RES 94045A - Laserfiche WebLink

shall become due and payable on said redemption date, and, upon presentation and surrender thereof at the office or offices 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 [he 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 with respect to 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 with respect to such portion of Bonds shall continue to be payable until paid at [he same rates as they would have been payable had they no? been called for redemption. All moneys held by or on behalf of the Trustee for [he redemption of particular Bonds shall be held in trust for the account of the Owners of [he Bonds so to be redeemed for six (6) years. Subject to any applicable escheat laws, after six (6) years, the Trustee will pay over to the Authority the unclaimed money for the years to which such money applies, if any, and thereafter the Owners of such Bonds shall be entitled to payment on their Bonds only from the Authority and only from the amounts so paid to the Authority. ARTICLE V COVENANTS OF THE AUTHORITY Section 5.01. Compliance with Trust Agreement. The Authority will not suffer or permit any default by them to occur hereunder, but will faithfully comply with, keep, observe and perform all the agreements, conditions, covenants and terms hereof required to be complied with, kept, observed and performed by them. Section 5.02. Compliance with Installment Purchase Contract. The Authority will faithfully comply with, keep, observe and perform all the agreements, conditions, covenants and terms contained in the Installment Purchase Contract required [o be complied with, kept, observed and performed by [hem and will enforce the Installment Purchase Contract against the City in accordance with its terms. Section 5.03. Observance of Laws and Regulations. The Authority will faithfully comply with, keep, observe and perform all valid and lawful obligations or regulations now or hereafter imposed on them by contract, or prescribed by any law of the United States of America or of the State of California, or by any officer, board or commission havingjurisdiction or control, as a condition of the wntinued enjoyment of each and every franchise, right or privilege now owned or hereafter acquired by them, including their right to exist and carry on their respective businesses, to the end that such franchises, rights and privileges shall be maintained and preserved and shall not become abandoned, forfeited or in any manner impaired. Section 5.04. Other Liens. The Authority shall cause the City to covenant to keep the Enterprises and all parts thereof free fromjudgments and materialmen's and mechanics' liens and free from all claims, demands, encumbrances and other liens of whatever nature or character, and free from any claim or liability which inay hamper the City in conducting its business or utilizing the 21 9406701Z.LA1