1994-05-17 Resolution 91 - Laserfiche WebLink

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• United States of America or to obtain or maintain bond insurance with respect to payments of principal of and interest on the Bonds; or (iv) to provide for the refunding or advance refunding of the Bonds in whole or in part; or (v) to procure or maintain a rating on the Bonds from a nationally recognized securities rating agency designated in such supplemental agreement, if such supplemental agreement will not adversely affect the owners of the Bonds. In addition, the registered owners of not less than 66 -2/3 % in aggregate principal amount of the Bonds then outstanding may consent to and approve supplemental agreements as are deemed necessary or desirable by the Authority for the purpose of modifying, altering, amending, adding to or rescinding, in any particular, any of the terms or provisions contained in the Trust Agreement or in any supplemental agreement; provided, however, that such supplemental agreement does not effect: (i) an extension of the maturity of the principal or interest on any Bond; or (ii) a reduction in the principal amount of any Bond or the rate of interest or the applicable redemption premium, if any, thereon; or (iii) a preference or priority of any Bond or Bonds over any other Bond or Bonds; or (iv) a reduction in the aggregate principal amount of the Bonds required for consent to such supplemental agreement. Notwithstanding the foregoing, the rights and obligations of the Authority and of the registered owners of • the Bonds, and the terms and provisions of the Bonds and the Trust Agreement, or any supplemental agreement, may be modified or altered in any respect with the consent of the Authority and the consent of the registered owners of all the Bonds then outstanding. • Defeasance If, when the Bonds or a portion thereof have become due and payable in accordance with their terms or have been duly called for redemption or irrevocable instructions to call such Bonds for redemption have been given by the Authority to the Trustee, the whole amount of the principal and the interest and premium, if any, so due and payable upon all of such Bonds then outstanding are paid or (i) sufficient money, or (ii) noncallable obligations of, or unconditionally guaranteed by, the United States of America, the principal of and the interest on which when due, without reinvestment, will provide sufficient money, or (iii) a combination thereof, are held for such purpose under the provisions of the Trust Agreement, and provision is also made for paying all Trustee's fees and expenses and other sums payable under the Trust Agreement by the Authority, such Bonds shall no longer be deemed to be outstanding under the Trust Agreement. In the event the foregoing applies to all Bonds secured by the Trust Agreement, the right, title and interest of the Trustee will thereupon cease, determine and become void. Upon any such termination of the Trustee's title, on demand of the Authority, the Trustee shall turn over to the 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 and in the Operation and Reserve Fund and all balances remaining in any other funds or accounts, other than moneys and obligations held for the redemption or payment of Bonds. C -9