AgdaPkt 2013-05-20 Closed Cancelled and Special

Browse Search

7.A. - Page 33 Attachment 6 Account, the portion of Bonds to be redeemed shall become due and payable on said redemption date, and, upon presentation and surrender thereof at the office or offices specified in said notice, said Bonds shall be paid at the unpaid principal amount and premium, if any, with respect thereto,plus any unpaid and accrued interest to the redemption date. SECURITY FOR THE BONDS This section provides summaries of the provisions of the Indenture and the Installment Purchase Contract. See APPENDIX D—SUMMARY OF PRINCIPAL LEGAL DOCUMENTS for a more complete summary of the Indenture and the Installment Purchase Contract. Revenues;Pledge of Revenues Pledge of Revenues and Other Amounts. The Bonds are special limited obligations of the Authority, payable solely from and secured by Revenues (as defined below) of the Authority consisting primarily of Installment Payments received by the Authority from the City (which Installment Payments are payable by the City on a parity with the 2007 Installment Payments and the 2006 Installment Payments). In the Indenture, the Authority transfers in trust, grants a security interest in and assigns to the Trustee, for the benefit of the Owners from time to time of the Bonds, all of the Revenues and all of the right, title and interest of the Authority in the Installment Purchase Contract (except for certain rights to indemnification set forth therein). The Bonds are also secured by amounts on deposit in the funds and accounts established under the Indenture, other than the Rebate Fund. Definition of Revenues. "Revenues" are defined in the Indenture as follows: (a) all amounts received by the Authority or the Trustee pursuant to or with respect to the Installment Purchase Contract, including, without limiting the generality of the foregoing, all of the Installment Payments (including both timely and delinquent payments and any late charges), prepayments of Installment Payments, insurance proceeds and condemnation proceeds deposited in the Insurance and Condemnation Fund, and (b) all interest, profits or other income derived from the investment of amounts in any fund or account established pursuant to the Indenture. Assignment to Trustee. The Authority, in the Indenture, transfers in trust, grants a security interest in and assigns to the Trustee, for the benefit of the Owners from time to time of the Bonds, all of the Revenues and all of the right, title and interest of the Authority in the Installment Purchase Contract (except for certain rights to indemnification set forth therein). The Trustee is entitled to all of the protections, limitations from liability and indemnities provided it under the Indenture. The Trustee shall be entitled to and shall collect and receive all of the Revenues, and any Revenues collected or received by the Authority shall be deemed to be held, and to have been collected or received, by the Authority as the agent of the Trustee and shall forthwith be paid by the Authority to the Trustee. The Trustee also shall be entitled to and shall, subject to the provisions of the Indenture, take all steps, actions and proceedings which the Trustee determines to be reasonably necessary in its judgment to enforce, either jointly with the Authority or separately, all of the rights of the Authority and all of the obligations of the City under the Installment Purchase Contract. -10-