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Approving Revenue Bonds Ridgedale Nursing Home
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Approving Revenue Bonds Ridgedale Nursing Home
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Last modified
11/22/2013 3:23:45 PM
Creation date
11/20/2013 9:25:57 AM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
12/17/1973
Ord-Res Number
5623-73
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ARTICLE V. <br />Bond Redemption Account and Accelerated Prepayment <br />Section 5 -1: The said City and /or the Commission shall deposit caitiff the Trustee <br />all the proceeds of the rents, profits and issues of the Lease, which shall <br />be separately held by the Trustee in a Bond Redemption Account. The Trustee <br />shall. distribute MIR the Bond Redea;pti_on Account periodically the proceeds <br />of said Bond Redepnticn Account to the holders of the Bonds, so that the said <br />Bonds are redeemed both as to principal and -interest at the stated rate of redemp- <br />tion equally and prorata among the bondholders. No Bond shall have preference <br />over any other Bonds, but all Bonds shall share equally and ratably in the Bond <br />Redemption Account. The payment of interest by the Trustee to the Bondholders <br />prior to the establishment and receipt of the proceeds of rents, profits, and <br />issues from the Tease shall be paid for as to interest only from the proceeds <br />of the sale of Bonds, and any investment interest thereon, which has been retained <br />in the Investment Account Fund hereinabove set forth in Article IV. <br />Section 5.2: If Bonds are prepaid, or redeemed in whole or in part, prior to <br />their due date because of the happening of any events prescribed in this In- <br />denture or in the Lease concerning full prepayment, default, eminent domain, <br />destruction by casualty or loss of tali exempt status of the Bonds, the City <br />and /or the Commission shall collect such sums of money as are necessary to redeem <br />the Bonds and shall turn such monies over to the Trustee to be placed in the <br />Bond Redemption Account. The Trustee shall certify to the City and the Commission <br />the sum that is necessary to completely redeem the Bonds and the interest due <br />thereon as of the date of redemption. Notice of the date of redemption given <br />to the Bondholders at their last and usual address shall be sufficient to terminate <br />any further interest being accrued or credited to said Bond. <br />Section 5.3: When all of the Bonds have been paid or redeemed, or the City <br />and the Commission have provided for such payment: or red<mpti.on, by depositing <br />in cash with the Trustee the entire amount necessary for such repayment or re- <br />oc;r:gtion and shall also have paid or caused to be paid all the costs, charges, <br />and expanses to o� , incurred be incurred, by the ;7usGe in rel..iion thereto, or <br />in carrying out env and all K the proM sions of this indenture and th . co:-per, sr. <br />�- <br />Lion of the Trustee, and all other swo payvhle or which roy hneo -a payable by <br />
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