1988-06-17 Resolution 8 - Laserfiche WebLink

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