1994-06-21 Minutes - Laserfiche WebLink

Home Browse Search

Authority in respect of such Bonds shall continue provided that the • owners thereof shall thereafter be entitled to payment only out of the moneys or the Government Obligations deposited with the Trustee as aforesaid and the lien of this Indenture to the extent that it secures the interests of the Credit Facility Issuer shall continue until all amounts due and owing or to be due and owing at any time to the Credit Facility Issuer under 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. Section 1203. Provision for Payment of a Portion of Bonds. If the Authority shall pay or provide for the payment of the entire indebtedness on any portion of the Bonds, in one or more of the following ways: (a) by paying or causing to be paid the principal of (including premium, if any) and interest on such portion of the Bonds as and when the same shall become due and payable; (b) by depositing with the Trustee, in trust, at or before Maturity, moneys in an amount sufficient to pay or redeem (when redeemable) such portion of the Bonds (including the payment of premium, if any, and interest payable on such portion of the 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 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 such portion of the Bonds at or before their respective Maturity dates; (c) by delivering to the Trustee, for cancellation by it, all Bonds outstanding or any such portion thereof; 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 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 or any such portion thereof at or before their respective Maturity dates; and if the Authority shall also pay or cause to be paid all other sums payable hereunder by the Authority with respect to such portion of the Bonds, and, if such portion of the Bonds are to be redeemed prior to the Maturity thereof, notice of such redemption shall have been given as in Article V of this Indenture provided or provisions satisfactory to the Trustee shall have been made for • 104