1994-06-21 Minutes - Laserfiche WebLink

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ARTICLE XII • SATISFACTION OF THE INDENTURE Section 1201. Provision for Payment. If the Authority shall pay or provide for the payment of the entire indebtedness on all Bonds outstanding in any one or more of the following ways: (a) by paying or causing to be paid the principal of (including redemption premium, if any) and interest on all Bonds outstanding, as and when the same become due and payable; (b) by depositing with, the Trustee, in trust, at or before Maturity, moneys, which shall be moneys except in the case of moneys deposited to provide for payment of Bonds bearing interest at a Fixed Rate or Pledged Bonds, in an amount sufficient to pay or redeem (when redeemable) all Bonds outstanding (including the payment of premium, if any, and interest payable on such Bonds to the Maturity or redemption date thereof), provided that such moneys, if invested, shall be invested in Government Obligations which are not callable or subject to prepayment prior to the date the moneys therefrom are anticipated to be required (purchased with moneys except in the case of securities deposited to provide for the payment of Bonds bearing interest at a Fixed Rate or Pledged Bonds) in an amount, without consideration of any income or • increment to accrue thereon, sufficient to pay or redeem (when redeemable) and discharge the indebtedness on all Bonds outstanding at or before their respective Maturity; (c) by delivering to the Trustee, for cancellation by it, all Bonds outstanding; or (d) by depositing with the Trustee, in trust, Government Obligations which are not callable or subject to prepayment prior to the date the moneys therefrom are anticipated to be required (purchased with moneys except in the case of securities deposited to provide for the payment of Bonds bearing interest at a Fixed Rate or Pledged Bonds) in such amount as will, together with the income or increment to accrue thereon, without consideration of any reinvestment thereof, and with any uninvested cash, be fully sufficient to pay or redeem (when redeemable) and discharge the indebtedness on all Bonds at or before their respective Maturity dates; and if the Authority shall pay or cause to be paid all other sums payable hereunder by the Authority and if all obligations payable with respect to the Credit Facility Agreement have been paid in full to the satisfaction of the Credit Facility Issuer and the Credit Facility shall have been returned to the Credit Facility Issuer for cancellation, then and in that case this Indenture and the estate and rights granted hereunder shall cease, determine and • 102