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03-23-2015 EDA Packet
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03-23-2015 EDA Packet
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EDA
EDA Document Type
EDA Packet
Meeting Date
03/23/2015
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delivery of the Bonds, that signature or facsimile will nevertheless be valid and sufficient for all purposes, <br />the same as if the officer had remained in office until delivery. When the Bonds have been so prepared, <br />executed and authenticated, the Director will deliver the same to the Purchaser upon payment of the <br />purchase price in accordance with the contract of sale heretofore made and executed, and the Purchaser is <br />not obligated to see to the application of the purchase price. <br /> <br /> Section 3. Form of Bond. The Bonds will be typewritten in substantially the form set forth <br />in EXHIBIT B attached hereto. <br /> <br /> Section 4. Pledges; Security; and Covenants. <br /> <br /> 4.01. Debt Service Fund. The Bonds are payable from the debt service fund hereby created (the <br />“Debt Service Fund”) and the Lease Payments payable by the City under the Lease are hereby pledged to the <br />Debt Service Fund. There is also appropriated to the Debt Service Fund (i) capitalized interest financed from <br />Bond proceeds, if any; and (ii) accrued interest, if any. So long as there is no event of default under the Lease <br />and the City has not terminated the Lease due to non-appropriation, the Debt Service Fund shall be held and <br />administered by the City. <br /> <br /> 4.02. Project Fund. The proceeds of the Bonds, less the appropriations made in Section 4.01 <br />hereof, will be deposited with the City in a separate account (the “Project Fund”) to be used solely to defray <br />expenses of the acquisition of the Site and construction of the Facility, including all project costs. When the <br />Improvements are completed in accordance with the Lease and the cost thereof paid, the Project Fund is to be <br />closed, and any balance thereon credited to the Debt Service Fund. <br /> <br /> 4.03. Lease Payments. The Authority covenants to apply all Lease Payments received by the <br />Authority for the City pursuant to the Lease to the payment of the principal of and interest on the Bonds. The <br />Bonds shall not constitute or give rise to a charge against the general credit or properties or taxing powers of <br />the Authority or the City and shall not grant to the Owners of the Bonds any right to have the Authority or the <br />City levy any taxes or appropriate any funds for the payment of the principal thereof or interest thereon, nor <br />are the Bonds a general obligation or a pecuniary liability of the Authority or the City or the individual <br />officers or agents thereof. The Bonds shall not constitute an indebtedness of the Authority or the City, within <br />the meaning of any state constitutional provision or statutory limitation. The Bonds and interest thereon are <br />payable solely from Lease Payments to be paid by the City pursuant to the Lease, or other moneys held by the <br />Registrar in a fund or account appropriated to the payment of the Bonds. <br /> <br /> The obligation of the City to make Lease Payments pursuant to the Lease is subject to annual <br />appropriation by the City Council of the City. In the event the City Council determines not to appropriate <br />moneys for the payment of Lease Payments due in a fiscal year, the Lease will terminate at the end of the <br />then current fiscal year, and the City will have no further obligation to make Lease Payments pursuant to the <br />Lease. <br /> <br /> In case an event of default as described in the Lease occurs or in the event of non-appropriation by <br />the City Council of the City, the Authority may declare the principal of all Bonds outstanding to be due and <br />payable prior to the stated maturity thereof, and upon such declaration, the principal of all Bonds outstanding <br />shall become due and payable. After such declaration, all moneys received by the Authority and applicable <br />to the Bonds pursuant to the Ground Lease shall be applied to the equal and proportional payment of all <br />Bonds outstanding and claims for interest thereon, without priority of any Bond over another Bond, or of <br />principal over interest or interest over principal. <br /> <br />5 <br />458639v1 JAE LN140-112
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