Fort Walton Beach Resolution — 90-10-IDRB-Guidance Clinic — reading text

payment to Trustee of the proceeds of said sale of Additional Bonds, they shall be delivered by Trustee to or the order of the purchasers thereof, but upon only upon there being filed with Trustee: a)Original, executed counterparts of a supplemental indenture approved ln accordance with Section hereof, 1l. 02 an amendment of the Agreement and an amendment of the Mortgage expressly providing that, for all purposes of this Indenture, the Agreement and the Mortgage, the Mortgaged Facilities shall include any facilities being financed by the Additional Bonds. The date or dates of the Additional Bonds, the rate or rates of interest on the Additional Bonds, the time or times of payment of the interest thereon and the principal thereof, and the redemption provisions, if any, with respect thereto, all shall be as provided in the 20- 5769q  supplemental indenture, rather than as provided in this Indenture, and may differ from the provisions with respect to the Series 1990 Bonds set forth in this Indenture. b) written opinion by an attorney or firm of A attorneys of nationally recognized bond counsel to the effect that the issuance of the Additional Bonds and the execution thereof have been duly authorized, all conditions precedent to the delivery thereof have been fulfilled, and that the exclusion from gross income of the interest, for f eder al income tax purposes, on the Series 1990 Bonds and any Additional Bonds theretofore issued will not be adversely affected by the issuance of the Additional Bonds being issued. c) written A order to Trustee by Issuer to authenticate and i del ver the Additional Bonds to the purchaser or purchasers therein identified upon payment to Trustee of a specified sum. d) The affirmative consent of the Original Purchaser and the Owners of not less than 2/ 3 of the aggregate principal amount of Outstanding Bonds. Each series of Additional Bonds issued pursuant to this Section shall be equally and ratably secured, unless the documents provided for in subsection ( a) immediately above expressly provide otherwise, under this Indenture with the Series 1990 Bonds and all other series of Additional Bonds, if any, theretofore issued pursuant to this Section, without preference, priority or distinction of any Bonds over any other thereof. anything herein to the contrary, Notwithstanding no Additional Bonds shall be issued unless ( i) the Agreement is in effect and ( ii) there is no Default under the Agreement, the Mortgage or this Indenture at the time of issuance. Section 2. ll. Temporary Bonds. Until Bonds in definitive form are ready for delivery, Issuer may execute, and upon request of Issuer, the Trustee shall authenticate and deliver, subject to the provisions, limitations and conditions set forth above, one or more Bonds in temporary form, printed, typewritten, lithographed or otherwise whether produced, substantially in the form of the definitive Bonds, with appropriate omissions, variations and insertions, and in authorized denominations. Until exchanged for Bonds in definitive form, such Bonds in temporary form shall be entitled to the lien and benefit of this Indenture. Upon the 21- 5769q  In addition, in the , event the Original Purchaser is not the owner of 100% of the aggregate principal amount of Bonds Outstanding, the Trustee also shall mail a copy of such notice by registered or certified mail or overnight delivery service for receipt not less than thirty ( 30) days before such redemption date to the following: The Depository Trust Company, 711 Stewart Avenue, GardeIf City, New York 11530, Attention: Call Notification; Midwest Securities Trust Company, Capital Call Notification, Structures - 440 South LaSalle Street, Chicago, Illinois 60605; Philadelphia Depository Trust Company, Reorganization Division, 1900 Market Street, Philadelphia, Pennsylvania 19l03, Attention: Bond Department; Kenny Information Systems, 55 Broad Street, New York, York New 10004; Moody' s Investor Services Inc., Attention: Bonds Section, Call 99 Church Street, New York, New York 10007; Financial Information, Inc., Attention: Called Bond Service Edition, 30 Montgomery Street, Jersey City, New Jersey 07302; and Standard and Poor' s Called Bonds Section, 25 Broadway, New York, New York 10004; provided, however, that such mailing shall not be a condition precedent to such redemption and failure so to mail any such notice shall not affect the validity of any proceedings for the redemption of Bonds. Section 3. 03. Redemption Payments. Prior to the date fixed forredemption, funds shall be deposited with Trustee to pay, and Trustee is hereby authorized and directed to apply such funds to the payment of, the Bonds or port ions thereof called, together with accrued interest thereon to the redemption date and any required premium. Upon the giving of notice for redemption in accordance with Section 3. 02 hereof, the Bonds or portions thereof called for redemption shall become due and payable on the redemption date at the redemption price and ( if the moneys necessary to effect such redemption are on deposit with the Trustee and available therefor) shall cease to bear interest from and after the redemption date; suchand Bonds or portions thereof shall cease from and the after redemption date to be entitled to any benefit or security under this Indenture, and the Owners thereof shall have no rights in respect of such Bonds or portions thereof except the right to receive payment of the redemption price thereof and interest accrued to the redemption date. If any Bond or portion thereof called for redemption shall not be paid at the redemption date or upon surrender thereof for redemption, whichever is the latter to occur, such Bond shall continue to bear interest until paid. Section 3. 04. Cancellation. All Bonds which have been redeemed shall not be reissued but shall be canceled and cremated or otherwise destroyed by Trustee in accordance with Section 2. 09 hereof. 25- 5769q  ARTICLE IV GENERAL COVENANTS Section 4. 01. Payment of Principal, if Any, Premium, and Interest; Limited Obliqation. Issuer that covenants it will promptly pay the principal of and premium, if any, and interest on every Bond issued under this Indenture at the place, on the dates and in the manner provided herein and in said Bonds according to the true intent and meaning thereof, but solely from the amounts pledged therefor which are from time to time held by Trustee in the Bond Fund. The principal of and premium, if any, and interest on the Bonds are payable solely from the amounts to be paid under the Agreement and otherwise as provided herein and in the Agreement, which amounts are hereby specifically pledged to the payment thereof in the manner and to the extent herein specified, and nothing in the Bonds or in this Indenture shall be construed as pledging any other funds or assets of Issuer. Neither the State nor Issuer nor any political subdivision of the State shall in any event be liable for the payment of the principal of, premium, if any, or interest on any of the Bonds or for the performance of any pledge, obligation or agreement undertaken by Issuer except to the extent that moneys pledged herein are sufficient therefor. The Bonds shall general obligations of Issuer but not be limited obligations solely from the amounts payable payable under the Agreement ( except to the extent paid out of moneys attributable to the proceeds derived from the sale of the Bonds or to income from the temporary investment thereof and, under certain circumstances, to proceeds from insurance and condemnation awards) and shall be a valid claim of the respective owners thereof only against the Bond Fund and other moneys held by Trustee and the amounts payable under the Agreement ( except for amounts payable to Issuer under Section 4. 2( c), 7. 2 and 8. 4 of the Agreement), which amounts except for amounts payable to Issuer under Sections 4. 2( c), 7. 2 and 8. 4 of the Agreement) are hereby pledged, assigned and otherwise secured for the equal and ratable payment of the Bonds and shall be used for no other purpose than to pay the principal of and premium, if any, and interest on the Bonds, except as may be otherwise expressly authorized in this Indenture. Neither Issuer, the State nor any other political subdivision of the State shall be obligated to pay the principal of such Bonds or the interest thereon or other costs incident thereto except from the money pledged therefor. Neither the faith and credit nor the taxing power of Issuer, the State nor any political subdivision of the 27- 5769q  ARTICLE V REVENUES AND FUNDS Section 5. 01. Source of Payment of Bonds. The payments provided in Section 4. 2 of the Agreement are to be remitted directly to Trustee for the account of Issuer and deposited in the Bond Fund. Such payments, sufficient in amount to insure the prompt payment of the principal of and premium, if any, and interest on the Bonds, are pledged to such payment. Section 5. 02. Creation Bond Fund. of There is hereby created by