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1983-102
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1983-102
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Last modified
3/28/2023 3:08:25 PM
Creation date
3/28/2023 3:04:57 PM
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Resolutions
Resolution Number
1983-102
Approved Date
10/19/1983
Subject
Providing for the financing of the acquition construction & equipment of a
120 Bed Nursing Home Facility located on 37th Street, Providing for Industrial
Development Revenue Bonds (Florida Health Facilities Project)
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ART ICLE V <br />C.:OLLEC'rION AND APl?LICi\TION OF Pl\'r.-\ENTS <br />AND RC:VC:NUES OF 'rim PROJ!~CT; <br />OOND FUND; REDE:-IP'rION ACCOUNT; <br />INVESTMENT OF FUND S <br />Section 5.1 Bond Fund. There is hereby established <br />a special trust fu nd, desigr,ated the "Dond Fund," which sha ll be <br />held in trust by the Trustee. The money in the Bond Fund shall <br />be applied solely to the payment of tr! principal of redemption <br />pr~1niurn, if any, and int erest on the Bonds , and expenses i nciden t <br />to the payment or redemption of Bonds, and to pay Administ ration <br />Expenses. The Bond Fund shall be mai ntai ned until the principal <br />of, redemption premi um , if any, and interest o n the Bonds shall <br />have been paid in full. There shall be deposited in the Bond <br />Fund (l} al l Loan Paymen ts r-equir ed by subdivisions (i), (ii} <br />(iii) and (iv} of subsection (a) of Section 4.2 of the Loan <br />A~reement; (2) all money required to be deposited in the Bond <br />Fund. pursuant to any o ther provision of the Loan /\greement or of <br />th is Indenture . <br />A Red~nption Account is hereby established in the 0ond <br />Fund. The Trustee shall deposit i n the 0ond Fund and credit to <br />the Redeillption Account an y mon ey recalved from the Borrower and <br />desi;3na ted oy the Issu er for Jeposit therein «nd any othe r mo ney <br />required to be d eposited therein by the terms of th e Loan <br />A·,:1ree:nent or this Indenture. Money so deposited into the <br />ReJemption ,\ccount sha ll be appli erl as follows: (1) Eor the i:,ur- <br />pose of paying debt service on the Bond s, when Jue, whenever the <br />'I'r;Jstee determines that o ther money held int.he Dond Pund shall <br />be insufficient for such purpose: {2) upo n receipt of a di rective <br />from an Authorized Dorrower Rep resenta tive, the Trustee shall use <br />its best efforts to purchase i3onds a t the mos t advanta ']eous p rice <br />obtainabl e with reasonabl e diligenc e, such price not to exceed <br />the applicable Redempt ion Price (which wo uld be payable on the <br />next possible Redemption Date) plus acci:ueJ interest to the ,late <br />of d elivery of the 13onds to the 'l'rustee: and ( J) for redemption <br />uf Bonds as otherwi se required by this Indenture. ~,e Trustee <br />shall pay the int13r e st accrued on such Bonds to the:! ,la te of deli - <br />ve ry ther~of from the l:lonu Fund ~n<l the purchase or recJcinption <br />pz:•ice fruin ino11e y i.n the R~:Jempti on Account, hut no such pu rchc1se <br />or i:-e <.lt.!inpt ion sha ll bP. made by the 'l'rustc c with i n the pei:-iocl of <br />60 duys next preceding uny principal or inte r ~st payment da te on <br />such 13o nds. <br />In conn~c tion ·,1i th the purch<\!:ic of !:lands, the '!'rustee <br />ma y ne':]O t ia te or ar r.:inge for such pur.clli.ise in suc.:h 1n,1n:-wr ( throllCJh <br />-40 -
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