Agenda - Council - 08/13/2013 - Laserfiche WebLink

Home

ARTICLE IV LOAN OF PROCEEDS TO THE COMPANY; LOAN PROVISIONS Section 4.1 Loan of Proceeds. The Issuer agrees, upon the teens and conditions contained in this Agreement and the Tax Regulatory Agreement, to lend to the Company the proceeds received by the Issuer from the sale of the Bonds. Such proceeds shall be disbursed to or on behalf of the Company as provided in Section 3.1 hereof. Section 4.2 Amounts Payable. (a) Loan Repayments. The Company hereby covenants and agrees to repay the loan in installments, as follows: (i) on or before 20, 2013, and on or before the 20th day of each month thereafter through and including 20, 201 , such amount which, together with other amounts on deposit with the Trustee and available to pay principal of and interest on the Bonds, shall equal of the interest due and payable on the Series 2013 Bonds on 1, 201; and (ii) on or before 20, 201, and on or before the 20th day of each month thereafter through and including 20, 2014, such amount which, together with other amounts on deposit with the Trustee and available to pay principal of and interest on the Bonds, shall equal 1/6 of the interest due and payable on the Series 2013 Bonds on 1, 2014; and (iii) on or before the 20th day of each month, commencing 20, 2014, and continuing until the principal of, premium, if any, and interest on the Bonds shall have been paid or payment thereof shall have been provided for, an amount which, together with amounts on deposit with the Trustee and available for debt service, shall equal 1/6 of the amount of interest due with respect to the Bonds on the next Interest Payment Date plus 1/12 of the amount of principal due with respect to the Bonds on the next Payment Date; and (iv) on or before the 20th day of each month, commencing 20, 201_, an amount equal to the Monthly Deposit; and (v) in the event of optional or mandatory redemption or acceleration, on or before the 10`h day prior to the selected payment day, the amount of principal of and interest on the Bonds due on that date, at maturity or upon redemption, as provided in the Indenture. Such payments shall continue until the principal of, premium, if any, and interest on the Bonds shall have been fully paid or provision for the payment thereof shall have been made in accordance with the Indenture. It is understood and agreed that all payments payable under this Section 4.2(a) by the Company are assigned by the Issuer to the Trustee for the benefit of the Registered 14 56OOS6 v1