This page uses extracted PDF text. Text can misread numbers, dates or table columns. Check the PDF before quoting or interpreting it. Redacted areas remain redacted.
Thereupon, and subject to the provisions of the Indenture if applicable,
(1) the Trustee shall release the Indenture (except for those certain provisions surviving by
reason of the Indenture in the event the Bonds are deemed paid and discharged pursuant to the provisions
described under the caption “Payment and Discharge of Bonds” below), and shall execute and deliver to
the Issuer any instruments or documents in writing as shall be requisite to evidence that release and
discharge or as reasonably may be requested by the Issuer, and
(2) the Trustee and any other Paying Agents shall assign and deliver to the Issuer any property
subject at the time to the lien of the Indenture which then may be in their possession, except amounts in the
Bond Fund required (i) to be paid to the Borrower as provided under the caption “Repayment to the
Borrower from the Bond Fund” above, or (ii) to be held by the Trustee and the Paying Agents as provided
under the caption “Rebate Fund” above or otherwise for the payment of Bond Debt Service Charges.
Payment and Discharge of Bonds
All or any part of the Bonds shall be deemed to have been paid and discharged within the meaning
of the Indenture, including without limitation, those provisions described under the caption “Release of
Indenture” above, if:
(a) the Trustee, as paying agent, and the Paying Agents shall have received, in trust
for and irrevocably committed thereto, sufficient money, or
(b) the Trustee shall have received, in trust for and irrevocably committed thereto,
noncallable direct obligations of or obligations guaranteed as to full and timely payment by the
United States of America which are certified by an Independent public accounting firm or such
other firm experienced with such certifications of national reputation to be of such maturities or
redemption dates and interest payment dates, and to bear such interest, as will be sufficient together
with any money to which reference is made in subparagraph (a) above, without further investment
or reinvestment of either the principal amount thereof or the interest earnings therefrom (which
earnings are to be held likewise in trust and so irrevocably committed, except as provided in the
Indenture), for the payment of all Bond Debt Service Charges on those Bonds at their maturity.
Any money held by the Trustee in accordance with the provisions described under this caption may
be invested by the Trustee only in noncallable direct obligations of or obligations guaranteed as to full and
timely payment by the United States of America having maturity dates, or having redemption dates which,
at the option of the holder of those obligations, shall be not later than the date or dates at which money will
be required for the purposes described above. To the extent that any income or interest earned by, or
increment to, the investments held as described under this caption is determined from time to time by the
Trustee to be in excess of the amount required to be held by the Trustee for the purposes described under
this caption, that income, interest or increment shall be transferred at the time of that determination in the
manner provided under the caption “Repayment to the Borrower from the Bond Fund” above for transfers
of amounts remaining in the Bond Fund.
If any Bonds shall be deemed paid and discharged pursuant to the provisions described under this
caption, then within 15 days after such Bonds are so deemed paid and discharged the Trustee shall cause a
written notice to be given to each Holder as shown on the Register on the date on which such Bonds are
deemed paid and discharged. Such notice shall state the numbers of the Bonds deemed paid and discharged
or state that all Bonds are deemed paid and discharged and shall set forth a description of the obligations
held pursuant to subparagraph (b) of the first paragraph under this caption.
C-12Jump to an indexed page (744 of 744)