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1994-06-21 Minutes
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1994-06-21 Minutes
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• Section 809. If, at any time, the Project is totally or <br />substantially destroyed and the amount of insurance money received <br />on account thereof by the Trustee is sufficient to redeem all of <br />the then outstanding Bonds hereunder and such Bonds are then <br />subject to redemption and to pay all amounts owed to the Credit <br />Facility Issuer, the Authority, with the written approval of the <br />Commission, may direct the Trustee to use said moneys for the <br />purpose of calling for redemption all of the Bonds issued and then <br />outstanding under this Indenture at the then current Redemption <br />Price. <br />Section 810. In the event of any reconstruction of all <br />or a portion of the Project after substantially total destruction <br />of all or a portion thereof, a new building, buildings or <br />improvements or portions thereof may be constructed on the site by <br />the Authority in accordance with plans and specifications which <br />must be satisfactory to the Trustee, the Credit Facility Issuer and <br />the Lessee of such Project, and such new building or buildings or <br />improvements or portions thereof may be wholly different in design <br />or construction. <br />Section 811. The Trustee may accept the statements, <br />affidavits and certificates hereinabove in this Article VIII <br />provided to be filed with the Trustee, as conclusive evidence of <br />the facts therein stated, but the Trustee (although under no <br />• obligation so to do) may, at the expense of the Authority, require <br />further or other evidence of such matters and may rely on the <br />report or opinion of such architect, engineer, other person, or <br />counsel, as it may select for the purpose of making an <br />investigation thereof. <br />ARTICLE IX <br />EVENTS OF DEFAULT; REMEDIES <br />Section 901. Extension of Payment; Penaltv. In case the <br />time for the payment of principal of or the interest on any Bonds <br />shall be extended, whether or not such extension be by or with the <br />consent of the Authority, such principal or such interest so <br />extended shall not be entitled in case of default hereunder to the <br />benefit or security of this Indenture except subject to the prior <br />payment in full of the principal of all fonds then outstanding and <br />of all interest thereon, the time for the payment of which shall <br />not have been extended. <br />Section 902. Events of Default. Each of the following <br />events is hereby declared an "event of default," that is to say: <br />• <br />75 <br />
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