2004-54 AUTHORIZING AND APPROVING THE REFUNDING OF OUTSTANDING SERIES 1993 BONDS

Home Browse Search

Securities more fully described in Ezhibit A attached hereto and (ii) hold $ of such funds as uninvested cash. The maturing principal of and interest on the Government Securities on deposit in the I',, Securities Trust Fund and the uninvested cash shall be used to pay the principal of an interest on the Refunded Series 1993 Bonds due on , 2004, and to redeem on , 2004 all outstanding Refunded Series 1993 Bonds at a redemption price of 100% of the principal amount thereof. Section 202. From and after the creation of the Securities Trust Fund,the principal of and interest on the Refunded Series 1993 Bonds shall remain the obligations of the City until paid or redeemed as provided herein, but such principal of and interest thereon shall be payable solely and only from the Securities Trust Fund and shall not, under any circumstances, be payable from any other funds of the City. After the creation of the Securities Trust Fund,the registered owners of the Refunded Series 1993 Bonds shall not be entitled to or have any rights with respect to the Security for the Series 1993 Bonds, and the Refunded Series 1993 Bonds shall cease to be entitled to any lien,benefit or security under the Series 1993 Indenture except with respect to the Securities Trust Fund. Section 203. Simultaneously with the issuance of the Series 2004 Bonds and the creation and funding of the Securities Trust Fund as provided herein, and upon receipt by the Series 1993 Trustee of the opinions and certificates required under Section 1201 of the Series 1993 Indenture and the report of(Verification Agent or Financial Advisor], to the effect that the Government Securities, together with any interest to be earned thereon, and the cash on deposit in the Securities Trust Fund, if any, will be sufficient to pay the principal of and interest on the Refunded Series 1993 Bonds in accordance with the provisions hereof, the Series 1993 Trustee shall: (1) release to the City all of its interest in the Security for the Series 1993 Bonds, insofar as the same relates to the Refunded Series 1993 Bonds; (2) authorize the City to release, terminate and discharge the Series 1993 Mortgage, insofar as the same relates to the Refunded Series 1993 Bonds, except to the extent and only to the extent that the Series 1993 Mortgage provides that specific provisions therein shall remain in full force and effect, in accordance with the applicable provisions thereof; and (3) do any and all such further acts as may be requested and as may be necessary to release and cancel its rights in the Security for the Series 1993 Bonds, insofar as the same relate to the Refunded Series 1993 Bonds. ARTICLE III DUTIES OF T�IE SERIES 1993 TRUSTEE Section 301. The Series 1993 Trustee shall collect the cash proceeds resulting from the payment of the principal of and interest on the Government Securities in the Securities Trust Fund. The Series 1993 Trustee, without further authorization or direction from the City or the Corporation, shall use such proceeds to (i) pay the principal of and interest on the Refunded Series 1993 Bonds due on , 2004, and (iii) redeem all Refunded Series 1993 Bonds on , 2004 at a redemption price of 100% of the principal amount thereof, and -5-