AgdaPkt 2003-07-28 - Laserfiche WebLink

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F. A -30 In the event that the Book -Entry System is discontinued, the following provisions would also apply: (i) the Bonds will be made available in physical form, (11) principal of, and redemption premiums, if any, on, the Bends will be payable upon surrender thereof at the corporate trust office of the Fiscal Agent in San Frandsco, California, (iii) interest on the Bonds will be payable by check mailed by first -class mail or, upon the written request of atry Owner of $1,000,000 or more in aggregate principal amount of Bonds received by the Fiscal Agent on or prior to the 15th day of the calendar month immediately preceding the interest payment date, by wire transfer in immediately available funds to an account with a financial institution within the continental United States of America designated by such Owner, and (iv) the Bonds will be transferable_ and exchangeable as provided in the Fiscal Agent Agreement SECURITY FOR THE BONDS General The Bonds are secured by a first pledge of all of the Net Taxes, and all amounts in the Special Tax Fund (other than amounts in the Administrative Expense Account of the Special Tax Fund). The Net Taxes and other amounts in the Special Tax Fund (exclusive of the Administrative Expense Account) are pledged in the Fiscal Agent Agreement to the payment of the principal of, premium, if any, and interest on the Bonds. Such pledge constitutes a first lien on such assets. Amounts in the Special Tax Fund (other than the Administrative Expense Account therein) constitutes a trust fund held for the benefit of the Owners to be applied to the payment of the interest on and principal of the Bonds and so long as any of the Bonds or interest thereon remains outstanding. Pursuant to the Act and the Fiscal Agent Agreement, the District covenants to levy the Special Tax in an amount sufficient, together with other amounts on deposit in the Special Tax Fund, to pay (1) the principal (including Sinking Fund Payments) of and interest on the Bonds when due, (2) to the extent permitted by law, the Administrative Expenses, and (3) any amounts required to replenish the Reserve Account of the Special Tax Fund to the Reserve Requirement "Net Taxes" are defined in the Fiscal Agent Agreement to means Gross Taxes (exclusive of any penalties and interest accruing with respect to delinquent Special Tax installments) minus amounts set aside to pay Administrative Expenses. "Gross Taxes" means the amount of all Special Taxes received by the District, excluding the Special Taxes prepaid by Oracle, together with the proceeds collected from the sale of property pursuant to the foreclosure provisions of the Fiscal Agent Agreement for the delinquency of such Special Taxes remaining after the payment of all the costs related to such foreclosure actions, including, but not limited to, all legal fees and expenses, court costs, consultant and title insurance fees and expenses. Amounts in the Administrative Expense Fund, the Rebate Fund, the Costs of Issuance Account, and the Project Account are not pledged to the repayment of the Bonds. The portion of the Project acquired with the proceeds of the Bonds is not in any way pledged to pay the debt service on the Bonds. Any proceeds of condemnation or destruction of any facilities financed with the proceeds of the Bonds are not pledged to pay the debt service on the Bonds and are free and clear of any lien or obligation imposed under the Fiscal Agent Agreement THE BONDS DO NOT CONSTITUTE OBLIGATIONS OF THE CITY OR OF THE DISTRICT FOR WHICH THE CITY OR THE DISTRICT IS OBLIGATED TO LEVY OR PLEDGE, OR HAS LEVIED OR PLEDGED, GENERAL OR SPECIAL TAXES, OTHER THAN THE SPECIAL TAXES REFEREN HEREIN. THE BONDS ARE LIMITED OBLIGATIONS OF THE DISTRICT PAYABLE FROM PROCEEDS OF THE SPECIAL TAXES AND OTHER AMOUNTS PLEDGED UNDER THE FISCAL AGENT AGREEMENT BUT ARE NOT A DEBT OF THE CITY OF REDWOOD CITY, THE -13-