05-13-2020 Council Packet - Laserfiche WebLink

Home Browse Search

12316306v3 -30- ARTICLE V DISPOSITION OF PLEDGED REVENUES Section 5.01 Bond Fund. There is hereby established and the Trustee shall maintain hereunder, so long as any of the Bonds are outstanding, a separate fund to be designated "City of Little Canada, Minnesota Senior Housing and Health Care Facilities Revenue Bonds (Langton Shores Project) Bond Fund" (herein called the "Bond Fund") into which the Issuer and Trustee shall make the following deposits: (a)From the proceeds of issuance of the Series 2020 Bonds, an amount equal to $______________ representing funded interest, which sum shall be used to pay interest due on the Series 2020 Bonds. (b)After the Series 2020 Bonds have been delivered and on or before the first day of each month thereafter, or as soon thereafter as received from the Borrower, all payments by the Borrower as Loan Repayments under paragraphs (a) and (b) of Section 4.02 of the Loan Agreement required to be deposited into the Bond Fund. (c)All other moneys received by the Trustee from the Borrower when accompanied by directions of the Borrower that such moneys are to be paid into the Bond Fund or used for purposes for which moneys in the Bond Fund may be used. (d)All other moneys required to be deposited in the Bond Fund pursuant to any provision of this Indenture or the Loan Agreement. The moneys and investments in the Bond Fund are irrevocably pledged and shall be used by the Trustee, from time to time, to the extent required: FIRST:For the payment of principal of, premium (if any) on and interest on the Bonds, due or to become due within one year, as and when such principal, premium and interest shall become due and payable; and SECOND:To be used, upon direction by the Borrower, to purchase outstanding Bonds at purchase prices not exceeding par plus accrued interest. Section 5.02 Optional Redemption Fund. There is hereby established and the Trustee shall maintain hereunder, so long as any of the Bonds are outstanding, a separate fund to be designated "City of Little Canada, Minnesota Senior Housing and Health Care Facilities Revenue Bonds (Langton Shores Project) Optional Redemption Fund" (herein called the "Optional Redemption Fund"). There shall be deposited into the Optional Redemption Fund all amounts required to be deposited therein pursuant to any provision of the Loan Agreement or this Indenture, and all amounts designated to be deposited therein by the Borrower. Amounts on deposit to the credit of the Optional Redemption Fund shall be used, first, to make up deficiencies in the Bond Fund and, second, for the redemption of outstanding Bonds at