1991-11-15 Resolution 46 - Laserfiche WebLink

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rental value insurance, If either or both conditions shall not exist, the proceeds of such insurance received by the Trustee shall be used to redeem Bonds. Sec. 6.06. In the event the Authority shall not commence to repair or replace the Facility so damaged or destroyed within ninety (90) days after any such loss or damage, or the Authority, having commenced such work of repair or replacement, shall abandon. or fail diligently to prosecute the same, the Trustee may, in its discretion, make or complete such repairs or replacements, and if it shall elect so to do, may enter upon said premises to any extent necessary for the accomplishment of such purposes, but nothing herein contained shall obligate the Trustee to make or complete any such repairs or replacements unless it shall have been requested to do so by the holders of not less than twenty-five percent (25~) in aggregate principal amount of all Bonds outstanding hereunder, and shall have been indemnified to its satisfaction against all loss, damage and expense which it might thereby incur. Sec. 6.07. In case the Authority shall neglect, fail or refuse to .proceed forthwith in good faith with the repair or replacement of the Facility which shall have been so destroyed or damaged, and such negligence, failure or refusal shall continue for one hundred twenty (120).. days, the Trustee, upon receipt of the insurance moneys,. shall (unless the Trustee proceeds to make the repairs or replacements of the destroyed or damaged property as above provided) transfer such proceeds to the Sinking Fund. Sec. 6.08. If, at any time, the Facility is totally or substantially destroyed and the amount of insurance money received on,account thereof by the Trustee is sufficient to redeem all of the then outstanding Bonds hereunder and such Bonds are then subject to redemption, the Authority, with the written approval of the Commission, may direct. the Trustee to use said moneys for the purpose of calling for redemption all of the Bonds issued and then outstanding under this Agreement at the then current redemption price. - Sec. 6.09. In the event of any reconstruction bf the Facility after substantially total destruction thereof, a new building or buildings may be constructed on the site by the Authority in accordance with plans. and specifications which must be satisfactory to the Trustee and the Lessee of such Facility, and such new building or buildings may be wholly- different in design or construction or designed for a different purpose. Sec. 6.10. The Trustee may accept the statements, affidavits and certificates hereinabove in this Article VI provided to be filed with the Trustee, as conclusive evidence of the facts therein stated, but the Trustee (although under no obligation so to do) may, at the expense of the Authority, require further or other . -21-