1986-035 - Laserfiche WebLink

Home Browse Search

~ 'Issuer of direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States of America, none of which shall be redeemable prior to maturity at the option of the obligor (collectively, the "Federal Securities"), or bank certificates of deposit fully secured as to principal and interest by Federal Securities (or deposit of any other securities or investments which may be authorized by law from time to time and sufficient under such law to effect such a defeasance) in irrevocable trust with a banking institution or trust company, for the sole benefit of the holders of the Bonds, in an aggregate principal amount which, together with interest to accrue thereon, will be sufficient to make timely payment of the principal of and redemption premiums, if any, and interest on the Bonds in accordance with their terms, the paying agents' fees and expenses with respect thereto and any other expenses occasioned by escrow arrangements or provision for redemption, shall be considered "provision for payment". Nothing herein shall be deemed to require the Issuer to call any of the outstanding Bonds for redemption prior to maturity pursuant to any applicable optional redemption provisions, or to impair the discretion of the Issuer in determining whether to exercise any such option for early redemption, except that if any of the Bonds shall be held by the Goverment, the Corals so he Id by the Government sha I 1 be ca I I ed for redempt 1 on as a whole within a period not exceeding 6 months from the date of such deposit unless the Goverrment shall agree otherwise in writing. Notwithstanding the above, any Bonds held by the Government shall he defeased only with the prior written approval of the Government. 4.05 Bond Anticipation Notes Conteal-lated. In accordance with requirements of the Goverrment, the Issuer anticipates that it will be required to incur interim indebtedness with respect to the Project amyl anticipates that