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A. A A— it any, ..<itiad by auboequo t -111011 of the Board .hell
<br />b drp.•lred into the Soft— 1991 Reserve Account in the Sinklna Fund.
<br />C. M ssowt to be apecifild by s,bmogw,t resolution of the board shall
<br />be Applied in eoreeetton vlth the retlrasent of Retired SOM, ae 'Pacified by
<br />subsequent r..oluttoo of the Board.
<br />D. The enure[ re. ssry to pay all Cwt. and,xepatmtant'
<br />cn a uaoolKed vith
<br />11-1.1 rapon., gbMisa end prom
<br />oj,<tt, least fat•, . f..., fen
<br />of ilonstal A&I.Ors, Printing expenses, pnmiuto am cnPonw related t
<br />Insuring— rating tha Sort.. 1993 BOM- aM all other ,leiter costo and ..pent..
<br />imarred in conessetton win sho I—at, If the Sertee 199} Bolls sad the
<br />retloos.nt of the Rating Bonds -Mil be paid or provided for.
<br />C The bNeme iasatafng error taking ell the dapostta and ..,sans
<br />prseibd ove to, AbAll M Inca the •Sarin 1993 conatmction Fund'
<br />ahieh 1• baby .reared end o,t•bllohed.
<br />Thetorwyo en deposit to the Serres 1993 canstm<etoo fund -heti be
<br />avn
<br />alther, used AM applied by the County, .. And M.. nor..•.ry, [Italy for the
<br />parmnt of o relhe a eb.'s— for tof the Sort— 1993 140J.1t, and
<br />gaspow Incidental Mo..; provided, hawse wh ralaburar»nss Wall only
<br />be far arpaMltoras ahilh an ....tiled to be r�labu... d under the Cods. If for
<br />arty swan Any —Y. in the Sort.. 1993 Lemerwtlan Fund ..e cot osc#.. ry foo
<br />cot ."Its4 to the payrnt o[ a retebur..mnr I., such -nate, then such
<br />ands
<br />-Mil M depo•/nd by the County Into the Ser1.. 199) SlNing F1uN And
<br />wed only to pay the p[imipsl If, proolw, 1f any, and interest on the But..
<br />1993 A.M. shish first Mcws due. Anything to the contrary conuined hetoin
<br />mbtthetaod[ry, the Sort.. 1991 Crnstmetfen Final .hell be and ce..dour.
<br />trust fund for the put..... provided hent. therefor -M shell be Pledged Fund..
<br />Tn the +sant of A default by the County Rn the pays.. of P-4.1 of or
<br />tn..nat oa the boMe, rnsy in the $art.. 1993 Mnetnctlon Fund shall be end
<br />to Andy turh default, but only to the .start that that# a.. no other [undo held
<br />amor the Nester BOM 6ao.1utlon svaliabls for ,wh pun ...
<br />Any rusya In ell Serfoa 1993 Coustrtion )bM Mich, In the .plot,, of
<br />the Canty, a<ttng upon the ncue
<br />ass moston of Wa Consu111.9 gnat...., a
<br />to not
<br />/wile..ly w<ex
<br />.ary for penditure, .. ho,rtnsove bprovided, nay be Invested
<br />In Avthor/.ed Itrva•Wnt. ow—LOS a wh rim or talo • will sake the
<br />proses thv... t available Man nsedad. +All IOU— dvrtvsd therehou hot be
<br />depeal..d Ince the Sortea 1991 Rebate Account to the extent required and the
<br />.Acus, 1[ any, Into the Sort.. 1993 Constrwcton fund.
<br />All esp.MI—.. or dfoWwrnta freo she Serie. 1991 C.n.Inctlon Fund
<br />atollbe md• only altar such •.psndit.r,, or dish ... e.ents shall have bean
<br />.pprrwd 1n v.itlnd by the Caunty and, Mazs applluDF+, by the tOnavlctng
<br />gogl_ re. The dere of w.ptetion of ..h ph... of each of the $art.. 1991
<br />hojmrt• shall be datenl..d by she Consulting Eogl nano, Mo Wll ee reify ouch
<br />fart. in -fore{ t. she board.
<br />$SC"ON 21. AISATE. Anything t she < .ary c [ulnad herein
<br />mtvltheisMing, the County Wall .t Iv -at aanwlly [ Dafor Inco the •Sextan
<br />199} pvbar. U-Mt.h is hr..by trvatad and ncabFt.h.d Eons the fund. all
<br />oust• under the Neter Bond Resolution and herauMer to Mich Income o
<br />1nv,sWnCA attributable to she Seri.. 1993 A.Ms hue been deposited eppl,".1.
<br />O. The Bond Insurer •hall be notified ProvVily -I -ny dery on the
<br />Reserve Account And of any delle/amy due to Dark., flucewtlons In the mount,
<br />if any, on deposit in she, "..— A.—I.
<br />N. In detemintng Whether an event of default her occurred na effect
<br />shall be glva, to PAY.— cod• by the good Incur -t. No remdisl Action shall
<br />be taken v/Wout shete.nt of W Som Too— AM the boll insurer, ..ting
<br />aloin. atoll have she right to direct emsdil. upon dofault.
<br />3, Rowdin .hell be <uaulsttes rich rePtec
<br />dhto the Paying AAent, th-
<br />bonolden .M We MM Insurer. In e v any remdl.. Pursued under the
<br />Ram•d lution are diseentlewor abandoned, the an Agent, the Bondholder. and
<br />the gam 1-1 atoll Usteatorad to net, form, positions.
<br />J. The prior wittah cons-nt of the SIM Insurer -hell be ,.q.l d for
<br />.try vaivor of a default.
<br />A. TM County -hell provide We following lnforsatlon to the MM
<br />m
<br />Ier.r,
<br />(I) A copy of ..W of the Annually audited flrumt.l teport•
<br />of the County;
<br />(if) A copy of the County- upcoalng year'- budget;
<br />(tit) Upon the Joe— of additional debt, •hethe, or not It
<br />leA parity wish We bond copy of the officl-1 statement or
<br />other di,olosur, doewant, it any, almulAted to <omactton vith
<br />•cab }..—.; AM
<br />(I,) DO an .mull best.. the tottering infow"ll:
<br />(•1 *,*be, of $yt., Moore 0, of the and of etch
<br />.r.. Year;
<br />or (b) UltbdravN of any System caw co-pr(-lrg 41
<br />nwnu�of the 3r• ..... ..I.. (Dor.a to I- or
<br />declare) aloe, the lase reporting data vd
<br />(e) My eTTO.nt plant a -P ...
<br />[.1 or
<br />r.tlrwntA PlAmed or In pro$.. v,
<br />L. no Boyd Insure, shall be at...pt
<br />pn,pt notice of any edeapslon,
<br />other than Dand.Iory -inktus fund tedaptlon, o[ any A -M-. suthmils- t
<br />(mlodr the pxlmig•1 -...rete, Us— it.. AM c _ _bar, of the $.Me to be
<br />ndeerd.
<br />M. The boll lmur.Y Wall be at... inedible write of any Poyaant
<br />default win rox, to the Mme and any other dvfauit k—n the county a
<br />the ?,,I" Agent (all the Paying Agent Is itsbY authortaed to At,. the Bond
<br />I..u..r mile, of any default Inco to the Paylog Agent).
<br />N. TM MM twu..r •hall be provided with A full ts.—rlpt of ell
<br />my resolution aaDaMing to or ouPplemnting tsuration of his Been utlonlesont o this Rreoiution as of
<br />.,Ate ..fticfont to pay to the Unitw star*• of America all —to due with
<br />,aspect to the Sodas 1991 gone. v Us the pY.vtslow of Seaton 146 (f) of the
<br />cad+r.. The Darning. thaon the Ss.tu 3991 On_Robes. As.—I bell be Addad to .m
<br />1. be Best.. 1993 Rob
<br />Aecavnt aTA71too7 b+..rdIgolto.hetthe<wun[+due to+thr .suit ed State+ a(—' is
<br />aMsr ..id Section of the Code vtth 1= to the Retire 1991 I.M. ++ W
<br />shall bet..* due and payable. it 11 the Intent of thin pm..g„ph to provide for
<br />pay..nt o[ a71 -enure +due uMaT sold sntMn of W Ced+ vith toepwt to the
<br />S.ft.. 3993 Sand+. In such insulls+nts and at ouch tlra as my be regal.+d by
<br />.std Section or the code. In Ibe • n of any oaaMs+nt to the Code or the
<br />prowl Becton of [egul•clrne uM-r the Code Mlch O,.vld. or raqutr- -[hent.-
<br />then n Presided or ngvind in this parageayh, This Paragraph shell M d.. -A
<br />e be assMed to Wrnponta u.h MaeI, Ugul.tt.., a the
<br />.,Plttabl., end any provAtions M...f Mlch confllc, vIth the pxovl•lo.. than-[
<br />,hall be doomed to be null all void.
<br />SECTION 22. SAIL Of INS SM11S, 1993 BONDS. The Sortea1991 Banda my be
<br />wtd At pubil, or prtr.Y# ..le punwnt to Me Act, aI, at.
<br />tiee or iter 'Ver
<br />to rise... -halt be provided by nub,, ..t resolution of the Board.
<br />SECTION 23. SPECIAL COO£ WM, So Ion& as there to - SOM I ... m-, the
<br />Caunty cov to to caaPlr .411, no foFiovina Orov{-ions and U- Registered
<br />an -..of the Bond.. by that, -cosptam- or ouch Bond•. .hall be dewd t.
<br />con..nt to the fo11.0n, po-Woru;
<br />A. Th• county +hall provide We Bond Insuzn wt1h tush Witlwl
<br />Int r... tlon a. la ....onsbly r.,—.r.4 by the SOM Insurer frac tlr so itm.
<br />B. Any oot(ce or Infoneatlon r.qutrad to be furnished t the bond
<br />Insurer erred.. the Pa.olutlon ah 11 coer
<br />l Res •ddn+nd .. .. ns
<br />toll-, ..reia Notice of
<br />,hung. of aMr..a he11 hew been given by the poll I ... tor to the County:
<br />Flnsmlel
<br />due ... ty ...Tam. c-epeny.
<br />115 Sroadvay
<br />Naw York, Pe. York 10038,
<br />Attention: Pnrldenc.
<br />C. Tfie bond Scourer atoll be dermd A party to tn..... r under We
<br />Reeol.tton.
<br />0, upon
<br />upon th...< rooms or A default ehirh-old V4.re the Mm lea -r-1
<br />to Ask' PayS•nta M"rthe gond Polley, the BOM Insurer AM its
<br />designs ted agent +hall be provided atth scam to the regt,i—ian book• of the
<br />tennty, Datntateed by the bond Registrar.
<br />E. No rolignstton o vat of the Paying Agent and/or the Mm
<br />Dealer— she11 Mew +f actio. until a me ....r ba- be,, ap"Imad -m has
<br />ccapred the duties of Paying Agent and/or the good Ragt+uar. rhe SOM I ... tar
<br />shell be fumt.h.d vIth written moll. of he ..elgnstlon o caval of the
<br />paying Agent all/or the Bond R+giatx.r all W. aupp.t.Wnt of any awes or
<br />We..to. MY su or PAy[ng Agant suet hese < blued capital, surptweem
<br />undivided profits of at 1•a.t $50 Hillis., wlnt the Boll iruurar +hell
<br />othenlaa approve.
<br />P. nl• I...lutlon shall not be wMod althout the prior •rltnn
<br />consent o[ the Bend Inuurer.
<br />1.11
<br />tong • tor+ I. Bond I.or... •...virion for pay— aM•r
<br />Section Yd hereof shall be eonsld...4 .. having Mtn Dade only It the [oiloving
<br />are used to effort defoa,,ma, enter, the MM Insurer •hall oth,mt*, opposes:
<br />(1) ...h;
<br />(2) Federal beeurittte;
<br />(3)avtdrme• of o- ship of a propoetl... to interest In •p,,Ift,
<br />Federal B.......:1 Mich Federal 3 ... titier are held by a bank at
<br />sot ... P.uy o,g.ntred all --foting ..mer eha lay. of the Unit•d
<br />-
<br />State, of Morita or any t:thereof In chs e•p.cltY of Cuetodl an;
<br />(4) the I.[.cert cospanert of obligations I .... I by be R ... lutlon
<br />Nodin. COMP. the, have been stripped by request lade co the Federal
<br />A ... rve, bads of N.. York •M held w bosk•..sry ton on the xano.de
<br />of the F•de of a.,.— Bank;
<br />(5) o�bti lhutons of dsrate orDT SnMad mtPosx`tp'l bondataiparattan ..era `t.
<br />r
<br />I—*).
<br />or •Asa• o 'mea" by NOISY lnv.ator• Rervla,
<br />lacca. or is . • r (•NapdY•o•). and fM provleft. for the
<br />Payment of the primipal or am I ...... t on vetch •hall have be+n
<br />ted. bydeposit vtth • Ag• of (t) cash, (ll)
<br />Pad ...
<br />I s1lurltter or (ill) obligatlau of star, or Ural gry
<br />rolumpat boll Wwra rated •Am• by SBP or •Ana• or -masa- by
<br />Moody`•; or
<br />(b) any .oebtmtt.. of the fr..6.tog.
<br />"in the event
<br />of any advance refunding of BOM., the Bond for.n
<br />r
<br />.hall be provided .IthA report of en lndtp+Mant certified pubs to M a Uoo
<br />_,"I'll
<br />that the funds to be on deposit for ma— of the good, ba to& refunded
<br />.111 be aIffiri.,t to pay the p,lnolp.l of AM lot....[ on the refunded "Me
<br />vpon •rated a tI1ttfoa, conch r, red..ptlon prior to mturlty -r optt,nal
<br />r.de..tton erw
<br />prla, to .3ty, m the... Day be.
<br />DICTION 34. DEFBASANC6, It at any tim the County WQI hav, paid, or
<br />shalt hese wad. provteton Far p-ymnt of, the pvinoipaf. tntorett am presttrs,
<br />ifany, vlth ..apse tAny of th
<br />e "Me or Any .art,. thereof, then, AM In that
<br />the pl.'S. of and Ilan on We Pledged Nods In favor of the Ra&1•arad
<br />Dawrs o9 eu.h 1,Ms or of such nut.., .. siva .... say be, shell M m Ion &..
<br />In effort. For purpose. Of the p.... din' ..resume, the d -Posit of Federal
<br />uYl[lae or be nk attifleata• f dapoait [u1tY ae ...6 a r Pr/mlpAi .M
<br />..term. by red let
<br />SanurtYW to, We deposit oft any ether a wie..s e
<br />Invent..rete vht<h my be au,hooired by Fav fool ria. to thea am evi[iclmt utvNr
<br />uth lav to •[[ret eueh • dafo...Or in Ir o....hls trust vlth • MNiing
<br />I.$tltutlou or Crust <eap•ny, fol the ao.. b... fit of the m&fote[.d nuns. of
<br />wh ..Me at rush ...lea, Up she .ter Day ba, the Principal of and Cos. at a
<br />Mich vlil be suflleteM to pal, M -n Me, [M prim 1p,l, intense all p,..lum,r
<br />If Any, o such BOMI or A. cal.., a .I'l-.%b%. •hell M .onside..0
<br />•Provtsiennior paYmnt-. Nothing In this a..tinn .hail be d..mdt. ..quit. the
<br />County to all any of the outstanding AIM. or any -I.. them' fo, led•aptlan
<br />prior to got,, try pursuant to any appli<W1e optloml tod,aptlon ptavleloDa, o
<br />to Ia..ir the discretion of the County to dat.nim's vheRMt to annus any
<br />rush option for early ..damption.
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