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2023-004
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Last modified
2/10/2023 3:19:54 PM
Creation date
2/10/2023 3:13:36 PM
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Resolutions
Resolution Number
2023-004
Approved Date
01/31/2023
Agenda Item Number
8.N.
Resolution Type
General Obligation Bond
Subject
General Obligation Bonds issuance $50,000,000 to finance cost of acquiring
& preserving environmentally sensitive lands
Document Relationships
2024-023
(Cover Page)
Path:
\Resolutions\2020's\2024
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SECOND: to the payment to the Persons entitled thereto of the unpaid <br />principal of any of the Bonds which shall have become due at maturity in the order <br />of their due dates, with interest upon such Bonds from the respective dates upon <br />which they became due, and, if the amount available shall not be sufficient to pay <br />in full Bonds due on any particular date, together with such interest, then to the <br />payment first of such interest, ratably according to the amount of such interest due <br />on such date, and then to the payment of such principal, ratably according to the <br />amount of such principal due on such date, to the Persons entitled thereto without <br />any discrimination or preference. <br />(2) If the principal of all the Bonds shall have become due and payable, all such <br />moneys shall be applied first, to payment of any unfunded rebatable arbitrage, and second, <br />to the payment of the principal and interest then due and unpaid upon the Bonds, with <br />interest thereon as aforesaid, without preference or priority of principal over interest or of <br />interest over principal, or of any installment of interest over any other installment of <br />interest, or of any Bond over any other Bond, ratably, according to the amounts due <br />respectively for principal and interest, to the Persons entitled thereto without any <br />discrimination or preference. <br />SECTION 6.07. CONTROL BY CREDIT FACILITY PROVIDER. To the extent <br />a Credit Facility Provider makes any payment of principal of or interest on Bonds in accordance <br />with its Credit Facility, such Credit Facility Provider shall become subrogated to the rights of the <br />recipients of such payments in accordance with the terms of its Credit Facility. Upon the <br />occurrence and continuance of an Event of Default, a Credit Facility Provider of a Series of Bonds, <br />if such Credit Facility Provider shall not be in payment default under its Credit Facility, shall be <br />deemed to be the sole owner of such Bonds for purposes of (A) directing and controlling the <br />enforcement of all rights and remedies with respect to such Series of Bonds, including any waiver <br />of an Event of Default and removal of any trustee, and (B) exercising any voting right or privilege <br />or giving any consent or direction or taking any other action that the Holders of such Bonds are <br />entitled to take pursuant to this Article VI hereof. No provision expressly recognizing or granting <br />rights in or to a Credit Facility Provider shall be modified without the consent of such Credit <br />Facility Provider. A Credit Facility Provider's rights under this Section 6.07 shall be suspended <br />during any period in which such Credit Facility Provider is in default in its payment obligations <br />under its Credit Facility (except to the extent of amounts previously paid by such Credit Facility <br />Provider and due and owing to such Credit Facility Provider) and shall be of no force or effect if <br />its Credit Facility is no longer in effect or if the Credit Facility Provider asserts that its Credit <br />Facility is not in effect or if the Credit Facility Provider waives such rights in writing. The rights <br />granted to a Credit Facility Provider under this Section 6.07 are granted in consideration of such <br />Credit Facility Provider issuing its Credit Facility. The Issuer shall provide each Credit Facility <br />Provider immediate notice of any Event of Default described in Section 6.01(A) hereof and notice <br />of any other Event of Default occurring hereunder within five days of the occurrence thereof. Each <br />Credit Facility Provider of any Bonds hereunder shall be considered a third -party beneficiary to <br />this Resolution with respect to such Bonds. <br />[Remainder of page intentionally left blank] <br />32 <br />
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