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1987-06 CRA
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1987-06 CRA
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Last modified
1/3/2012 12:21:31 PM
Creation date
3/3/2005 9:14:22 AM
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City Clerk
Doc Type
Resolution
Doc #
CRA 1987-06
Date
1/20/1987
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<br />. <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />Section 6. Subsection (3) of Paragraph A of Section 13 of <br />the Resolution is hereby amended to read as follows: <br /> <br />(3) Deposit in the Cost of Issuance Account, <br />an amount equal to $152,821; <br /> <br />Paragraph C of Section 13 is hereby amended to <br />add thereto the following sentences as the first two <br />sentences thereof: <br /> <br />The moneys set aside in the Escrow Fund <br />(including interest thereon, which shall be <br />retained in the Escrow Fund), to the extent not <br />required to pay principal or interest on the <br />Bonds, shall be used by the Trustee to pay <br />administrative and annual Letter of Credit fees <br />and charges relating to the Bonds. The Trustee <br />shall reimburse the Agency from moneys held in <br />'the"Escrow'Fund for Letter of Credit fees and <br />charges paid by the Agency prior to the adoption <br />of this amended resolution. <br /> <br />Section 7. The third paragraph of Section 14 of the <br />Resolution is hereby amended to read as follows: <br /> <br />The Pledged Revenues received by the Agency <br />on or after the date of issue of the Bonds are <br />hereby irrevocably pledged to the payment of the <br />principal of, premium, if any, and interest on <br />the Bonds and thereafter to the Bank pursuant to <br />the Reimbursement Agreement, and until all of the <br />Bonds and amounts due under the Reimbursement <br />Agreement and all interest thereon, have been <br />paid '(or until moneys for that purpose have been <br />irrevocably set aside), the Pledged Revenues <br />(subject to the exception set forth in Section <br />15(d» shall be applied solely to the payment of <br />the principal of the Bonds plus premium, if any, <br />and the interest thereon as provided in this <br />Resolution and the amounts due under the <br />Reimbursement Agreement. This allocation and <br />pledge is for the exclusive benefit of the Owners <br />of the Bonds and the Bank pursuant to the <br />Reimbursement Agreement and shall be <br />irrevocable. Notwithstanding the foregoing, if <br />an investment rating is then in effect with <br />respect to the Bonds, Pledged Revenues deposited <br />in the PledgedRe~enues Account of the Special <br />Fund shall be used by the Fiscal Agent to pay <br />amounts due under the Reimbursement Agreement and <br /> <br />2023k/2281/05 <br /> <br />-5- <br /> <br />5A' <br /> <br />WI <br />
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