Laserfiche WebLink
<br />21 <br />In the event that the Installment Payments shall have been prepaid by the City pursuant <br />to subsection (a) or (b) above, the total amount of all future payments set forth in the schedule <br />attached hereto as Exhibit B shall be reduced by the aggregate amount of such Installment <br />Payment so prepaid, so that the remaining Scheduled Installment Payments shall be sufficient <br />to pay principal of and interest with respect to the Outstanding Bonds. The City shall file a <br />revised schedule of Installment Payments with the Trustee. <br /> <br />Notwithstanding any such prepayment, the City shall not be relieved of its obligations <br />hereunder, until the entire principal amount of the unpaid Installment Payments, and together <br />with the ordinary and extraordinary fees, costs and expenses of the Trustee shall have been <br />fully paid and the Bonds are no longer Outstanding (or provision for payment thereof shall have <br />been made pursuant to Article IX of the Indenture and Section 6.03 hereof). <br /> <br />Section 6.02. Method of Prepayment. <br /> <br />Before making any prepayment pursuant to Section 6.01, the City shall, within five (5) <br />days following the event permitting the exercise of such right to prepay or creating such <br />obligation to prepay, give written notice to the Trustee describing such event and specifying the <br />date on which the prepayment will be made, which date shall be not less than forty-five (45) <br />days from the date such notice is given. <br /> <br />Section 6.03. Security Deposit. <br /> <br />Notwithstanding any other provision of this Installment Purchase Contract, the City may <br />secure the payment of all or a portion of Installment Payments by a deposit with the Trustee, as <br />escrow holder under an escrow deposit and trust agreement as referenced in and in <br />conformance with Article IX of the Indenture, of either (i) cash in an amount which, together with <br />available amounts on deposit in the Payment Fund or reserve fund established with respect to <br />Parity Obligations, is sufficient to pay such unpaid Installment Payments, including the principal <br />and interest components thereof, in accordance with the Installment Payment schedule set forth <br />in Exhibit B attached hereto, or (ii) non-callable Federal Securities (as defined in the Indenture) <br />or pre-refunded non-callable municipal obligations rated “AAA” and “Aaa” by S&P and Moody’s, <br />respectively, together with cash if required, in such amount as will, in the opinion of nationally- <br />recognized bond counsel and of an independent certified public accountant (which opinion shall <br />be addressed to the Trustee, together with interest to accrue thereon and, if required, all or a <br />portion of moneys or non-callable Federal Securities then on deposit in the Payment Fund or <br />reserve fund established with respect to Parity Obligations, be fully sufficient to pay such unpaid <br />Installment Payments on their payment dates so that such Installment Payments shall be <br />defeased as provided for in Section 9.01 of the Indenture; or <br /> <br />In the event of a deposit pursuant to this Section 6.03, and provided that all other <br />amounts payable by the City hereunder have been paid in full, all obligations of the City under <br />this Installment Purchase Contract shall cease and terminate, excepting only the obligation of <br />the City to make, or cause to be made, all Installment Payments from the deposit made by City <br />pursuant to this Section 6.03 and the obligation to pay amounts due the Trustee. Said deposit <br />shall be deemed to be and shall constitute a special fund for the payment of Installment <br />Payments in accordance with the provisions of this Installment Purchase Contract. <br /> <br /> <br />8.C. - Page 183