05-13-2020 Council Packet - Laserfiche WebLink

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12316323v3 30 opinion of Bond Counsel to the effect that such application of proceeds will not adversely affect the tax-exempt status of interest on the Bonds. (b)Option B – Redemption of the Bonds. In the event that any material part of the Project Facilities is condemned, or such use or control thereof is taken by eminent domain, to such extent as to render the same unsatisfactory to the Borrower for continued operation, as determined by the Borrower, or, in case the Borrower is unable to deliver the certificates or reports necessary under Option A of this Section, the Bonds shall be redeemed, in whole or in part, and the Net Proceeds shall be applied for that purpose. In such event, the Bonds shall be redeemed at par plus accrued interest on any business day occurring at least 45 days after the date of the notice given as to exercise of this Option B, and redemption shall be effected pursuant to the provisions of, in the manner and with the effect provided in the Indenture. If the Net Proceeds of condemnation, together with the amount then held by the Trustee under the Indenture available to redeem the Bonds shall be insufficient to redeem the Bonds (including principal, accrued interest, and expenses of redemption), the Borrower shall pay such deficiency to the Trustee as a Loan Repayment, and the Net Proceeds of condemnation, together with such Loan Repayment and amounts held by the Trustee under the Indenture shall to the extent necessary be applied to such redemption of the Bonds at the earliest possible date in accordance with Article III of the Indenture. If the Bonds have been duly paid and all other obligations of the Borrower hereunder have been paid or provided for, any remaining Net Proceeds shall be paid to the Borrower. [The balance of this page is intentionally left blank.]