ERMU RES 18-10 - Laserfiche WebLink

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(4) The disposition of any Bond proceeds during such Fiscal Year, and the amount of Outstanding Bonds at the end of each Fiscal Year. The Holders of the Outstanding Bonds shall have the right at all reasonable times to inspect the Electric System and the books, records, accounts and data relating thereto. The Commission agrees to furnish copies of such audit to any Holder who holds Outstanding Bonds upon request within ninety days after the close of each Fiscal Year. (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 2018A Bonds, plus available City funds, 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 2018A 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 2018A 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 2018A 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 2018A 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 2018A Bond shall cease, and such Series 2018A Bond shall no longer be deemed to be Outstanding under this Resolution. The obligations with respect to any Series 2018A 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 2018A 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 2018A 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 18 531773v2 JSB EL185-55