Laserfiche WebLink
11.5. Nonpresentment. If any Bond shall not be <br />presented for payment when the principal thereof shall become <br />due, whether at maturity ar at the date fixed for the redemption <br />thereof or upon declaration as provided in this Ordinance, or <br />otherwise, and if moneys or Governmental Obligations shall at <br />such due date be held by the Trustee, or a Paying Agent therefor, <br />in trust for that purpose and sufficient and available to pay the <br />principal and the premium if any, of such Bond, together with all <br />interest due thereon to the due date thereof or to the date fixed <br />far redemption thereof, all liability of the City for such <br />payment shall forthwith cease, determine and be completely <br />discharged, and thereupon it shall be the duty of the Trustee, or <br />such Paying Agent, to hold said moneys or Governmental <br />Obligations, without liability to such Bondowner for interest <br />thereon, in trust for the benefit of the Owner of such Bond, who <br />thereafter shall be restricted exclusively to said moneys or <br />Governmental Obligations for any claim of whatever nature of his <br />part on or with respect to said Bond, including any claim for the <br />payment thereof. <br />• 11.6. Use of Trust Limited. Notwithstanding any <br />provision of any other section of this ordinance which may be <br />contrary to the provisions of this section, all moneys or <br />Governmental Obligations set aside and held in trust pursuant to <br />the provisions of Section 11.1.2 for the payment of Bonds <br />including interest and premium thereon, if any} shall be applied <br />to and used solely for the payment of the particular Bond <br />including interest and premium thereon, if any} with respect to <br />which such moneys and Governmental Obligations have been so set <br />aside in trust. <br />11.7. Amendment. Anything in Section 8 hereof to <br />the contrary notwithstanding, if moneys or Governmental <br />obligations have been deposited or set aside with the Trustee, or <br />a Paying Agent, pursuant to this section for the payment of Bonds <br />and such Bonds shall be deemed to have been paid and be no longer <br />outstanding hereunder as provided in this section, but such Bonds <br />shall not have in fact been actually paid in full, nv amendment <br />to the provisions of this section shall be made without the <br />consent of the owner of each Bond affected thereby. <br />Page 64 - Ordinance <br />