RES 67055 - Laserfiche WebLink

36 said improvements will be acquired, constructed and completed in a sound and economical manner and in conformity with law. S£CTION 5.13. Eminent Domain Proceeds. If ail or any.part of the Enter- prise shall be taken by eminent domain proceedings, the net proceeds realized by the City therefrom shall be deposited by the City with the Fiscal Agent and depos- ited by the Fiscal Agent ina special fund in trust and applied and disbursedJ~y the Fiscal Agent subject to the following conditions: (a) If such proceeds are sufficient to provide for the payraent of the entire amount of principal due or to become due upon all of the Bonds, together with all of the interest due or to become due thereon and any redemption premiums, so as to enable the City to retire all of the Bonds then outstanding, either by redemp- tion at the then current redemption prices or by payment at maturity or partly by redemption prior to maturity and partly by payment at maturity, the Fiscal Agent shall apply such moneys to such retirement and to the payment of such interest. The balance of such moneys, if any, shall be transferred to the City and shall be available for use by the City for any lawful purpose. (b) If such proceeds are insufficient to provide the moneys required for the purposes set forth in the foregoing subsection (a), the Council shall by resolution determine to apply such proceeds for one of the following purposes, subject to the conditions hereinafter in this subsection (b) set forth: (1) The City may determine to apply such proceeds to the purchase or redemption of Bonds then outstanding. If the Fiscal ~,gent is unable to purchase or r~deem Bonds in amounts sufficient to exhaust the moneys avail- able, the remainder of such moneys shall be held in trust by the Fiscal Agent and applied to the payment of the Bonds as the same become due by their terms, and, pending such application, such remaining moneys may be invested by the Fiscal Agent in the manner provided in Section 4.04 for the invest- ment of moneys, in the Reserve Account. (2) The City may determine to apply such proceeds to the cost of addi- tions or improvements to the Enterprise if (A) the City first secures and files with the Fiscal Agent a report of a qualified independent engineer showing (i) the loss in annual Revenues, if any, suffered~:~ to be suffered, by the City by reason of such eminent domain proceedings, (ii) a general descrip- tion of the additions or improvements then proposed to be acquired by the City from such proceeds, and (iii) an estimate of the additional Revenues to be derived from such additions or improvements; and (B) the Fiscal Agent, on the basis of such engineer's report, determines that such additional Revenues will sufficiently offset the loss of Revenues resulting from such emi- nent domain proceedings so that the ability of the City to meet its obligations hereunder will not be substantially impaired. Such determination by the Fiscal Agent shall be final and conclusive. The City shall then promptly pro- ceed with the construction of the additions or improvements substantially in