RES 94045A - Laserfiche WebLink

specified in said notice, said Bonds shall be paid at the unpaid principal amount and premium, if any, with respect thereto, plus any unpaid and accrued interest to said redemption date. If, on said redemption date, moneys sufficient for the redemption of all the Bonds to be redeemed, together with interest to said redemption date shall be held by the Trustee so as to be available therefor on such redemption date, and, if notice of redemption thereof shall have been given as aforesaid, then, from and after said redemption date, interest on the portion of Bonds to be redeemed shall cease to accrue and become payable. If said moneys shall not be so available on said redemption date, interest on such portion of Bonds shall continue to be payable until paid at the same rates as they would have been payable had they not been called for redemption. All moneys held by or on behalf of the Trustee for the :edemption of particulaz Bonds shall be held in trust for the account of the Owners of the Bonds so to be redeemed for six (~ years. Subject to any applicable escheat laws, after six (6) years, the Trustee will pay over to the Authority the unclaimed money, if any, and thereafter the Owners of such Bonds shall be entitled to payment on their Bonds only from the amounts so paid to the Authority. Section S16. Partial Redemption of Bond. Upon surrender of any Bond redeemed in part only; the Trustee shall execute, and deliver to the Owner thereof, at the expense of the Authority, a new Bond or Bonds (one of which may be in an Irregular Denomination) in an amount equal in aggregate principal amount to the unredeemed portion of the Bond surrendered and of the same interest rate and the same principal Payment Date. Such partial redemption shall be valid upon payment of the amount thereby required to be paid to such Owner, and the Authority and the Trustee shall be released and discharged from all liability to the extent of such payment irrespective of whether an endorsement shall or shall not have been made upon the reverse of such Bond by such Owner and ircespective of any error or omission in such endorsement. ARTICLE VI COVENANTS; LIMITATION OF LIABILITY; ASSIGNMENT Section 601. Authority to Perform Lease Agreement. The Authority covenants and agreeswith the Owners of the Bonds, to perform all obligations and duties imposed on it under the Lease Agreement and to enforce the Lease Agreement against the City in accordance with its terms. SeMion 602. Assignment by Authority. The Authority hereby assigns to the Trustee, for the benefit of the Owners of the Bonds, all of the Authority's rights and remedies under the Lease Agreement, including its rights to receive Lease Payments under the Lease Agreement, except certain rights to 29 94n69nIM.lA1