1992-09-10 Resolution 64 - Laserfiche WebLink

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Authority or to such officer, board or body as may then be entitled by law to receive the same any surplus in the Sinking Fund created by Sec. 3.02 hereof and in the Operation and Reserve Fund created by Sec. 3.03 hereof and all balances remaining in any other fund or accounts other than moneys and obligations held for the redemption or payment of Bonds; provided, however, that in the event that sufficient moneys, direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of America or time certificates of deposits shall be deposited with and held by the Trustee as hereinabove provided, in addition to the requirements set forth in. Article IV of this Agreement, the Trustee shall within thirty (30) days after such obligations or time certificates of deposits shall have been deposited with it, cause a notice signed by the Trustee to be published once in the Bond Buyer, in the City of New York, New York, or, if the Bond Buyer is not published, then in a newspaper or financial journal published, and of general circulation in the City of New York, New York, or the City of Chicago, Illinois, setting forth (a) the date designated for the redemption of the Bonds, (b) a description of the obligations so held by it, and (c) that this Agreement has been released in accordance with the provisions of this Section. All moneys, and obligations and time certificates of deposit held by the Trustee pursuant to this Section shall be held in trust and said moneys and the principal and interest of said obligations and time certificates of deposit when received, applied to the payment, when due, of the principal and the interest and the premium, if any, of the Bonds so called for redemption. Sec. 8.02. Any Bond not presented at the proper time and place for payment shall, within the meaning of this Agreement, be deemed to be fully paid when due if the money necessary to discharge the principal amount thereof and all interest then accrued and unpaid thereon (and the premium required in case of redemption before maturity) is held by the Trustee when or before the same become due. The holder of any such Bond shall not be entitled to any interest thereon after the maturity thereof nor to any interest upon money so held by the Trustee. ARTICLE IX. Concerning the Trustee Sec. 9.01. The Trustee hereby accepts the trusts of this Agreement upon the following terms and conditions, to which the parties and the registered holders of said Bonds agree: -36-