1994-06-21 Minutes - Laserfiche WebLink

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Indenture required to be executed in connection with the delivery • of the Alternate Credit Facility, and appropriate information concerning the entity which will issue such Alternate Credit Facility shall be submitted by the Authority to each Rating Agency then maintaining a rating on the Bonds entitled to the benefit of the then effective Credit Facility. The Authority shall request each Rating Agency to give notice, promptly confirmed in writing, to the Trustee at least 40 days (unless a shorter time is acceptable to the Remarketing Agent, the Trustee and DTC) prior to the date such Alternate Credit Facility is to become effective as to what rating the Bonds entitled to the benefit of the Alternate Credit Facility will bear after such substitution. The Credit Facility then in effect may be replaced by an Alternate Credit Facility only if (i) the provisions for mandatory tender for purchase of the Bonds described in Section 502 are complied with, if applicable, (ii) prior to such replacement the Authority shall have delivered to the Trustee an opinion of Bond Counsel to the effect. that such replacement will not adversely affect the validity or enforceability in accordance with their terms of the Bonds or any exemption from federal income taxation to which Interest on the Bonds would otherwise be entitled and (iii) the Trustee shall receive an opinion of counsel for the Credit Facility Issuer issuing the Alternate Credit Facility in substantially the form of opinion of counsel for the Initial Credit Facility Issuer delivered to the Trustee upon the issuance of the • Initial Credit Facility. Upon the delivery of an Alternate Credit Facility other than on a Substitution Date, the Trustee shall promptly give written notice by first class mail, postage prepaid, to each owner of a Bond bearing interest at a Weekly Rate or an Adjustable Long Rate that an Alternate Credit Facility and Alternate Credit Facility Agreement will secure such Bond. (e) Surrender of Credit Facility. If at any time there shall have been delivered to the Trustee, in substitution for the Credit Facility then in effect, either an Alternate Credit Facility or a Renewal Credit Facility, then the Trustee shall accept such Alternate Credit Facility or Renewal Credit Facility and shall surrender the Credit Facility then in effect to the Credit Facility Issuer which issued the Credit Facility in accordance with its terms for cancellation as soon as such Credit Facility is no longer required to be available to be drawn upon hereunder unless such Renewal Credit Facility is effected through the attachment of an exhibit or similar attachment to the prior Credit Facility as permitted by the terms of such Credit Facility. If at any time there shall cease to be any Bonds outstanding hereunder which have not been converted to a Fixed Rate, the Trustee shall promptly surrender the Credit Facility then in effect to the Credit Facility Issuer which issued such Credit Facility in accordance with the terms thereof and of this Indenture for cancellation. The Trustee • 37