RES 94045A - Laserfiche WebLink

Repairable Components, have been appropriated to pay the total cost of such repair, replacement or improvement, the Trustee will disburse, pursuant to a written requisition of [he City, the Ne[ Proceeds related to the Repairable Components to the City in order for the City to cause the Repairable Components to be repaired, replaced or improved to at least the same good order, repair and condition as they were in prior to the damage or destruction, insofar as the same may be accomplished with said Net Proceeds, and the Trustee shall transfer any amounts indicated by the City in writing to be excess Net Proceeds relffied to the Repairable Components to the Payment Fund to be credited against the City's next Lease Payment If such certification is also, or alternatively, as the case may be, to the effect that repair, replacement or improvement of the Unrepairable Components is not economically feasible or in the best interest of the City, the Tns[ee will transfer the Net Proceeds related to the Unrepairable Components, along with the remaining amounts in the Payment Fund and Reserve Fund, along with such other legally available funds provided by the City, to the Redemption Account to be applied to the redemption of Bonds. B. Application of Proceeds of Condemnation Award (i) If any part of the Project is taken by eminent domain proceedings, the Net Proceeds therefrom shall be promptly deposited in the Insurance and Condemnation Fund. Within one hundred and twenty (120) days of such deposit the City shall certify in writing to the Trustee (a) as to whether such Project has been taken in whole or in part pursuant to such proceedings, (b) as to whether the remaining portion of such Project is still useful for the purposes originally intended, and (c) as to whether it desires that any available Net Proceeds, along with the remaining amounts in the Payment Fund and. Reserve Fund, along with such other legally available funds provided by the City, from such eminent domain proceedings be applied for repair or replacement of the Project and, if so, that sufficient funds, together with such Net Proceeds, have been appropriated to pay the total cost of such repair and replacement. If such certification is to the effect that such Project has been taken in whole pursuant to such eminent domain proceedings or has been taken in part to such extent that the remaining portion of such Project is no longer useful for the purposes originally intended, the Trustee shall transfer all of such Net Proceeds to the Redemption Account to be applied to the redemption of Bonds. If such certification is to the effect that such Project has been taken in part pursuant to such eminent domain proceedings and that the remaining portion of such Project is still useful for the purposes originally intended, the Trustee shall transfer such Net Proceeds to the Redemption Account to be applied to the redemption of Bonds; provided that, if such certification is also to the effect that the City desires that any available Net Proceeds be applied for repair or replacement of its Project, and that sufficient funds, together with such Ne[ Proceeds, have been appropriated to pay the total cost of such repair and replacement, the Trustee will disburse such Net Proceeds to the City in order for the City to cause the Project to be repaired, replaced or improved to at least the same good order, repair and condition as it was in prior to the eminent domain proceedings, insofaz as the same may be accomplished with said Net Proceeds, and the Trustee shall transfer any amounts indicated by the City in 9406901M.LAI