RES 94044 - Laserfiche WebLink

been made pursuant to Article IX of the Trust Agreement), the City will not, under any circumstances, discontinue, abate or suspend any Installment Payments or any interest thereon required to be made by it under this Section 3.01 when due, whether or not the Enterprise or any part thereof is operating or operable or has been completed, or whether or not the Enterprise is condemned, damaged, destroyed or seized or its use is suspended, interfered with, reduced or curtailed or terminated in whole or in part, and such payments shall not be subject to reduction whether by offset, counterclaim, defense, recoupment, abatement, suspension, deferment or otherwise and shall not be conditional upon the performance or nonperformance by any party of any agreement or covenant contained herein for any cause whatsoever. Section 3.02. Interest on the Installment Payments. The Installment Payments shall bear interest from the date of the Bonds until the payment of the principal thereof and the prepayment premiums, if any, thereon, shall have been made or provided for in accordance with the provisions of Section 9.01 of the Trust Agreement, whether at maturity, upon prepayment or otherwise. Interest accrued on the Installment Payments from the date of the Bonds and from each Interest Payment Date to, but not including, the next succeeding Interest Payment Date shall be paid on each such succeeding Interest Payment Date and shall be computed on the basis of a year of 360 days and twelve 30-day months. Section 3.03. Establishment of Accounts. The funds and accounts, and flows of funds, set forth in this Article III are hereby established and shall control to the extent inconsistent with any other terms of this Installment Purchase Contract or the Trust Agreement. Section 3.04. Pledge of Net Revenues and Other Funds; Water Revenue Fund. (a) All of the Net Revenues and all money on deposit in the Water Revenue Fund are hereby irrevocably pledged to the punctual payment of Installment Payments and the interest thereon and the Net Revenues and such Water Revenue Fund shall not be used for any other purpose while any of the Bonds remain outstanding. This pledge shall constitute a first lien on the Net Revenues and on the Water Revenue Fund for the payment of the Installment Payments and interest thereon, and payments of Debt Service in accordance with the terms hereof and thereof. (b) All of the Revenues, together with any interest earned thereon, shall, so long as any Bonds shall be Outstanding under the Trust Agreement, be deposited with the Director of Finance as received by the City in the Revenue Fund, which fund the City hereby covenants and agrees to maintain with the Director of Finance so long as any Bonds shall be Outstanding under the Trust Agreement. The Water Revenue Fund may contain such 8 940670 i W.LA I