09/22/2003 Council Packet - Laserfiche WebLink

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When the Note has been so executed, it shall be delivered by the Executive Director to the Owner • thereof upon satisfaction of the conditions for delivery under the Agreement. • • Section 4. Security Provisions. 4.01. Pledge. The Authority hereby pledges to the payment of the principal of the Note all Available Tax Increment as defined in the Note. 4.02. Bond Fund. Until the date the Note is no longer outstanding and no principal thereof (to the extent required to be paid pursuant to this resolution) remains unpaid, the Authority shall maintain a separate and special "Bond Fund" to be used for no purpose other than the payment of the principal of the Note. Any Available Tax Increment remaining in the Bond Fund shall be transferred to the Authority's account for TIF District No. 1 -10 upon the payment of all principal to be paid with respect to the Note. Section 5. Certification of Proceedings. 5.01. Certification of Proceedings. The officers of the Authority are hereby authorized and directed to prepare and furnish to the Owner of the Note certified copies of all proceedings and records of the Authority, and such other affidavits, certificates, and information as may be required to show the facts relating to the legality and marketability of the Note as the same appear from the books and records under their custody and control or as otherwise known to them, and all such certified copies, certificates, and affidavits, including any heretofore furnished, shall be deemed representations of the Authority as to the facts recited therein. Section 6. Effective Date. This resolution shall be effective upon full execution of the Agreement. SJB- 237079v2 LN 140 -81 C -6