.,. as it may select for the purpose of making an <br />investigation thereof.. <br />ARTICLE VII. <br />Remedies in Case of Default <br />Sec. 7.0.1. If any of the following events occurs, it is <br />hereby defined as and is declared to be and to constitute an <br />"event of default": <br />(a) default in the due and punctual payment of the <br />interest on any Bonds hereby secured and outstanding; <br />(b) default in the due and punctual payment of the <br />principal and premium, if any, of any Bond hereby <br />secured, whether at the stated maturity thereof, or <br />upon proceedings for the redemption. thereof, or upon <br />• the maturity thereof by declaration as hereinafter <br />provided; <br />-21- <br />
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