04-14-2021 Council Packet - Laserfiche WebLink

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13068670v2 28 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 Subordinate Senior Housing and Healthcare Revenue Bonds (New Harmony Project) Bond Fund” (herein call the “Bond Fund”) into which the Issuer and Trustee shall make the following deposits: (a) From the proceeds of issuance of the Series 2021D Bonds, all accrued interest received from the sale of the Series 2021D Bonds and capitalized interest, which sums shall be used to pay interest due on the Series 2021D Bonds. (b) After the Series 2021D Bonds have been delivered and on or before the first day of each month thereafter, or as soon thereafter as received from the Corporation, all payments by the Corporation 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 Corporation when accompanied by directions of the Corporation 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, the Loan Agreement, the Mortgage, or the Bond Resolution. 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 Corporation, 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 Subordinate Senior Housing and Healthcare Revenue Bonds (New Harmony 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 Corporation. 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 the request or direction of the Corporation pursuant to Article III hereof or, at the request of the