ERMU RES 16-8 - Laserfiche WebLink

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(h) They will faithfully and punctually perform all duties with respect to the Electric System required by the Constitution and laws of the State and this Resolution. Section 13. Project Account. 13.01. There is hereby established within the Electric Fund a Project Account, into which the Commission shall deposit the proceeds of the Series 2016A Bonds, net of amounts deposited in the Debt Service Account and the Reserve Account, as provided in Section 9 hereof Moneys on deposit in the Project Account may be disbursed by the Commission to pay costs of issuance of the Series 2016A Bonds and costs of the Project. Pending such disbursement, moneys on deposit in the Project Account may be invested in Government Obligations maturing or subject to redemption at the option of the holder thereof not later than the date on which such moneys are expected to be needed. Section 14. Amendments. The provisions of this Resolution shall constitute a contract between the City, the Commission and the Holders of the Outstanding Bonds and after the issuance of any of the Series 2016A Bonds, no change, variation or alteration of any kind in the provisions of this Resolution shall be made in any manner, except as herein provided, until such time as all of the Series 2016A Bonds and interest thereon have been paid in full. However, the Holders of a majority in principal amount of the Outstanding Bonds shall have the right to consent to, and approve the adoption of resolutions or other proceedings modifying or amending any of the terms or provisions contained in this Resolution, except that without the consent of 100% of the Holders of Outstanding Bonds this Resolution shall not be modified or amended in any manner that may adversely affect the rights of any Holders of the Outstanding Bonds or reduce the percentage of the number of Holders whose consent is required to effect a further modification. Section 15. Defeasance. When any Series 2016A Bond has been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the Holder of such Series 2016A Bond shall cease, and such Series 2016A Bond shall no longer be deemed to be Outstanding under this Resolution. The obligations with respect to any Series 2016A Bond which is due on any date may be discharged by depositing with the Registrar on or before that date a sum sufficient for the payment thereof in full; or, if any Series 2016A Bond should not be paid when due, it may nevertheless be discharged by depositing with the Registrar a sum sufficient for the payment thereof in full with interest accrued to the date of such deposit. The obligations with respect to any Series 2016A Bond which is subject to redemption according to its terms may also be discharged by depositing with the Registrar on or before that date an amount equal to the principal, interest and redemption premium, if any, which will then be due, provided that notice of such redemption has been duly given or provided for. The obligations with respect to any Series 2016A Bonds may also be discharged at any time, subject to the provisions of law now or hereafter authorizing and regulating such action, by depositing irrevocably in escrow, with the Registrar or any bank qualified by law as an escrow agent for this purpose, cash or Government Obligations which are authorized by law to be so deposited, bearing interest payable at such times and at such rates and maturing on such dates as shall be required to pay all principal, interest and redemption premiums to become due on the Series 2016A Bonds to their maturity or redemption date, provided that if any of such Series 2016A Bonds are to be redeemed, notice of redemption has been given or provided for, and provided 17 479938v3 JSB EL185-41