Laserfiche WebLink
-10- <br />cancellation will not constitute an Event of Default under the Indenture. The Trustee will mail <br />notice of rescission of redemption in the same manner notice of redemption was originally sent. <br /> <br />Effect of Redemption. Once notice of redemption is duly given as provided in the <br />Indenture, and the moneys for the redemption, including interest to the applicable redemption <br />date of the Bonds to be redeemed, has been set aside in the Redemption Account or Payment <br />Account, the portion of Bonds to be redeemed shall become due and payable on said <br />redemption date, and, upon presentation and surrender thereof at the office or offices specified <br />in said notice, said Bonds shall be paid at the unpaid principal amount and premium, if any, <br />with respect thereto, plus any unpaid and accrued interest to the redemption date. <br /> <br /> <br />SECURITY FOR THE BONDS <br /> <br />This section provides summaries of the provisions of the Indenture and the 2017 <br />Installment Purchase Contract. See APPENDIX D—SUMMARY OF PRINCIPAL LEGAL <br />DOCUMENTS for a more complete summary of the Indenture and the 2017 Installment <br />Purchase Contract. <br /> <br />Revenues; Pledge of Revenues <br /> <br />Pledge of Revenues and Other Amounts. The Bonds are special limited obligations of the <br />Authority, payable solely from and secured by Revenues (as defined below) of the Authority <br />consisting primarily of 2017 Installment Payments received by the Authority from the City <br />(which 2017 Installment Payments are payable by the City on a parity with the 2015 Installment <br />Payments and the 2013 Installment Payments). The Bonds are also secured by amounts on <br />deposit in the funds and accounts established under the Indenture, other than the Project Fund <br />and the Rebate Fund. <br /> <br />Definition of Revenues. “Revenues” are defined in the Indenture as (a) all amounts <br />received by the Authority or the Trustee pursuant to or with respect to the Installment Purchase <br />Contract, including, without limiting the generality of the foregoing, all of the 2017 Installment <br />Payments (including both timely and delinquent payments and any late charges), prepayments <br />of 2017 Installment Payments, insurance proceeds and condemnation proceeds deposited in the <br />Insurance and Condemnation Fund, (b) amounts deposited in the Payment Fund, and (c) all <br />interest, profits or other income derived from the investment of amounts in any fund or account <br />established pursuant to this Indenture (except the Project Fund and the Rebate Fund). <br /> <br />Assignment to Trustee. The Authority, in the Indenture, transfers in trust, grants a <br />security interest in and assigns to the Trustee, for the benefit of the Owners from time to time of <br />the Bonds, all of the Revenues and all of the right, title and interest of the Authority in the 2017 <br />Installment Purchase Contract (except for certain rights to indemnification set forth therein). <br /> <br />The Trustee is entitled to all of the protections, limitations from liability and indemnities <br />provided it under the Indenture. The Trustee shall be entitled to and shall collect and receive all <br />of the Revenues, and any Revenues collected or received by the Authority shall be deemed to be <br />held, and to have been collected or received, by the Authority as the agent of the Trustee and <br />shall forthwith be paid by the Authority to the Trustee. The Trustee also shall be entitled to and <br />shall, subject to the provisions of the Indenture, take all steps, actions and proceedings which <br />the Trustee determines to be reasonably necessary in its judgment to enforce, either jointly with <br />the Authority or separately, all of the rights of the Authority and all of the obligations of the <br />City under the 2017 Installment Purchase Contract. <br /> <br />8.C. - Page 35