1990-12-17 Resolution 26 - Laserfiche WebLink

Home Browse Search

• ARTICLE VIII. Defeasance, Pavment, Release Sec. 8.01. If, when the Bonds secured hereby shall have become due and payable in .accordance with their terms or shall have been duly called for redemption or irrevocable instructions to call the Bonds for redemption shall have been given by the Authority to the Trustee, the whole amount of the principal and the interest and the premium, if any, so due and payable upon all of the Bonds then outstanding shall be paid or (i) sufficient moneys, or (ii) direct obligations of, or obligations the principal of any interest on which are unconditionally guaranteed by, the United States of America the principal of and the interest on which when due will provide sufficient moneys, or (iii) time certificates of deposit fully secured as to both principal and interest by obligations of the kind described in (ii) above of a bank or banks the principal of and interest on which when due will provide sufficient moneys, or (iv) any combination of (i), (ii) or (iii) above which will provide sufficient moneys, shall be held by the Trustee for such purpose under the provisions of this Agreement, and provision shall also be made for paying all Trustee's fees and expenses and other sums payable hereunder by the Authority, then and in that case the right, title and interest of the Trustee shall thereupon cease, determine and become void. • Upon any such termination of the Trustee's title, on demand of the Authority, the Trustee shall release this Agreement and shall execute such documents to evidence such release as may be reasonably required by the Authority, and shall turn over to the Authority or to such officer, board or body as may then be entitled by law to receive the same any .surplus in the Sinking Fund created by Sec. 3.02 hereof and in the Operation Fund created by Sec. 3.03 hereof and all balances remaining in any other fund or accounts other than moneys and obligations held for the redemption or payment of Bonds; provided, however, that in the event direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America or time certificates of deposits shall be deposited with and held by the Trustee as hereinabove provided, in addition to the requirements set forth in Article IV of this Agreement, the Trustee shall within thirty (30) days after such obligations or time certificates of deposits shall have been deposited with it, cause a notice signed by the Trustee to be published once in the Bond Buyer, in the City of New York, New York, or, if the Bond Buyer is not published, then in a newspaper or financial journal published, and of general circulation in the City of New York, New York, or the City of Chicago, Illinois, setting forth (a) the date designated for the redemption of the Bonds, (b) a description of -33-