AgdaPkt 2017-01-23 Closed and Joint

Browse Search

37 then on deposit in the funds and accounts established pursuant to this Indenture, be fully sufficient to pay and discharge the indebtedness on any such Bonds Outstanding (including all principal, interest and redemption premiums) at or before their respective maturity dates; and if such Bonds are to be redeemed prior to the maturity thereof notice of such redemption shall have been given as in this Indenture provided or provision satisfactory to the Trustee shall have been made for the giving of such notice, then notwithstanding that any Bonds shall not have been surrendered for payment, the pledge of the Revenues and other funds provided for in this Indenture and all other obligations of the Authority under this Indenture with respect to all Bonds Outstanding shall cease and terminate, except only the obligation of the Authority to pay or cause to be paid to the Owners of the Bonds not so surrendered and paid all sums due thereon, and thereafter Revenues shall not be payable to the Trustee. Notice of such election shall be filed with the Trustee. In the event of a refunding as described in paragraph (c) (ii) above (i) the Authority shall cause to be delivered, on the deposit date and upon any reinvestment of the defeasance amount, a report of an independent firm of nationally recognized certified public accountants (the “Accountant”) verifying the sufficiency of the escrow established to pay such Bonds in full on the maturity or redemption date (the “Verification”), (ii) the escrow instructions shall provide that (A) substitution of a Defeasance Obligation shall not be permitted except with another Defeasance Obligation and upon delivery of a new Verification and (B) reinvestment of a Defeasance Obligation shall not be permitted except as contemplated by the original Verification or upon delivery of a new Verification, and (iii) there shall be delivered an opinion of nationally recognized bond counsel to the effect that such Bonds are no longer “Outstanding” under the Indenture. Each Verification and defeasance opinion shall be addressed to the Authority, the Trustee, the escrow agent, if any, and any other parties as are deemed appropriate by the Authority at the time of such refunding. Notwithstanding that some Bonds may not have been surrendered for payment, all obligations of the Authority and the Trustee under the Indenture with respect to such defeased Bonds shall cease and terminate, except only the obligation of the Trustee to pay or cause to be paid to the Owners of such Bonds all sums due thereon and the obligation of the Authority to indemnify and pay the Trustee in accordance with Sections 7.02 and 7.03 hereof. Any funds held by the Trustee, at the time of one of the events described above in subsections (a), (b) or (c), which are not required for the payment to be. made to Owners, or for payments to be made to the Trustee by the Authority, shall be paid over to the Authority pursuant to written instruction from an Authorized Officer of the. Authority and delivery of a certificate of a certified public accountant that such funds are not required to be paid to the Owners. If a forward supply contract is employed in connection with the defeasance of any of the Bonds, (i) the verification report relating to the defeasance of such Bonds shall expressly state that the adequacy of the escrow to accomplish the defeasance relies solely on the initial escrowed investments and the maturing principal thereof and interest income thereon and does not assume performance under or compliance with the forward supply contract, and (ii) the applicable escrow agreement shall provide that in the event of any discrepancy or difference between the terms of the forward supply contract and the escrow agreement, the terms of the escrow agreement shall be controlling. 8.C. - Page 148