04-14-2021 Council Packet - Laserfiche WebLink

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13068487v2 14 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 Corporation the gross proceeds of issuance of the Series 2021D Bonds ($7,550,000) (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 Corporation 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 Corporation agrees to pay for the account of the Issuer in immediately available funds the following amounts: (a) [to be updated as needed] into the Bond Fund or Sinking Fund, as the case may be, on ____________ 25, 2021, and on the twenty-fifth day of each month thereafter, a sum equal to (i) one-sixth of the amount, if any, payable as principal of the Bonds on the next principal payment date (with such monthly payments commencing _______________, 202_), plus (ii) one-sixth of the amount payable as interest on the Bonds on the next interest payment date; 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 principal or 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 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 4.07(d) hereof or Section 5.05 of the Indenture; subject, however, to the amounts of any credits allowable under Section 4.08 hereof. Each payment by the Corporation under this Section shall be made directly to the Trustee at its corporate trust