764 - Laserfiche WebLink

Home Browse Search

In the Trustee and \vltn t!he holders c,? Ci I' '71St r \v S Cif tl ' ;�U1: to the end of fully protecting the rights and security of the molders and registered owners of the bonds, and, if and when requested by the Trustee, the City shall diligently proceed in good faitih and use its best efforts to secure another tenant for the leased preiihises to the end of at all times deriving sufficient revenues and income from the Project to promptly meet and pay the principal of and interest on the bonds as the same become due and payable. 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 Project for the payment of the principal of and interest on the bonds and discharging other obligations of the City under this Trust Indenture, but nothing herein shall be constmed as prohibiting the City from doing so. Section 503. 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 either at maturity or at redemption prior to maturity; provided, however, that such provision shall not be construed as prohibiting a refund to the Lessee under the Lease Agreement of excess basic rents, if any, in accordance with the provisions of Section 203 of the Lease Agreement. Section 504. The Bond Fund shall be in the name of the City, designated as set forth in Section 501, and the City hereby irrevocably authorizes and directs the Trustee to withdraw from the Bond Fund sufficient funds to pay the principal of and interest on the bonds at maturity and redemption or prepayment prior to maturity and to use said funds for the purpose of paying said principal and interest, which authorization and d irection the Trustee hereby accepts. Section 505. In the event any bonds shall not be presented for payment when the principal thereof becomes due, either at maturity or