Agenda - Council - 07/12/2022 - Laserfiche WebLink

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judgment, with the operation of the School Facilities for the purpose for which the School Facilities were designed, shall have been taken under the exercise of the power of eminent domain or be effectively taken through the exercise of police or other similar power by any governmental body or by any person, arm or corporation acting under governmental authority (including such a taking or takings as results in the Company or the Charter School being thereby prevented from carrying on its normal operations at the School Facilities for a period of six(6)months or more). (c) If,at any time,as a result of any changes in the Constitution of the State or the Constitution of the United States of America or of legislative or administrative action (whether state or federal) or by final decree,judgment or order of any court or administrative body(whether state or federal)entered after the contest thereof by the Company in good faith, the Loan Agreement shall have become void or unenforceable or impossible to perform in accordance with the intent and purposes of the parties as expressed in the Loan Agreement. To exercise its options under (a), (b), or (c) above, the Company must, within sixty (60) days following the event authorizing or requiring such redemption, give notice to the Issuer and the Trustee, specifying a redemption date not less than fifty(50)days nor more than ninety(90)days from the date such notice is mailed. Mandatory Redemption upon Determination of Taxability. All Series 2022 Bonds are subject to mandatory redemption in whole, at their principal amount,plus accrued interest,plus for the Series 2022A Bonds, a 3% premium, upon the occurrence of a Determination of Taxability (as defined in APPENDIX F), with respect to the Series 2022A Bonds, on a redemption date not later than thirty(30) days following the finalization of such Determination of Taxability. Acceleration. Upon an Event of Default under the Indenture, all Series 2022 Bonds are subject to acceleration and prepayment on any date selected by the Trustee at their principal amount, plus accrued interest, without premium. Notice of Redemption; Payment The Trustee is required to cause notice of redemption to be mailed to the then owner of each Series 2022 Bond to be redeemed, by first class mail at least [thirty(30)] days and note more than forty-five (45) days prior to the redemption date (or such shorter time as maybe agreed upon by the Trustee). Failure to mail or any defect in any such notice shall not affect the validity of any proceedings for the redemption of any Series 2022 Bond not affected by such failure or defect. Interest on any Series 2022 Bonds or portions thereof called for redemption ceases to accrue on the date established for redemption. In the case of an optional redemption under the Indenture, the notice may state (a) that it is conditioned upon the deposit of money, in an amount equal to the redemption price of the Series 2022 Bonds to be redeemed and prepaid, with the Trustee on or before the redemption date or (b) that the Company retains the right to rescind such notice on or prior to the scheduled redemption date (in either case, a "Conditional Redemption"), and such notice and optional redemption shall be of no effect if such money is not so deposited or if the notice is rescinded as hereinafter described. On or before the redemption date, funds sufficient to redeem such Series 2022 Bonds, including accrued interest thereon to the redemption date, shall be deposited with the Trustee. The Series 2022 Bonds thus called shall not, on or after the specified redemption date, bear any interest and, except for the purpose of payment, shall not be entitled to the lien of the Indenture. Any Conditional Redemption may be rescinded in whole, not in part, at any time on or before the redemption date if the Company delivers a certificate of the Company to the Issuer and the Trustee at least five (5) days prior to the redemption date instructing the Trustee to rescind the redemption notice.A certificate of the Company delivered by the Company to the Issuer and the Trustee less than five (5) days prior to the redemption date will have no force and effect and will not rescind any 13