1990-12-17 Resolution 26 - Laserfiche WebLink

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• Trustee of an Affidavit of Project Completion as provided in Article III, and thereafter,. shall be credited to the fund from which the investments were made. The Trustee is authorized to sell any securities so acquired from time to time in order to make the payments authorized in this Agreement. Investment of the Sinking Fund shall mature prior to the time the funds invested will be needed for payment of principal of and interest on the Bonds. Sec. 3.06. Whenever the amounts contained in the Sinking Fund and the Operation and Reserve Fund are sufficient, together with any other funds deposited with the Trustee by the Authority, to redeem, upon the next redemption date, all Bonds secured hereby then outstanding, the Trustee shall apply the amounts in such Funds to the redemption of such Bonds pursuant to Article IV hereof. Sec. 3.07. At the request of the Authority, expressed by a resolution of the Board of Directors, or a copy thereof certified by the Secretary-Treasurer and delivered to the Trustee, the Trustee may remove funds from the Operation and Reserve Fund to be used for the redemption of Bonds, or for the purchase of Bonds if the Authority and Trustee agree that redemption or purchase of Bonds would be advantageous. to the Authority. Sec. 3.08. A pledge of all moneys paid or deposited into the Sinking Fund, and of all rentals paid pursuant to the Lease other than pursuant to Section 3(b) thereof, is hereby made, and . the same are hereby pledged to the Trustee to secure the payment of the principal and redemption price of and interest on the Bonds, all to the extent herein provided. The rentals so pledged and hereafter received by the Trustee or Authority, shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. ARTICLE IV. Redemption of Bonds Sec. 4.01. The Authority shall have the right, at its option, to redeem, according to the procedure hereinafter provided, all or any part. of the Bonds secured by this Agreement maturing on or after August 1, 1996, in whole multiples of $5,000, in inverse order of maturities and by lot within maturities, on any date not earlier than August 1, 1992, from any moneys made available for that porpose at face value plus accrued interest to the date fixed for redemption together with a premium of three percent (3~) if redeemed on August 1, 1992, or thereafter on or before July 31, • -16-