1992-04-30 Resolution 52 - Laserfiche WebLink

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• payment becomes due; and (ii) Unpaid principal on the Bonds due on, before or within seven (7) months from the date such rental payment becomes due. Any portion of a rental payment remaining after such deposit shall be deposited by the Trustee in the Operation. and Reserve Fund provided for in Sec. 3.06. The Trustee shall from time to time withdraw from such Sinking Fund, or if the Sinking Fund is not sufficient, then from the Operation and Reserve Fund created below, and shall deposit in a special trust fund and make available to itself, sufficient moneys for paying the principal of the Bonds at maturity and to pay the interest on the Bonds as the same falls due. Sec. 3.02. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Stadium Parking Facility Operation and Reserve Fund." The Operation and Reserve Fund shall be used only to pay necessary incidental expenses of the Authority (e.g. required audits, appraisals, meetings and reports), the payment of principal, interest and redemption. premiums of the Bonds herein described upon redemption as authorized by Article IV hereof or the purchase price of Bonds purchased as authorized by Sec. 3.06, and if the amount in the Sinking Fund at any time is less than the required amount, the Trustee shall, without any further authorization, transfer funds from the Operation and Reserve Fund to the. Sinking Fund in an amount sufficient to raise the amount in the Sinking Fund to the required amount. Such action by the Trustee shall not constitute a waiver of any other right or remedy the Trustee may have under this Agreement. Incidental expenses shall be paid by the Trustee upon the presentation of an affidavit executed by any two (2) officers of the Authority, stating the character of the expenditure, the amount thereof, and to whom due, together with the statement of the creditor as to the amount owing. Sec. 3.03. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Stadium Parking Facility Expense Fund." Moneys are being deposited to the credit of the Expense Fund to finance the Cost of Issuance for the Bonds pursuant to Section 2.10 hereof. Moneys on deposit in the Expense Fund shall be paid out from time to time by the Trustee in order to pay or as reimbursement to the Authority for payment made for the Cost of Issuance. After November 1, 1992 the Trustee may transfer any moneys on deposit in the Expense Fund to the Sinking Fund. • -13-