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1992-06-23 Resolution 57
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1992-06-23 Resolution 57
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7/18/2008 5:29:58 PM
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amount in Section 3(b) and investment thereof pursuant to Section <br />4(a) so that. the principal thereof and the interest thereon when <br />due will provide sufficient monies to redeem the 1988 Bonds. The <br />Escrow Trustee agrees to release the 1988 Trust Agreement and <br />agrees to execute any documents to evidence such release as may be <br />reasonably required by the Authority. <br />(d) The Escrow Trustee, upon investment in the <br />Governmental Obligations pursuant to Section 4(a), shall publish, <br />within thirty (30) days of such deposit, the notice required by <br />Section 8.01 of the 1988 Trust Agreement to be published upon <br />investment in the Governmental Obligations. Form of such notice <br />is set~•forth at Exhibit C. <br />Section 8. Application of Escrow Fund After Payment of <br />Y • 1988 Bonds. After payment of the principal of and interest on the <br />1988 Bonds, all remaining moneys in the Escrow Fund together with <br />any increment thereto and interest earned thereon, shall be <br />transferred promptly by the Escrow Trustee to the South Bend <br />Redevelopment Authority Parking Facility Sinking Fund established <br />under the Trust Agreement, except for an amount sufficient to pay, <br />when presented for payment, any 1988 Bonds which have not been <br />presented for payment, which amount shall be held by the Escrow <br />Trustee pursuant to the requirements of the 1988 Trust Agreement <br />and in accordance with Indiana law. <br />Section 9. Tax Covenants. The Authority and the Escrow <br />Trustee covenant that the proceeds from the sale of the 1992 Bonds, <br />any moneys attributable to the proceeds of the 1988 Bonds, amounts <br /> <br />-10- <br />
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