5.3. SR 02-06-2006 - Laserfiche WebLink

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the date on which such moneys are expected to be needed. Investment earnings on moneys in the Construction Account shall be credited to the Construction Account and used to pay costs of the Project. Any remaining balance in the Construction Account upon completion of the Project may be used to pay additional capital costs of the Electric System, may be transferred to the Repair and Replacement Account, or may be used for any other lawful purpose. 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 2006A 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 2006A Bonds and interest thereon have been paid in full. However, the Holders of a maj ority 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 one hundred percent 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 Bond has been discharged as provided in this section, all pledges, covenants and other rights granted by this Resolution to the Holder of such Bond shall cease, and such Bond shall no longer be deemed to be Outstanding under this Resolution. The obligations with respect to any 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 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 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 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 Bonds to their maturity or redemption date, provided that if any of such Bonds are to be redeemed, notice of redemption has been given or provided for, and provided that such defeasance shall not impair the exemption of interest on any Bonds from federal income taxation. Section 16. Compliance With Reimbursement Bond Regulations. The provisions of this section are intended to establish and provide for the Commission's compliance with United States Treasury Regulations Section 1.150-2 (the "Reimbursement Regulations") applicable to the "reimbursement proceeds" of the Series 2006A Bonds, being those portions thereof which will be used by the Commission to reimburse itself for any expenditure which the Commission paid or will have paid prior to the Closing Date (a "Reimbursement Expenditure"). 1861915vl 25