05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 16 ARTICLE IV LOAN PAYMENTS AND DEPOSITS Section 4.01 The Loan. The Issuer agrees, upon the terms and conditions in this Loan Agreement, to lend to the Borrower the gross proceeds of issuance of the Series 2020 Bonds ($46,340,000) (the "Loan") and further agrees to deposit the net proceeds of sale thereof into the Bond Fund, the Reserve Fund, and the Project Fund established with the Trustee as provided herein and in the Indenture. Such proceeds shall thereafter be invested and disbursed by the Trustee in accordance with the provisions of this Loan Agreement and the Indenture. Section 4.02 Repayment of Loan. The Borrower covenants and agrees to repay the Loan, together with interest and premium, if any, in Loan Repayments which in the aggregate shall be in an amount sufficient to pay, in full and when due, all the Bonds. To provide for the repayment of the Loan (until the principal of, premium (if any) on and interest on the Bonds shall have been fully paid or provision for payment thereof shall have been made in accordance with the Indenture), the Borrower agrees to pay for the account of the Issuer in immediately available funds the following amounts: (a)into the Bond Fund, or Sinking Fund, as the case may be, (i) on the 25th day of ___________, 2020, and on the 25th day of each month thereafter, to and until October 25, 2020, a sum equal to one-_________ of the aggregate amount payable as interest on the Bonds on November 1, 2020, and (ii) thereafter on the 25th day of each month a sum equal to (ii) one-sixth of the amount payable as principal of the Bonds, if any, on the next semiannual payment date therefor, plus (iii) one-sixth of the amount payable as interest on the Bonds on the next interest payment date, in each case after subtracting (iv) a sum equal to any funded interest originally deposited to the credit of the Bond Fund pursuant to paragraph (a) of Section 5.01 of the Indenture, but not exceeding the amount remaining from time to time in the Bond Fund from such deposit; and (b)into the Bond Fund or Sinking Fund, as the case may be, forthwith, the amount of the deficiency in the event the funds on deposit in the Bond Fund or Sinking Fund, as the case may be, on any semi-annual interest payment date are for any reason insufficient to pay principal, premium (if any) and interest on the Bonds then due or to become due on any Bond principal or interest payment date (whether at maturity or upon redemption or acceleration of maturity in event of default); and (c)into the Optional Redemption Fund such amount, if any, as may be necessary and sufficient to provide for the redemption of Bonds subject to redemption from the Optional Redemption Fund in accordance with the provisions of Section 3.01 of the Indenture; and (d)into the Reserve Fund any amount required at any time to be deposited therein under Section 5.03 of the Indenture; and (e)into any fund designated by the Trustee for the purpose moneys in the amount determined by the Trustee to be necessary to comply with the provisions of 4.08(d) hereof or Section 5.05 of the Indenture;