Laserfiche WebLink
<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 interest on the Bonds due on, <br />before or within thirty (30) days after the <br />date such rental payment becomes due; and <br />(ii) Unpaid principal on the Bonds due <br />on, before or within seven (7) months from the <br />date such rental 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 />