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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 />sufficient to discharge the indebtedness created by the <br />Bonds and any Parity Bonds which may subsequently be issued <br />pursuant to this Resolution. The interest on the Bonds <br />until maturity shall be paid by the Fiscal Agent from the <br />Special Fund. At the maturity of any of the Bonds, and, <br />after all interest then due on the Bonds then outstanding <br />has been paid or provided for, moneys in the Special Fund <br />shall be applied to the payment of the principal of any of <br />such Bonds and thereafter to the payment of any obligation <br />owing pursuant to the Reimbursement Agreement. The Fiscal <br />Agent shall not, whether during the term of the Initial <br />Letter of Credit or any Alternate Credit Facility or <br />thereafter, if an investment rating is then in effect with <br />respect to the Bonds, use amounts held in the Pledged <br />Revenues Account of the Special Fund to pay the principal <br />of or interest or any premium on the Bonds unless the <br />Fiscal Agent shall have first received an opinion of Bond <br />Counsel relating to preference issues under the federal <br />""""'bankruptcy laws and stating that such use of Pledged <br />Revenues will not result in the lowering or withdrawal of <br />any investment rating then in effect on the Bonds. <br /> <br />The second paragraph of Section 15 of the Resolution is hereby <br />amended to read as follows: <br /> <br />Without limiting the generality of the <br />foregoing and for the purpose of assuring that <br />the payments referred to above will be made as <br />scheduled, the Tax Revenues accumulated in the <br />Pledged Revenues Account of the Special Fund <br />shall be used in the following priority; <br />provided, however, to the extent that deposits <br />have been made in any of the Accounts referred to <br />below from the proceeds of the original sale of <br />the Bonds or otherwise, except from draws on the <br />Initial Letter of Credit, the deposits below need <br />not be made; and provided further that prior to <br />the Reset Date, the Fiscal Agent shall draw upon <br />the Initial Letter of Credit in accordance with <br />its terms at the times and in amounts sufficient <br />to make the deposits referred to below in <br />paragraphs (a) and (b) and shall apply any Tax <br />Revenues in the Pledged Revenues Account of the <br />Special Fund to reimburse the Bank for such draws <br />upon the Initial Letter of Credit, which Tax <br />Revenues are hereby pledged for such purposes. <br /> <br />Subparagraph (a) of Section 15 of the Resolution is hereby <br />amended to read as follows: <br /> <br />2023k/2281/05 <br /> <br />-7- <br /> <br />5l\ <br /> <br />I~I <br />
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