674 - Laserfiche WebLink

Home Browse Search

wr 0 of the Lessee under and pursuant to the provisions of Sections 203 and 204 of the Batesville Rubber Company Lease and all moneys received by the Trustee under Section 801(b) (3) of the Batesville Rubber Company Lease. Moneys received by the Trustee pursuant to the provisions of Sections 1001, 1002 and 1609 of the Batesville Rubber Company Lease shall be placed in the Bond Fund but shall be segregated therein and used as hereinafter set forth in Section 508 hereof. Furthermore, the City hereby covenants and agrees that so long as any of the bonds issued hereunder are outstanding, it will deposit into the Bond Fund sufficient sums from revenues and income derived from the project (whether or not under and pursuant to the Batesville Rubber Company Lease) to promptly meet and pay the principal of, interest on and paying agent's fees in connection with the bonds as the same become due and payable, and to this end the City covenants and agrees that, so long as any bonds issued hereunder are outstanding, it will cause the project to be continuously operated as a revenue and income producing undertaking. Nothing herein shall be construed as requiring the City to use any funds or revenues from any source other than funds and revenues derived from the operation of the project for the payment of the principal of, interest on and paying agent's fees in connection with the bonds, but nothing herein shall be construed as prohibiting the City from doing so. Section 504. Except for the moneys seg_negated and governed by the provisions of Section 508, moneys in the Bond Fund shall be used solely for the payment of the principal of, interest on and paying agent's fees in connection with the bonds, except any amounts therein over and above the following (herein sometimes called "surplus lease rentals"): (a) The amount necessary to insure the prompt payment of the principal of, interest on and paying agent's fees in con- nection with the bonds; (b) Any amount therein earmarked for bonds matured and previously called for redemption;