04-14-2021 Council Packet - Laserfiche WebLink

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13068487v2 27 of the Indenture. If the Bonds have been fully paid and all obligations of the Corporation hereunder have been paid or provided for, all remaining Net Proceeds shall be paid to the Corporation. Section 5.11 Condemnation. If the Project Facilities or any material portion thereof is condemned or taken for any public or quasi-public use and title thereto vests in the party condemning or taking the same, the Corporation hereby irrevocably assigns to the Trustee all its right, title and interest in and to any Net Proceeds of any award, compensation or damages (hereinafter referred to as an “award”), payable in connection with any such condemnation or taking. The Trustee shall cooperate fully with the Corporation in the handling and conduct of any prospective or pending condemnation proceedings with respect to the Project Facilities or any material part thereof. In the event of any such condemnation or taking, the Corporation shall, within 90 days after the date on which the Net Proceeds are finally determined, elect one of the two following options by written notice of such election to the Trustee. (a) Option A - Repairs and Improvements. The Corporation may elect to use the Net Proceeds of the award made in connection with such condemnation or taking for additions, repairs and improvements to the Project Facilities. In such event, so long as no Default exists, the Corporation shall have the right to receive such Net Proceeds from the Trustee from time to time upon receipt by the Trustee of: (1) A Certificate of an Authorized Corporation Representative specifying the expenditures made or to be made in connection with such repairs and improvements and stating that such Net Proceeds, together with any of the moneys legally available for such purposes, will be sufficient to complete such repairs and improvements; and (2) If such Net Proceeds equal or exceed $750,000 in amount, the written approval of such Certificate by an Independent Engineer. The Corporation agrees to apply any such Net Proceeds so received solely to the purposes specified in such Certificate. Net Proceeds not required for the repairs and improvements shall be applied to the prepayment of the Bonds or in such other manner 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 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 Corporation for continued operation, as determined by the Corporation, 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 and the Net Proceeds shall be applied for that purpose. In such event, the Bonds shall be redeemed at par plus accrued interest 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 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