Ordinance 2557-01 - Laserfiche WebLink

redeem Outstanding Bonds in accordance with any optional or mandatory redemption provisions (including payment of all Bank Bonds). Section 5.02. Use of Money in Bond Fund and Money Drawn Under Credit Facility. Money in the Bond Fund shall be used solely for the payment of the principal of, premium, if any, and interest on Bonds as the same shall become due and payable at maturity, upon redemption or otherwise. Funds for the payment of the principal of, premium, if any, and interest on the Bonds shall be derived first from money drawn by the Registrar under the Credit Facility for the payment of the principal of or interest on the Bonds, and second from legally available City funds. The Credit Facility shall be the obligation of the Bank to pay to the Registrar, in accordance with the terms thereof, such amounts as shall be specified therein and available to be drawn thereunder for the timely payment of the principal of and interest on the Bonds (whether at their stated maturity, or upon redemption or otherwise), and, if the Credit Facility so permits, premium, and portions of the Purchase Price of Bonds corresponding to principal and interest thereon pursuant to Section 4.03(b), required to be made pursuant to, and in accordance with, the provisions of this ordinance. Money drawn under the Credit Facility by the Registrar shall be held by the Registrar separate and apart, as provided in Section 4.04, and shall not be commingled with any City funds. Such money shall not be re-invested. The Credit Facility shall be reduced to the extent of any drawings thereunder and reinstated in accordance with the terms thereof The Letter of Credit delivered on the Closing Date shall terminate on December 1, 2006, or earlier upon the occurrence of one of the events resulting in early termination specified therein or later if extended as provided in the Reimbursement Agreement and Letter of Credit or by agreement between the City and the Bank. -43- P\CMW\CMW4ZL 11/20/01