1994-05-17 Resolution 91 - Laserfiche WebLink

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• unobligated balance of the Construction Account, if any, to the Sinking Fund referred to in Section 3.02 hereof. Any balance remaining in the Construction Account after payment of all disputed claims, claims for repair work, and obligations authorized by Subsection (Third) of Section 5.12 shall be transferred to the Sinking Fund within 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. 3.02. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Century Center Project Sinking Fund." The Trustee shall 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) on, before or rental payment (ii) within within eight due. Unpaid interest on the Current Interest Bonds due within forty -five (45) days after the date such .becomes due; and Unpaid principal on the Bonds due on, before or B) months from the date such rental payment becomes 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 Section 3.03. The Trustee shall from time to time withdraw from such Sinking Fund, or if the Sinking Fund is not sufficient, then from the Construction Account of the Construction Fund, or if the Sinking Fund and the Construction Account of the Construction Fund are 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 Current Interest Bonds as the same falls due. Sec. 3.03. There is hereby established and created a fund designated as the "South Bend Redevelopment Authority Century Center Project 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 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 • -15-