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1990-03-07 Minutes
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1990-03-07 Minutes
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Upon the filing with the Trustee of such Affidavit of Project <br />• Completion, the Trustee shall: <br />(a) Transfer from the Bond Interest Account of the Construction <br />Fund to the Sinking Fund created by Section 3.02 an amount sufficient <br />to pay principal and interest on the Bonds which the lease rental <br />received pursuant to the Lease hereof will not be sufficient to pay <br />when due; and <br />(b) Transfer -the balance, if any, in the Bond Interest Account <br />to the Construction Account. <br />After the filing of said Affidavit of Project Completion, the <br />Trustee shall hold in the Construction. Account an amount equal to one <br />hundred fifty percent (150$) of the amount of any disputed claims of <br />contractors and work to be repaired and transfer the unobligated <br />balance of the Construction Account, if any, to the Sinking. Fund <br />referred to in Section 3.02 hereof. Any balance remaining in the <br />Construction Account after payment of all disputed claims, claims for <br />repair work, and obligations authorized by Subsection (Third). of <br />Section 5.12' shall be transferred to the Sinking Fund within ten (10) <br />days after the last payment of such obligations. The Trustee shall <br />have , no responsibility to see that the ,Construction Fund is properly <br />applied, except as herein. specifically provided. <br />Sec. 3.02. There is hereby established and created a fund <br />• .designated as the "South Bend Redevelopment Authority South Bend <br />Central Development Area Public Improvement Sinking Fund." The <br />Trustee shall deposit in such Sinking Fund from each rental payment <br />received by the Trustee pursuant. to the Lease, an amount equal to the <br />following whichever is less: <br />(a) All of such rental payment; or <br />(b) An amount which, when. added to the amount in the .Sinking <br />Fund on the deposit date equals the sum of the following amounts: <br />(i) Unpaid interest on the Bonds due on, before or within <br />forty-five (45) days after the date such rental payment becomes due; <br />avid <br />(ii) Unpaid principal on the Bonds due on, before or within <br />eight- (8) months from the date such rental payment becomes due. <br />Any portion of a rental payment remaining after such deposit <br />shall be deposited by the Trustee in the Operation and Reserve Fund <br />provided for in Section 3.03. The Trustee shall from time to time <br />withdraw from such Sinking Fund, or if the Sinking .Fund is not <br />sufficient, then from the Construction Account of the Construction <br />• <br />IV-9 <br />
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