04-14-2021 Council Packet - Laserfiche WebLink

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13068487v2 26 within 90 days after such damage or destruction elect one of the following two options by written notice of such election to the Trustee: (a) Option A - Repair and Restoration. The Corporation may elect to repair, reconstruct and restore the damaged Project Facilities. In such event, the Corporation shall proceed forthwith to repair, reconstruct and restore the damaged or destroyed Project Facilities to substantially the same condition or value as existed prior to the event causing such damage or destruction and, to the extent necessary to accomplish such repair, reconstruction and restoration, the Corporation will apply the Net Proceeds of any insurance relating to such damage or destruction received by the Corporation from the Trustee to the payment or reimbursement of the costs thereof. So long as no Default exists, any Net Proceeds of insurance relating to such damage or destruction received by the Trustee shall be released from time to time by the Trustee to the Corporation upon the receipt of: (1) A Certificate of the Authorized Corporation Representative specifying the expenditures made or to be made or the indebtedness incurred in connection with such repair, reconstruction and restoration and stating that such Net Proceeds, together with any other moneys legally available for such purposes, will be sufficient to complete such repair, reconstruction and restoration; and (2) The written approval of such Certificate by an Independent Engineer. In the event the Corporation shall elect this Option A, the Corporation shall complete the repair, reconstruction and restoration of the Project Facilities, whether or not the Net Proceeds of insurance received by the Corporation for such purposes are sufficient to pay for the same. Net Proceeds not required for the repair, reconstruction and restoration of the Project Facilities shall be applied to the prepayment of the Bonds or used for such other purpose as the Trustee determines, based upon an opinion of Bond Counsel, will not adversely affect the tax exempt status of interest on the Bonds. (b) Option B - Redemption of the Bonds. In the event that the Corporation shall determine that it is not practical or desirable to rebuild, repair or restore the Project Facilities, or, in case the Corporation is unable to deliver the certificates or reports necessary under Option A of this Section, the Bonds shall be redeemed in whole on the next Business Day occurring at least 45 days after the date of the notice given as to exercise of this Option B, and the Net Proceeds shall be deposited in the Optional Redemption Fund and shall be applied for that purpose. In such event, the Bonds shall be redeemed at par plus accrued interest, 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 insurance, together with all amounts then held by the Trustee under the Indenture available to redeem or retire the Bonds, shall be insufficient to so redeem the Bonds (including any expenses of redemption), the Corporation shall pay such deficiency to the Trustee as a Loan Repayment; and the Net Proceeds of insurance, 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