RES 94044 - Laserfiche WebLink

is possessed of full power to own and hold real and personal property and to lease and sell the same; and has duly authorized the execution and delivery of all of the aforesaid agreements. (b) The Authority will not pledge or encumber the Installment Payments or other amounts derived from its other rights under the Installment Purchase Contract, except as provided under the terms of the Trust Agreement. (c) Neither the execution and delivery of the Installment Purchase Contract, the Conveyance Agreement or the Trust Agreement, nor the fulfillment cf or compliance with the terms and conditions hereof or thereof, nor the consummation of the trm'mactions contemplated hereby or thereby, conflicts with or results in a breach of the terms, conditions or provisions of any restriction or any agreement or instrument to which the Authority is now a party or by which the Authority is bound, or constitutes a default under either of the foregoing, or results in the creation or imposition of any lien, charge or encumbrance whatsoever upon any of the property or assets of the Authority. (d) Except as provided in the Installment Purchase Contract and in the Trust Agreement, the Authority will not assign the Installment Purchase Contract or its right to receive Installment Payments from the City, or its duties and obligations under the Installment Purchase Contract to any other person, firm or corporation. ARTICLE VI PREPAYMENT OF INSTALLMENT PAYMENTS Section 6.0 1. Prepayment. (a) The City may or shall, as the case may be, prepay on any date from the Net Proceeds of insurance or condemnation awards as provided herein all or any part, in integral multiples of $5,000, of the principal amount of the unpaid Installment Payments in the inverse order of the times they are due at a prepayment price equal to the sum of the principal amount prepaid plus accrued and unpaid interest thereon to the date of prepayment of the corresponding Bonds to be prepaid. (b) The Installment Payments shall not be subject to optional prepayment prior to May 1,200 . The Installment Payments shall be subject to optional prepayment in whole or in part in iy integral multiple of $5,000 (but not in a total prepayment amount of less than $20,000), on any Interest Payment Date on or after May 1,200__, from any available source of funds, at prepayment price equal to the principal amount of the Bonds to be prepaid from the proceeds of such prepayment pursuant to Section 4.01 (b) of the Trust Agreement, together with accrued interest thereon to the prepayment date of the corresponding Bonds to be prepaid, plus a prepayment premium calculated as set forth below: Prepayment Period Prepayment Premium 19 940670 1 W. LA 1