1994-05-17 Resolution 91 - Laserfiche WebLink

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iSec. 2.08. The Authority and the Trustee may deem and treat the person in whose name any Bond issued hereunder shall be registered as the absolute owner of such Bond for the purpose of receiving payment of or on account of the principal of said Bond, and for all other purposes whatsoever. Sec. 2.09. Registered owners of Bonds may, upon surrender thereof at the principal office of the Trustee with a written instrument of transfer satisfactory to the Trustee, exchange a Bond or Bonds for a Bond or Bonds of equal aggregate principal amount of the same maturity and interest rate of any authorized denominations. For every exchange or transfer of Bonds, the Trustee may make a charge sufficient to reimburse it for any tax, fee or other governmental charge required to be paid with respect to such exchange or transfer, which shall be paid by the person requesting such exchange or transfer as a condition precedent to the exercise of the privilege of making such exchange or transfer. The cost of preparing each new Bond upon each exchange or transfer, and any other expenses of the Trustee incurred in connection therewith (except any applicable tax, fee or other governmental charge) shall be paid by the Authority. The Trustee shall not be obliged to make any transfer or exchange of any Bond called for redemption within thirty days of the redemption date. Sec. 2.10. [Book Entry Provisions] • ARTICLE III. Funds Sec. 3.01. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Century Center Project Construction Fund." The Construction Fund shall consist of the following accounts: Construction Account and Bond Interest Account. The Trustee shall deposit in the Bond Interest Account the accrued interest paid by the purchaser with respect to the Bonds and any unused discount and an amount equal to and 00/100 ($ .00) from the Bond proceeds. The Trustee shall, without other or further authority than is hereby given, pay from the Bond Interest Account, or if the Bond Interest Account is not sufficient, then from the Construction Account, or if the, Bond Interest Account and the Construction Account are not sufficient, then from the Operation and Reserve Fund created below, interest accruing on all obligations of the Authority until the filing of the Affidavit of Project Completion referred to below. The Trustee shall deposit all Bond proceeds not required to • -13-