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1988-07-08 Resolution 10
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1988-07-08 Resolution 10
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meetings and reports), the payment of principal, interest and <br />• ! 'redemption premiums of the Bonds herein described upon redemption <br />as authorized by Article IV hereof or the purchase price of Bonds <br />purchased as authorized by Sec. 3.06, and if the amount in the <br />Sinking Fund at any time is less than the required amount, the <br />Trustee shall, without any further authorization, transfer funds <br />from the Operation and Reserve Fund to the Sinkinq Fund in an <br />amount sufficient to raise the amount in the Sinking Fund to the <br />required amount. Such action by the Trustee shall not constitute <br />a waiver of any other right or remedy the Trustee may have under. <br />this Agreement. Incidental expenses shall be paid by the Trustee <br />upon the presentation of an affidavit executed by any. two (2) <br />officers of the Authority, stating the character of the <br />expenditure, the amount thereof, and to whom due, together with <br />the statement of the creditor as to the amount owing. <br />Sec. 3.03. There is hereby established and created a <br />fund designated as the "South Bend Redevelopment Authority <br />Stadium Facility Expense Fund." Moneys are being deposited to <br />the credit of the Expense Fund to finance the Cost of Issuance <br />for the Bonds pursuant to Section 2.10 hereof. Moneys on deposit <br />in the Expense Fund shall be paid out from-time to time by the <br />Trustee in order to pay or as reimbursement to the Authority for <br />payment made for the Cost of Issuance. After the <br />Trustee may transfer any moneys on deposit in the Expense Fund to <br />the Sinking Fund. <br />Sec. 3.04. The Trustee shall, at the direction of the <br />Authority, and subject to Section 5.13, invest all or so much of <br />the funds as is practicable in Qualified Securities, to the <br />extent and in the manner permitted by law. Investment earnings <br />shall be credited to the fund from which the investments were <br />made. The Trustee is authorized to sell any securities so <br />acquired from time to time in order to make the payments <br />authorized in this Agreement. Investment of the Sinking Fund <br />shall mature prior to the time the funds invested will be needed <br />for payment of principal of and interest on the Bonds. <br />Sec. 3.05. Whenever the amounts contained in the <br />Sinking Fund and the Operation and Reserve Fund are sufficient, <br />together with any other funds deposited with the Trustee by the <br />Authority, to redeem, upon the next redemption date, all Bonds <br />secured hereby then outstanding, the Trustee shall apply the <br />amounts in such Funds to the redemption of such Bonds pursuant to <br />Article IV hereof. <br />Sec. 3.06. At the request of the Authority, expressed <br />by a resolution of the Board of Directors, or a copy thereof <br />certified by the Secretary-Treasurer and delivered to the <br />Trustee, the Trustee may remove funds from the Operation and <br />Reserve Fund and the Sinking Fund to be used for the redemption <br />of Bonds, or for the purchase of Bonds if the Authority and <br />Trustee agree that the purchase of Bonds would be advantageous to <br />. the Authority. <br />-13- <br />
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