1994-06-21 Minutes - Laserfiche WebLink

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if the Stated Expiration Date is scheduled to occur during the • current Rate Period therefor, the amount of the Credit Facility must include an amount to pay the applicable premium on the Renewal Date on which such Bond is required to be purchased pursuant to Section 503 hereof. In addition, each Renewal Credit Facility and Alternate Credit Facility shall provide for payment of an amount equal to the outstanding principal amount of the Bonds bearing interest in a Weekly Mode or an Adjustable Long Mode. Section 407. Redemption Fund. (a) The Authority shall establish with the Trustee and maintain so long as any of the Bonds are outstanding a separate fund to be known as the "South Bend Redevelopment Authority College Football Hall of Fame Redemption Fund" (the "Redemption Fund"). The Trustee shall also establish a separate account within the Redemption Fund to be known as the "LOC Redemption Account" (the "LOC Redemption Account"). In the event of deposit with the Trustee by the Authority or any person of moneys from any source for redeeming Bonds, except as otherwise provided in Section 402 of this Indenture, such moneys shall be deposited in the Redemption Fund. Moneys drawn under the Credit Facility for payment of the principal of, premium, if any, and interest on the Bonds upon redemption (other than redemption pursuant to Section 510(f)(ii) hereof) shall be deposited into the LOC Redemption Account of the Redemption Fund and shall not be commingled with any other moneys (other than moneys in such Account) held by the Trustee. (b) All proceeds of drawings under the Credit Facility to make timely redemption payments other than pursuant to Section 510(f)(ii) shall be deposited in the LOC Redemption Account and shall be held by the Trustee as agent and bailee for the sole benefit and security of the Bondholders (other than the owners of Pledged Bonds) bearing interest at a Weekly Rate or at an Adjustable Long Rate until applied as provided herein. On or prior to the Conversion Date with respect to any Bonds, payments of the redemption price of such Bonds (other than Pledged Bonds) to be redeemed pursuant to Section 510(a), (c) or (d) hereof shall be made, to the extent available, from moneys on deposit in the LOC Redemption Account. The redemption price of Pledged Bonds and of any Bonds after the Conversion Date applicable to such Bonds shall be paid from amounts deposited in the Redemption Fund (other than the LOC Redemption Account). (c) Moneys on deposit in the Redemption Fund shall be used first to make up any deficiencies existing in the Sinking Fund and second for the purchase or redemption of Bonds in accordance with the provisions of Article V hereof; provided, however, that moneys on deposit in the LOC Redemption Account shall not be used to make up deficiencies in the Sinking Fund other than in the LOC Interest Sub-account and the LOC Principal Sub-account. On any • 39