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1991-11-15 Resolution 46
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1991-11-15 Resolution 46
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7/18/2008 3:28:09 PM
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from the sale of such Bonds by the Trustee shall then be applied <br />on behalf of the Authority to .the redemption of the outstanding <br />• ` bonds pursuant to an "Escrow Agreement" entered into between the <br />Authority and Norwest Bank Indiana, N.A. dated as of December-1, <br />1991. The balance. of the proceeds from the sale of the Bonds shall <br />then be deposited to the credit of the Expense Fund. <br />ARTICLE III. <br />Funds <br />Sec. 3.Oi. There is hereby established and created a fund <br />designated as the "South Bend Redevelopment Authority Stadium <br />Facility-Sinking Fund." The Trustee shall deposit in such Sinking <br />Fund from each rental payment received by the Trustee pursuant to <br />the Lease, an amount equal to the following whichever is less: <br />(a) All of such rental payment; or <br />(b) An amount which, when added to the amount in the <br />Sinking Fund on the deposit date equals the sum of the <br />following amounts: <br />(i) Unpaid interest on the Bonds due on, before or <br />within thirty (30) days. after the date such rental <br />payment becomes due; and,, <br />(ii) Unpaid principal on the Bonds due on, before <br />or within seven (7) months from the date such rental <br />payment becomes due. <br />Any portion of a rental payment remaining after such deposit shall <br />be deposited by the Trustee in the Operation and Reserve Fund <br />provided for in Sec. 3.06. The Trustee shall from time to time <br />withdraw from such Sinking Fund, or if the Sinking Fund is not <br />sufficient, then from the Operation and Reserve Fund created below, <br />-and shall deposit in a special trust fund and make available to <br />itself, sufficient moneys for paying the principal of the Bonds at <br />maturity and to pay the interest on the Bonds as the same falls <br />due. <br />Sec. 3.02. There is hereby established and created a fund <br />designated as the "South Bend Redevelopment Authority Stadium <br />Facility Operation and Reserve Fund." The Operation and Reserve <br />Fund shall be used only to pay necessary incidental expenses of the <br />Authority (e.g. required audits, appraisals, meetings and reports), <br />the payment of principal, .interest and redemption premiums of the <br />Bonds herein described upon redemption as authorized by Article IV <br />hereof or the purchase price of Bonds purchased as authorized by <br />Sec . 3 . 0 6 , and i f the amount in the S inking Fund at any time i s <br />i -12- <br />
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