1994-05-17 Resolution 91 - Laserfiche WebLink

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Bend Redevelopment Authority Lease Revenue Bond (Blackthorn Golf • Course Project) Default Fund" and all moneys in such fund shall be applied as follows: (a) Unless the principal of all the Bonds shall have become or have been declared due and payable, all such moneys shall be applied: First - -To the payment of the persons entitled thereto of all installments of interest then due on the Bonds, in the order of the maturity of the installments of such interest and, if the amount available shall not be sufficient to pay in full any particular installment, -then to the payment ratably, according to the amounts due on such installment, of the persons entitle thereto, without any discrimination or privilege; and Second - -To the payment of the persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due (other than Bonds previously called for redemption for the payment of which moneys are held pursuant to the provisions of this Agreement) , in the order of their due dates, and if the amount available shall not be sufficient to pay in full all Bonds due on any particular date, then to the payment ratably, according to the amount of principal due on such date, to the persons entitled thereto without any • discrimination or privilege. (b) If the principal of the Bonds shall have become due or shall have been declared due and payable, all such moneys shall be applied to the payment of the principal and interest then due and unpaid upon the Bonds, without preference or priority of principal over interest or of interest over principal, or of any installment of interest or of preference or priority of principal over interest or of interest over principal, or of any installment of interest over any other installment of interest, or of any Bond over any other Bond, ratably, according to the amount due respectively for principal and interest, to the persons entitled thereto without any discrimination or privilege. Sec. 7.04. If default occurs with respect to the payment of principal or interest due hereunder, interest shall be payable on overdue principal and overdue interest both at the highest rate of interest on any of the Bonds when sold, whether or not then outstanding. Sec. 7.05. In case of the happening and continuance of any of the events of default specified in Section 7.01, the Trustee may, and shall upon the written request of the holders of at least twenty -five percent (25 %) in principal amount of the Bonds then • -35-