1994-05-17 Resolution 91 - Laserfiche WebLink

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• Bonds would be advantageous to the Authority. Sec. 3.08. A pledge of all moneys paid or deposited into the Sinking Fund, and of all rentals paid pursuant to the Lease other than pursuant to Section 3(b) thereof, is hereby made, and the same are hereby pledged to the Trustee to secure the payment of the principal and Redemption Price of and interest on the Bonds, all to the extent herein provided. The rentals so pledged and hereafter received by the Trustee or Authority, shall immediately be subject to the lien of such pledge without any physical delivery thereof or further act; and the lien of such pledge shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the Authority, irrespective of whether such parties have notice thereof. ARTICLE IV. Redemption of Bonds Sec. 4.01. Optional and Mandatory Redemption. (a) Optional Redemption. The Authority shall have the right, at its option, to redeem, according to the procedure hereinafter provided, all or any part of the Bonds secured by this Agreement maturing on or after 1, , in whole multiples of $5,000, in amounts and maturities selected by the Authority and by lot within maturities, on any date not earlier than 11 , from any moneys made available for that purpose, at face value plus accrued interest to the date fixed for redemption together with a premium of percent (_ %) if redeemed on , , or thereafter on or before , percent (_ %) if redeemed on , or thereafter on or before , ; and without premium thereafter. (b) Mandatory Sinking Fund Redemption. The Bonds maturing on 1, , are also subject to mandatory sinking fund redemption prior to maturity at a Redemption Price equal to one hundred percent (100 %) of the principal amount thereof, plus accrued interest to the redemption date, but without premium, on the dates and in the principal amounts indicated below: Date • -17- Principal Amount