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1990-03-07 Minutes
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1990-03-07 Minutes
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Sec. 3.06. Whenever the amounts contained in the Sinking Fund <br />and the Operation and Reserve Fund are sufficient,. together with any <br />other funds deposited with the Trustee by the Authority, to redeem, <br />upon the next redemption date, all Bonds secured hereby then <br />outstanding, the Trustee shall apply the amounts in such Funds to the <br />redemption of such Bonds pursuant to Article IV hereof. <br />Sec. 3.07. At the request of the Authority, expressed by a <br />resolution of the Board of Directors, or a copy thereof certified by <br />the Secretary-Treasurer and delivered to the Trustee, the Trustee may <br />remove. funds from the Operation and Reserve Fund to be used for the <br />redemption of Bonds, or for the purchase of Bonds if the Authority <br />and Trustee agree that redemption or purchase of Bonds would be <br />advantageous to the Authority. <br />Sec. 3.08. A pledge of all moneys paid or deposited into the <br />Sinking Fund, and of all rentals paid pursuant to the Lease other <br />than pursuant to Section 3(b) thereof, is hereby made, and the same <br />are hereby pledged to the Trustee to secure the payment of the <br />principal and redemption price of and interest on the Bonds, all to <br />the 'extent herein provided. The rentals so' pledged and hereafter <br />received by the Trustee or Authority, shall immediately be subject to <br />the lien- of such pledge without any physical delivery thereof or <br />further: -act; and the lien of such pledge shall be valid and binding <br />as against all parties having claims of any kind in tort, contract or <br />otherwise against the Authority, irrespective of whether such parties <br />`have notice thereof. <br />(ARTICLES IV THROUGH XI WERE INTENTIONALLY OMITTED.) <br /> <br />IV-11 <br />
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