05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 19 other funds held by the Trustee and available for the purpose, is equal to the redemption price of the Bonds to be redeemed and accrued interest thereon to the redemption date, and in any case, such further amounts, if any, as may be required to redeem the Bonds called for redemption by the Trustee on the redemption date. The Issuer, at the request at any time of the Borrower and if the Bonds are then callable, shall forthwith take all steps that may be necessary under the applicable redemption provisions of the Indenture to effect redemption of all or part of the then outstanding Bonds, as may be specified by the Borrower, on the earliest redemption date on which such redemption may be made under such applicable provisions, provided that the Borrower shall have made available funds in adequate amount therefor or shall have made arrangements satisfactory to the Issuer therefor. Except as herein otherwise provided, Bonds shall be called for redemption only upon the direction of the Borrower. Section 4.08 Tax-Exempt Status of Series 2020 Bonds. It is the intention of the parties hereto that the interest paid on the Series 2020 Bonds will not be included in the gross income of the recipients of said interest by reason of Section 103 and related Sections of the Internal Revenue Code. In order to confirm and carry out such intention: (a)The Borrower shall (i) provide such Certificates of the Authorized Borrower Representative, opinions of Bond Counsel, and other evidence as may be necessary or requested by the Issuer to establish the tax-exempt status of interest on the Series 2020 Bonds under Section 103 and related Sections of the Internal Revenue Code, and (ii) file such information and statements, acting alone or with the Issuer, with the Internal Revenue Service, as may be required from the Borrower or the Issuer to establish or preserve such tax-exempt status or as may be required by Section 103 and related Sections of the Internal Revenue Code, including Section 149(e) of the Code, and all regulations thereunder and related provisions of law or regulation. (b)If there shall occur a Determination of Taxability, the Borrower shall have the obligation to, and hereby covenants and agrees that it shall forthwith repay the Loan and cause the corresponding Series 2020 Bonds to be redeemed on the next interest payment date occurring at least 45 days following notice to the Borrower of the Determination of Taxability and the Issuer agrees to call such Series 2020 Bonds for redemption on such date. Any redemption required under this Section shall be effected upon the following terms and conditions: (i)Within ten days after notice to the Borrower of the Determination of Taxability the Borrower shall give written notice of the Determination of Taxability and of its intention to redeem such outstanding Series 2020 Bonds to the Trustee, stating the date of redemption and the Borrower shall make arrangements satisfactory to the Trustee for the giving of notice required for redemption of such outstanding Series 2020 Bonds and for the transmittal of funds needed for such redemption in advance of that date. (ii)The aggregate redemption price payable by the Borrower shall be an amount which, when added to all amounts then held under the Indenture and available for the purpose, will be equal to the principal amount of such outstanding Series 2020 Bonds,