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Agenda - Economic Development Authority - 05/24/2005
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Agenda - Economic Development Authority - 05/24/2005
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4/14/2025 1:32:42 PM
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5/20/2005 11:16:45 AM
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Meetings
Meeting Document Type
Agenda
Meeting Type
Economic Development Authority
Document Date
05/24/2005
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the Issuer, or its order, proper instruments acknowIedging satisfaction of this Indenture and <br />s~render to the Issuer and the City, as their interests appear, ali cash and deposited securities, if <br />any (other than cash or securities for the payment of the Bonds and interest thereon), which shall <br />tbe~i be held hereunder as a part of the Trust Estate. <br /> <br /> In case of any discharge of the lien of the Indenture pursuant to paragraphs (b) or (c) <br />above, there shall be submitted to the Trustee an Opinion of Counsel, "which opirfion may be <br />based upon a ruling or rulings of the Internal Revenue Service, to the effect that the interest on <br />the Bonds being discharged will not be subject to federal Ln¢ome taxation under Section 103 of <br />the [nternal Revenue Code, notwithstanding the discharge of the Indenture. <br /> <br /> Some but not all Outstanding Bonds may be discharged by.any of the methods set forth in <br />clauses (a), (b), (c) or (d) above, as if such Bonds constituted the entire series of Outstanding <br />Bonds .... <br /> <br /> Section t0.02 Bonds Deemed Not Outstanding After Deposits. When there ~hall have <br />been deposited at any time with the Trustee in trust for the purpose of discharging the Bonds as <br />provided in Section 10.01, cash or direct obligations of or obligations fully guaranteed by the <br />United States of America the principal and interest on which shall be sufficient to pay the <br />principal of any Bonds (and premium, if any) when the same become due, either at maturity or <br />otherwise, or at the date fixed for the redemption thereof and to pay ali interest with respect <br />thereto at the due dates for such interest or to the date fixed for redemption, for the use and <br />benefit o ~ the Holders thereof, then upon such deposit all Bonds shall cease to be entitled to any <br />lien, benefit or security oft/tis Indenture except the right to receive the fimds so deposited, and <br />Bonds shall be deemed not to be Outstanding hereunder; and it shall be the duty of the Trustee to <br />hold the cash and securities so deposited for the benefit of the Holders of the. Bonds, and fi.om <br />and aRer such date, redemption date or maturity, interest on Bonds thereof called for redemption <br />shall cease to accrue. <br /> <br /> Section 10.03 Unclaimed Money to be Returned. Any moneys deposited with the <br />Trustee pursuant to the terms of this Indenture, for the payment or redemption of Bonds which <br />remain unclaimed by the Holders of the Bonds for a period of two years and eleven months after <br />the due date or the date fixed for redemption of the same, as the case may be, shall, upon the <br />written request of the City, and if the Issuer or. any successor to the obligations 0fthe Issuer' <br />under the Indenture and the Bonds shall not at the time, to the knowledge of the Trustee, be in <br />dt:i~tult with respect to any of the terms and conditions contained in the Indenture or in the <br />Bonds, ba paid to the City, and the Holders of. the Bonds shall thereafter look only to the City for <br />payment and then only to the extent of the amounts so received without interest thereon; <br />provided, however, that within thirty days prior to the expiration of said period, the Trustee, <br />before being required to make any such repayment, may, at the expense of the City, cause to be <br />published in a suitable Financial Journal; a notice that after a date named therein said moneys <br />will be returned to the City. <br /> <br />1763903vl <br /> <br />123 <br /> <br /> <br />
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