1993-07-15 Resolution 79 - Laserfiche WebLink

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ten (10) days after the last payment of such obligations. The Trustee shall have no responsibility to see that the Construction Fund is properly applied, except as herein specifically provided. Sec. 3.03. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Airport Economic Development Area Taxable Lease Rental Acquisition and Refunding Sinking Fund." The Trustee shall deposit in such Sinking Fund the accrued interest equalling Twenty-Four Thousand Five Hundred Twenty-Two and 69/100 Dollars ($24,522.69) paid by the purchaser of the Bonds, any unused discount plus an amount equalling and 00/100 Dollars ($ ) available from the funds established by the Trust Agreement governing the Prior Bonds. The Trustee shall also deposit in such Sinking Fund from each rental payment received by the Trustee pursuant to the Lease, an amount equal to the following whichever is less: (a) All of such rental payment; or (b) An amount which, when added to the amount in the ' Sinking Fund on the deposit date equals the sum of the following amounts: (i) Unpaid interest on the Bonds due on, before or within thirty (30) days after the date such rental 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. 3.04. 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. 3.04. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Airport Economic Development Area Acquisition and Refunding 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 t 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. 3.07, and if the amount in the Sinking Fund at any time is E-7