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<br />. <br /> <br />. <br /> <br />. <br /> <br />The Bonds shall be and are equally secured by an <br />irrevocable pledge of the Tax Revenues and other funds as <br />hereinafter provided, without priority for number, date of <br />sale, date of execution or date of delivery, except as <br />expressly provided herein. <br /> <br />The validity of the Bonds is not and shall not be <br />dependent upon: (a) the completion of the Redevelopment Project <br />or any part thereof, or (b) the performance by anyone of <br />hisjher obligations relative to the Redevelopment Project Area, <br />or (c) the proper expenditures of the proceeds of the Bonds. <br /> <br />Nothing in this Resolution shall preclude: (a) the <br />payment of the Bonds from the proceeds of refunding bonds <br />issued pu~suant to the Law, or (b) the payment of the Bonds <br />from any legally available funds. Nothing in this Resolution <br />shall prevent the Agency from making advances of its own funds, <br />however derived, to any of the uses and purposes mentioned in <br />this Resolution. <br /> <br />If the Agency shall cause to be paid, or shall have <br />made provision to pay upon maturity or upon redemption prior to <br />maturity, to the Bondholders the principal of, premium, if any, <br />and interest to become due on the Bonds, through setting aside <br />trust funds or setting apart in a reserve fund or special trust <br />account created pursuant to this Resolution or otherwise, or <br />through the irrevocable segregation for that purpose in some <br />sinking fund or other fund or trust account with a fiscal agent <br />or otherwise, moneys sufficient therefor, including, but not <br />limited to, interest earned or to be earned on Federal <br />Securities, then the lien of this Resolution, including, <br />without limitation, the pledge of the Tax Revenues, and all <br />other rights granted hereby, shall cease, terminate and become <br />void and be discharged and satisfied, and the principal of, <br />premium, if any, and interest on the Bonds shall no longer be <br />deemed to be outstanding and unpaid; provided, however, that <br />nothing in this Resolution shall require the deposit of more <br />than such Federal Securities as may be sufficient, taking into <br />account both the principal amount of such Federal Securities <br />and the interest to become due thereon, to implement any <br />refunding of'the Bonds. <br /> <br />In the event of such a defeasance of the Bonds, the <br />Fiscal Agent shall cause an accounting for such period or <br />periods as shall be requested by the Agency to be prepared and <br />filed with the Agency, and the Fiscal Agent, upon the request <br />of the Agency, shall release the rights of the Bondholders <br />under this Resolution and execute and deliver to the Agency all <br />such instruments as may be desirable to evidence such release, <br />discharge and satisfaction, and the Fiscal Agent shallpay over <br />or deliver to the Agency all moneys or securities held by it <br />pursuant to this Resolution which are not required for the <br /> <br />0715p/2281/04 <br /> <br />-5- <br />