ERMU RES 21-10 - Laserfiche WebLink

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Outstanding Bonds upon request not later than the date required under the Undertaking (as defined in Section 18 hereof). (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 2021B 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 2021B 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 2021B 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 2021B 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. Electronic Signatures. The electronic signature of the President and Secretary,on behalf of the Commission, and the Mayor and City Clerk,on behalf of the City,to this resolution and to any certificate authorized to be executed hereunder shall be as valid as an original signature of such party and shall be effective to bind the Commission and the City, as applicable, thereto. For purposes hereof, (i) "electronic signature" means (a) a manually signed original signature that is then transmitted by electronic means or(b) a signature obtained through DocuSign or Adobe or a similarly digitally auditable signature gathering process; and (ii) "transmitted by electronic means" means sent in the form of a facsimile or sent via the internet as a portable document format ("pdf') or other replicating image attached to an electronic mail or internet message. Section 16. Defeasance. When any Series 2021B 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 2021B Bond shall cease, and such Series 2021B Bond shall no longer be deemed to be Outstanding under this Resolution. The obligations with respect to any Series 2021B 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 2021 B Bond 18 EL185-68-707442 v4