1992-06-23 Resolution 57 - Laserfiche WebLink

Home Browse Search

. hereof, and such moneys, together with any increment thereto and interest earned thereon, shall be held in trust and shall be applied solely to the payment of the principal of and interest on the 1988 Bonds, and then as provided in Section 8 hereof. Section 5. Release of Security. Simultaneously with the issuance of the 1992 Bonds and the creation of the Escrow Fund and in accordance with the provisions of the Refunding Bond Resolution, the Authority shall release and terminate the pledge of any and all moneys held in any fund or account established by the 1988 Resolution or the 1988 Trust Agreement, including any pledge of or liens on the Parking Facility as security for the payment of principal of and interest on the 1988 Bonds. In addition, tie Authority shall do any and all further acts as may '~ be necessary to release and terminate any and all rights granted under the 1988 Resolution or the 1988 Trust Agreement in and to uthorit or its Parking of the A property, funds or future revenues Y Facility. Section 6. Payment of 1988 Bonds. (a) The Escrow Trustee shall serve as the Registrar and Paying Agent for the 1988 Bonds. (b) On or before each principal and interest payment date or redemption date for the 1988 Bonds, the Escrow Trustee shall transfer to itself as trustee under the Trust Agreement funds sufficient to pay that portion of the Annual Debt Service coming due on such date, as shown at Exhibit A attached hereto. r~ L -8-