1992-06-18 Resolution 56 - Laserfiche WebLink

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• 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 Palais Royale Expense Fund." Moneys are being deposited to the credit of the Expense Fund to finance the Costs 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 of the Costs of Issuance. After November 1, 1992, the Trustee may transfer any moneys on deposit in the Expense Fund to the Sinking Fund. sec. 3.04. The Trustee shall, at the written direction of the Authority, invest all or so much of the funds as is practicable in Qualified Securities, to the extent and in the manner permitted by law. Investment earnings shall be deposited into and 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. 3.05. 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. 3.06. 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 determines that redemption or purchase of Bonds would be advantageous to the Authority. Sec. 3.07. 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 • -15-