80-26
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EXHIBIT II A II
GUARANTY AGREEMENT
THIS GUARANTY AGREEMENT, dated as of the , day of
, 1990, is by and between the City of-crear~ater,
Flor1da, a municipal corporation duly organized and existing
under the laws of the State of Florida (herein called "City"),
PACT, Inc., a corporation not-for-profit organized and existing
under the laws of the State of Florida (herein called "PACT") and
. , as trustee (the "Trustee")
under the Mortgage and Indenture of Trust, dated as of the date
hereof (the "Indenture"), between PACT and the Trustee~
WIT N E SSE T H
WHEREAS, arrangements have been made for the issuance
and sale, pursuant to the aforesaid Indenture, by PACT, of First
Mortgage Revenue Bonds in the aggregate principal amount of not
exceeding $5,500,000 (herein called ~he "Bonds"), and
WHEREAS, the proceeds of the sale of the Bonds will be
used to pay the cos t of cons truct ing upon land o'tmed by PACT: a
performing arts facility (the "project") which will be m~d~
available to community groups from time to time by the City under
a Facility Use Agreement (herein called the "Use Agreement"" as a
part of the City's public recreation program~ and
WHEREAS, the City will have a residual beneficial
interest in the performing arts facility pursuant to the
Indenture~ and
WHEREAS, the City desires that PACT issue and sell the
Bonds and apply the proceeds for the purpose described above and,
in order to provide an inducement to PACT to issue and sell the
Bonds and an inducement to the purchase of the Bonds and interest
coupons appertaining thereto by all who shall at any time become
holders thereof, the City is willing to enter into this Guaranty
Agreement;
NOW, THEREFORE, in consideration of the premises and
other good and valuable consideration, the City, PACT and the
Trustee do hereby covenant and agree with each other as follows:
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Actuarial Interest Rate shall be the yield on the Bonds computed
in accordance with proposed U. S. Treasury Regulation Section
1.103-13 as proposed on January 1, 1978. If, after the City
shall have made any payments to the Trustee hereunder, PACT shall
restore all or any part of such amount to the City pursuant to
the Use Agreement, the amount of such restoration shall restore
the maximum amount due hereunder by an equal dollar"amount. All
payments by the City under this Guaranty Agreement shall be made
in lawful money of the United States of America. ~
Section 2.2 The obligations of the City hereunder are
payable solely from funds derived by the City from sources other
than ad valorem taxation and legally available for such purpose
which are on deposit from time to time in the general fund of the
City (hereinafter called "Non-Ad Valorem Funds"). The obligation
to pay from such sources shall no~, however, constitute a pledge
of or a lien on such funds, and the City hereby reserves the
right to hereafter from time to time pledge and encumber by lien
all or any part of such funds for the payment of obligations of
the City, which pledge and lien may be prior and superior to the
rights to payment from such sources granted hereunder. The obli-
gation of the City hereunder does not constitute a general indeb-
tedness of the City within the meaning of any constitutional or
statutory provision or limitation. The ad valorem taxing power' of
the City is not pledged hereunder and neither the Trustee, PACT,
nor any holder of the Bonds shall ever have the right to compel
the exercise of the ad valorem taxing power of the City for per-
formance of the City's obligations hereunder.
Section '2.3 Pursuant to due notice from the Trustee,
the City will set up and appropriate in the annual budget of the
City for expenditure in each of the rears during which the Bonds
and coupons thereon will be outstand ng and unpaid, from .the Non-
Ad Valorem Funds of the City, sufficient amounts of such Non-Ad
Valorem Funds of the City to make the payments guaranteed
hereunder. Such covenant and agreement on the part of the City
to budget and appropriate such amounts of Non-Ad Valorem Funds
shall be cumulatiye, and shall continue until such Non-Ad Valorem
Funds in amounts sufficient to make all required payments shall
have been budgeted, appropriated and actually paid to the
Trustee.
Section 2.4 The City covenants and agrees to take all
action and pursue all such l~gal remedies which may be available
to it to ensure that sufficient Non-Ad Valorem Funds will be
available to fulfill the City'S agreements hereunder.
Section 2.5 The obligation of the City under this
Agreement shall be absolute and unconditional and shall remain in
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full force and effect until all Bonds issued under the' Indenture
are no longer deemed to be Outstanding pursuant to Article IX of
the Indenture. Except as so provided, such obligation shall not
be affected, modified or impaired upon the happening from'time t~
time of any event, including without limitation any of the
.. following, whether or not such event shall occur with notice to,
or the consent of, the City:
(a) the waiver, surrender, compromise, settlement,
discharge, release or termination of any or all of the obliga-
tions, covenants o~ agreements of PACT contained in the Indenture
or in the Bonds;
(b) the failure to give notice to the City of the
occurrence of a default under this Guaranty Agreement or an event
of default under the terms and provisions of the Indenture;
(c) The transfer, assignment or mortgaging or the pur-
ported transfer, assignment or mortgaging of all or any part of
the interest of PACT or the City in the Project or any failure of
title with respect to PACT I S or :the City I S Interest in the Pro-
ject;
(d) the waiver, surrender, compromise, settlement,
release or termination of PACT's obligations, covenants or
agreements contained in the Use AgreementJ
(e) the waiver, surrender, compromise, settlement,
release or termination of any of the obligations, covenants or
agreements of the City under the Use Agreement;
(f) the extension of the time .for payment of any prin-.
cipal of, premium, if any, or interest owing or payable on any
Bond or of the time for performance of any obligation, covenant
or agreement under or arising out of the Us~ Agreement or the
Indenture or any extension or renewal of either thereof1
(g) the modification or amendment (whether material or
otherwise) of any obligation, covenant or agreement set forth in
the Use Agreement, the Bonds or the IndentureJ
(h)
to in the Use
this Guaranty
the taking or the omission of any action referred
Agreement or the Indenture or of any action under
Agreement;
(i) any failure, omission, delay or lack of diligence
on the part of PACT or the Trustee in the enforcement, assertion
or exercise of any right, pow~r or remedy conferred on PACT o~
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the Trustee under the Use Agreement or the Indenture, or con-
ferred on the Trustee in this Guaranty Agreement, or the inabi-
1ity of PA~T or the Trustee to,enforce any provision of the Use
Agreement or the Indenture or this Guaranty Agreement for any
other reason, or any other act or omission on the part of PACT,
the Trustee or any of the holders from time to time of the Bonus
or of the interest coupons appertaining theret01
(j) the dissolution, sale or. other disposition 'of all
or substantially all the assets, liquidation, the marshalling of
assets and liabilities, receivership, insolvency, assignment for
the benefit of, creditors, bankruptcy, reorganization, arrange-
ment, adjustment composition or other similar proceedings
affecting PACT or the City under the Use Agreement or the
Indenture or any of the assets of either of them, or any allega-
tion or contest of the validity of this Guaranty Agreement or the
Use Agreement1
(k) to the extent permitted by law, any event or action
that would, in the absence of this clause, result in the release
or discharge by operation of law of the City from the performance
or observance of any Obligation, covenant or agreement contained
in this Guaranty Agreement.
Section 2.6 The City waives notice of the issuance of
the Bonds and notice from the Trustee or the holders from. time to
time of any of the Bonds or of the interest coupons appertaining
thereto or their acceptance and reliance on this Guaranty
Agreement. The City also waives presentment, demand for payment,
protest and notice of non-payment or dishonor and all other
notices and demands whatsoever relating to the Bonds.
Section 2.7 No set-off, counterclaim, reduction or
diminution of an Obligation, or any defense of any kind or nature
(other than performance by the City of its obligations hereunder)
Which PACT may have or assert or which the City may have or
assert against PACT or the Trustee or any holder of a Bond shall
be available hereunder to the City against the Trustee.
Section 2.8 Whenever the Trustee shall determine that
the funds anticipated to be on deposit in the Bond Service
Account, Redemption Account, Reserve Account and Endowment Fund
established under the Indenture will be insufficient to pay all
maturing principal ,or interest on the Bonds on the next ensuing
maturity date, or to redeem all Bonds subject to mandatory
redemption on the next mandatory redemption date, or the con-
ditions in Section 2.I(c) hereof are met, the Trustee shall qive
written notice of the anticipated deficiency to the City not
-5-
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later than July 1 for payment requests in the ensuing Fiscal Year
of the City, and the City agrees to fulfill its obligations under
this Article II with respect to such deficiency by payment of the
sum required (i) on or before the ensuing maturity or mandatory
redemption date, in order to prevent a default in payment of the
Bonds under the Indenture, or (ii) in the case of the failure to
meet the conditions in Section 2.1{c) hereOf, within thirty (30)
days after receipt of such notice.
Section 2.9 PACT agrees that all of the covenants and
agreements made by it in the Indenture for the benefit of the
holders of the Bonds shall alGO be i~corporated herein by
reference and are made for the benefit of the City, and the City
shall have the right to enforce such covenants and agreements in
the same manner as the Trustee may so enZorce them under the
Indenture. However, no default by PACT hereunder shall be
available to the City as a set-off, counterclaim, reduction or
diminution of the City's Obligations to the Trustee hereunder, or
available as a defense of any kind or nature to the City against
the Trustee.
ARTICLE III
DEFAULT AND REMEDIES
Section 3.1 The Trustee shall have the right, power and
authority to do all things it deems necessary or advisab+e to
enforce the provisions of this Guaranty Agreement and protect the
interest of the holders of the Bonds or coupons appertaining
thereto and, in the event of a default in payment of the prin-
cipal of or premium, if any, on any Bono when and as the same
shall become due, whether at the stated maturity thereof, by
acceleration, call for redemption or otherwise, or in the event
of a default in the payment of any interest 'on any Bond when and
as the same shall become due, the Trustee may institute or appear
in such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any of its rights and
the rights of the Bondholders, whether for the specific enforce-
ment of any covenant or agreement in this Guaranty Agreement or
in aid of the exercise of any power granted herein, or to enforce
any other proper remedy. Without limiting the generality of the
foregOing, in the event of a default in payment of the principal
of, premium, if any, or interest on any Bond when due, the Trustee
may institute a judicial proceeding for the collection of the
sums so due and unpaid, and may prosecute such proceeding to
judgment or final decree, and may enforce the same against the
City.
-6-
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FLORIDA,
CITY OF CLEARWATER,
By
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Mayor-Commissioner
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ATTEST:
City ClerIC
PACT, INC.
By
President
ATTEST:
Secretary
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SECTION 6. The Notes shall be dated as of a date to be
determined by resolution of the Corporation adopted prior to the
sale of the Notes: shall be numbered: shall be in the denomina-
tion of $5,000 each or integral multiples thereof: shall bear
interest at such rate or rates (not exceeding the maximum rate
allowable by law), payable at such time or times, shall mature in
such years and amounts and shall be payable at such place or pla-
ces, all as shall be determined by subsequent resolution ,of the
Corporation adopted prior to the delivery of the Notes. .
SECTION 7. The Notes shall be sold at pUblic or private
sale, at one time or in installments from time to time, as shall
be determined by a subsequent resolution of the corporation.
SECTION 8. The Notes shall be executed in the name of
the Corporation by its President and attested by its Secretary,
and its corporate seal or a facsimile the~eof shall be affixed
thereto or reproduced thereon. The facsimile signatures of the
President or the Secretary may be imprinted or reproduced on the
Notes provided that at least on~ signature required to be placed
thereon shall be manually subscribed. In case anyone or more of
the officers who shall have signed or sealed the Notes shall
cease to be such officer of the Corporation before the Notes so
signed and sealed shall have been actually sold and delivered,
the Notes may nevertheless be sold and delivered as herein pro-
vided and may be issued as if the person who signed or sealed the
Notes had not ceased to hold such Office. ~he Notes may be
signed and sealed on behalf of the corporation by such person who
at the actual time of the execution thereof shall hold the proper
office, although at the date of adoption of this resolution such
person may not have held such office or may not have been so
authorized.
SECTION 9. The Notes issued hereunder shall be and have
all of the qualiites and incidents of a negotiable instrument
under the law merchant and 'the laws of the Stat~ of Florida, and
each successive holder, in accepting the Notes, shall be conclu-
sively deemed to "have agreed that such Notes shall be and have
all of the qualities and incidents of a negotiable instrument
under the law merchant and the laws of the State of Florida.
The Notes shall be issued in fully registered form in
the name of the respective purchasers thereof.
SECTION 10. In case any Note shall become mutilated or
be destroyed, stolen or lost, the Corporation may, in its
discretion, issue and deliver a new Note of like tenor as the
Note so mutilated, destroyed, stolen or lost, in exchange and
-3-
Reso }80-26,Exhibi 1: C. (PACT; s !lesolution),
2/21/80, ,
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PACT, INC.
BOND ANTICIPATlqN NOTE
KNOW ALL MEN BY THESE PRESENTS, that the PACT, Inc., a
corporation not-for-profit created and existing' under the, laws
the State of Florida (hereinafter called "Corporation"), for
value received, hereby promises to pay to
" on
of
principal sum of
19_, the
DOLLARS
with interest thereon from the date hereof at the rate of
per centum ( %) per annum until payment of
the principal sum, such interest to the maturity hereof being
payable on , in lawful money of the United States of
America in Federal or other imm~diately available funds, by check
or draft wired to at
its principal office at 'or
to the subsequent registered holder,hereot at its registered
address (or, if any such subsequent registered holder shall not
be a member bank of the Federal Reserve System, to an account of
such registerod holder at such bank to be designated by it).
This Note is one of an authorized issue of Notes in the
aggregate principal amount of $5,500,000 of like date, tenor and
effect, except as to number, denomination and interest rate,
issued in anticipation of the receipt by the Corporation of the
proceeds from the sale of not exceeding $5,500,000 First Mortgage
Revenue Bonds (the "Bonds") of the Corporation authorized to be
issued under and secured by a Mortgage and Indenture of Trust
(the tlIndenture") to be entered into under authority of a resolu-
tion of the Corporation adopted on , 1980 (the
tI Resolution") .
This Note and the interest due thereon are general obli-
gations ,of the corporation additionally secured by a prior lien
upon and a pledge of the first proceeds derived from the sale of
the Bonds.
This Note is solely and exclusively the obligation of
the Corporation and is not an obligation or debt of the State of
Florida or any pOlitical subdivision or instrumentality thereof.
Reference is made to the Resolution for the provisions relating
to the security of this Note and the duties and obligations of
the Corporation. '
-5-
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i,i;":.',<' 'i R~s'o: "#~O-26 .Exhibi t C (PACTr s Resolution)
., ':/(~;:';:'::<:.:, i..::.::' :: ,:',. ';', . . ,"
2/21/80
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(Insert Redemption provisions)
Motiee of such redemption shall be given in the manne~
required by the Resolution.
It is hereby certified and recited that all acts, con-
ditions and things required to exist, to happen, and to be per-
formed precedent to and in connection with the issuance of this
Mote, exist, have happened, and have been performed in regular
and due form and time as required by law.
This Note is and has all the qualities of a'negotiable
instrument under the law merchant and the laws of the State .of
Florida.
IN WITNESS WHEREOF, PACT, Ine. has issued this Note a~d,
has caused the same to be signed by the manual or facsimile
signature of its President and attested by its Secretary, and the
corporate seal of the Corporation to be affixed hereto all as of '
the day of , 1980.
PACT, INC.
(SEAL)
ATTEST:
By
President
"
Secretary
PROVISIONS FOR ASSIGNMENT
For value received, the undersigned sells, assigns, and
transfers unto the within Note
and all rights thereunde~, and hereby 1rrevocably constitutes and
appoints attorney to transfer the
within Note on the books kept for registration thereof, with full
power of substitution in the premises.
Da ted:
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SECTION 13. The payment of the principal of and
interest on the Notes shall be a general obligation of the
corpo~ation and shall be 'additionally secured by a prior lien
upon and a pledge of the first proceeds derived from the sale of
the Bonds.
The Notes shall not constitute an obligation or debt of
the State of Florida or any political subdivision or instrumen-
tality thereof.
SECTION 14. The proceeds of the sale of the Notes shall
be deposited into a Project Fund, hereby created and established
and shall be used and applied solely to pay for the Project Costs
in the same manner as is provided in the Indenture for the
Project Fu~d created therein. Upon issuance of any of the Bonds
under the Indenture, the remaining balance in the Project Pund
created hereby shall be transferred to the Trustee under the
Indenture for deposit in the Project Fund held by the Trustee
under the Indenture. The holders of the Notes shall have a lien
upon all the proceeds thereof u~til the same have been applied as
provided herein. '
SECTION 15. For so long as the principal of a~d
interest on the'Notes shall be outstanding and unpaid or until
there shall have been irrevocably set apart a sum sufficient to
pay, when due, the entire principal of the Notes together with
interest accrued and to accrue thereon, the Corporation covenants
with the holders of the Notes as follows:
A. Upon the receipt of the first proceeds of the
Bonds, excluding accrued interest, capitalized interest and
Reserve Account deposits, the Corporation shall cause the Trustee
to apply such proceeds, upon deposit in the project Fund as
follows:
1. There shall be transmitted to the paying agent
for the Notes, the amount required to pay the principal of the
Notes and the interest thereon to maturity or to the date of
redemption, if the Notes are called for redemption prior to
maturity. If all or part of the BOnds are sold and delivered
pl'lor to maturity or a date of redemption of the Notes, a portion
o~ the proceeds equal to the principal of the Notes plus interest
accrued or to accrue to such date of redemption or maturity shall
be placed in an escrow fund until such redemption date or
maturity, on whiCh date those funds shall be used to redeem or
pay the Notes and the interest thereon.
2. The remaining' balance shall be applied pur-
suant to the provisions of the Indenture.
-7-
. 'R~,SO' :#80-26 Exhibit C (PACT',s Resolution)
2/21/80
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B. The Corporation in good faith shall endeavor to
sell from time to time a sufficient principal amount of the Bonds
in order to have funds available to pay the Notes and the
interest thereon as the same become due.
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SECTION 16. No material modification or amendment of
this resolution or of any resolution amendatory hereof or supple-
. mental hereto may be made without the consent in writing of the
holders of the Notes. ·
SECTION 17. If any orie or more of the covenants,
agreements or provisions of this resplution should be held
contrary to any express provision of law or contrary to the
policy of express law, though not expressly prohibited, or
against public policy, or shall for any reason whatsoever.be held
invalid, then such covenants, agreements, or provisions shall be
null and void and shall be deemed separate from the remaining
covenants, agreements or provisions and in no way affect the .
validity of all the other provisions of this resolution or of the
Notes.
SECXION 18. The officers of the Corporation are further
authorized and directed to enter into such negotiations,: execute
and deliver any and all papers, instruments, agreements and
contracts and do and cause to be done any and all acts and things
necessary or proper for carrying out the transactions described
and contemplated by this resolution.
SECTION 19. This resolution shall be effective'imme-
diately upon its passage.
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(Form of Bond)
PACT, INC.
FIRST MORTGAGE REVENUE BOND
No.
$ ,
PACT, Inc., a corporation not-for-profit created and
existing under the laws of the State of Florida (the
"corporation"), for value received, hereby promises to pay to
bearer, or if this Bond be registered to the registered owner
hereof, on , the principal sum of Thousand
Dollars and to pay ~nterest on said sum from the date hereof at
the ra te of % per annum on , and semian-
nually thereafter on 1 and ----- 1 of each
year until said princlpal sum is paid, except as the provisions
hereinafter set forth with respect to redemption prior to.
maturity may become applicable hereto, both principal of (and
premium, if any) and interest on this Bond being payable at the
principal office of the Trustee (in the City of ,
Florida) or of its successor in trust, in lawful money of the
United States of America. '
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This Bond is one of an issue~of Bonds ~ssued or
authorized to be issued in the aggregate principal. amount of
$5,500,000 for the purpose of acquiring real property and
constructing improvements thereon (the "project"). The Bonds of
this issue are all issued or may be issued under and are to be
equally and ratably secured and entitled to the protection given
by a Mortgage and Indenture of Trust dated as of
1,1980 (herein called "Indenture") duly executed and dellvered by
the corporation to as trustee (the
"Trustee", which term also includes any successor trustee under
the Indenture). Reference is hereby made to the Indenture and to
all indentures supplemental thereto for a description of the pro-
perty mortgaged and the revenues pledged thereunder, the nature
and extent of the security thereby created and the respective
rights thereunder of the corporation, the Trustee and the holders
of the BondS, and the terms upon which the Bonds are, and are to
be, authenticated and delivered.
This Bond and appurtenant coupons are negotiable instru-
ments and ara tr~nsferable by delivery, but this Bon~ rnay be
registered as to principal on the registration books of the cor-
poration in the principal office of the Trustee as Bond
Registrar, upon presentation hereof at such office and the
-2-
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The Bonds maturing on i,., are subject to
mandatory redemption by lot by operation of the Redemption .
Account on 1 of the following years and in the
following principal amounts, at a redemption price of. par plus
accrued interest to the redemption date and without premium:
Year
-
Amount
Amount
Year
Thirty days' notice of the intended redemption of any
Bond shall be given by registered mail to the registered-holder
thereof at the address of such holder as shown on the Bond
Registrar's books. If any Bond when called for redemption ,is not
then registered as to principal 'or as to'both principal and.
interest, notice of such redemption or prepayment shall be given
by publication not more than sixty days and not less than thirty
days prior to the proposed redemption date, at least once in a
daily financial newspaper published in the city of New-York, New
York. All Bonds so called for redemption will cease to bear
interest on the specified redemption date provided fUllds for
their redemption are on deposit at the place of payment at that
time, and, upon such deposit, the Bonds shall no longer be pro-
tected by the Indenture and shall not be deemed to be outstanding
under the provisions of the Indenture. If, because of the tem-
porary or permanent suspension of the pUblication of any daily
newspaper in the City of New York, New York, or for any other
reason, it is impossible or impractical to publish notice of
redemption in the manner herein provided, then such notice in
lieu thereof as shall be made with the approval of the Trustee
shall constitute sufficient notice.
The Bonds of the issue of which this Bond is one are
issued pursuant to and in full compliance with the Constitution
and laws of the State of Florida and pursuant to a resolution
duly adopted by the corporation on which resolu-
tion authorizes the execution and delivery of the Indenture.
This Bond and the issue of which it is a part and the interest
coupons appertaining hereto are general Obligations of the cor-
poration additionally secured by (i) a prior lien upon and pledge
of net revenues derived from the operation of the Project and,
until applied as provided in the Indenture, the funds and
-4-
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PACT, INC..
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By
.President
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(SEAL)
Attest:
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Secretary .
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(Form of)
TRUSTEE'S AUTHENTICATION CERTIFICATE
This Bond is one of the Bonds referred to in the within-
: mentioned Indenture.
(Trustee)
',y
Its Authorized Officer
(Form of)
CERTIFICATE OF REGISTRATION
The within Bond is regi5ter~d to the extent hereinafter
s ta ted on the reg is try books of ,P~CT, lnc. at the of fi ce of: the
Bond Registrar (the Trustee) in the name of the last owner named
below. So long as the same shall remain so registered,. the prin-
cipal of this Bond shall be payable only to or upon the order of
such registered holder.
(No writing shall be made on this Bond except
by the Trustee, as Bond Registrar.)
Date of
Registration
Signature of Authorized
Officer of Bond Registrar
In Whose Name
Registered
WHEREAS, the Borrower has represented and does hereby
represent that it has full power and authority to issue and sell
the Bands, to acquire and to opera~e the Project and to mortgage
and convey the ?roject as herein provided, and to pledge the
net revenues derived from the operation of the Project as
security for the Bonds; and that the board of directors of the
Borrower has taken all action required by law to authorize its
officers to execute, acknowledge and deliver this Indenture and
to execute and issue the Bonds; and
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tioned in the Bonds and the interest coupons appertaining to the
Bonds, respectively, according to the true intent and meaning
thereof, and shall cause the payments to be made into the Funds
and Accounts as required hereunder, or shall provide, as per-
mitted hereby, for the payment thereof as provided in Section g.l
.' hereof, and shall well and truly keep, perform and observe all
the covenants and conditions of this Indenture to be kept, per~
formed and observed by it, and shall payor cause to be paid to
the Trustee all sums of money due or to become due to it ;n
accordance with the terms and provisions hereof, then upon such
final payments or provision for such payments by the Borrower
this Indenture and the rights hereby granted shall cease, deter-
mine and be void: otherwise this Indenture to be arid remain in
full force and effect.
The terms and conditions upon which the Bonds and
coupons for interest are to be issued, authenticated, delivered,
secured and accepted by all persons who from time to time shall
be or become the holders thereof, and the trusts and conditions
upon which the Trust Estate are to. be held and disposed, of, which
said trusts and conditions the Trustee hereby accepts, and the
respective parties hereto covenant and agree, are as follows:
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for the purpose for which it was acquired or is held by the
Borrower.
.
.
"Project" means the real property described in Appendix
1 attached hereto, and the 2,000 seat performing arts center and
auditorium and the personal property described in the plans and
specifications therefor on file with the Trustee, to be acquired,
constructed and erected with proceeds from the sale of the Bonds
and any item of personal property acquired in substitution there-
for or as a renewal or replacement thereof pursuant to thIs
Indenture, as such improvements, including such personal pro-
perty, may at any time exist.
"Project Costs" means all costs of acq~irin9,
constructing, improving, furnishing and equipping the Project
(including expenses incurred in connection with the issuance of
the Bonds) for which ~ayment is to be made as provided in this
Indenture, and shall lnclude the payment of principal of and
interest on any notes of the Borrower issued in anticipation of
the sale of the Bonds for the purpose of financing all or part of.
the Project.
"Project Fund" means the fund created by Section 3.3
hereof.
"Redemption' Accountll means the account by that name
created by Section 4.1 hereof.
, lIRedemption Date" means the date fixed for redemption of
Bonds subject to redemption in any notice of such redemption
published in accordance with the Indenture.
"Redemption Price" means the price at which the Bonds
may be called for redemption and includes the principal amount of
the Bond or Bonds to be redeemed, accrued interest thereon to the
Redemption Date, plus the premium, if any, required to be paid to
effect such redemption by the terms of the Indenture.
llReserve Account II means the account by that name created
by Section 4.1 hereof.
"Reserve Requirement" shall mean an amount equal to the
maximum amount ~equired to be deposited into the Bond Service
Account and the Redemption accoun~ in any ensuing Fiscal Year.
"Supplemental Indenture" means any indent~re between the
Borrower and the Trustee entered into pursuant to and in
compliance with the provisions of Article VIII hereof.
'. -15-
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.~;~::.,>" PACT.'s, ':tlcsoluton Exh:ibit ,A",(Attachment: to
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"Trust Estate" means the property and rights heretofore
described in Granting Clauses I through VI of this Indenture.
"Trustee" means , and its
successors and any corporation or association resulting f~om or
surviving any consolidation, merger or conversion to. which it or
its successors may be a party and any successor trustee at the,
time serving as successor trustee hereunder.
Section 1.2 Use of Words and Phrases. "Herein",
"hereby", "hereunder",~'hereof", "hereinbefore", "herei~~fter"
and other equi~alent words refer to this Indenture as a whole and
not solely to the particuLar portion thereof in which any such
word is used. Person includes natural persons, firms, asso-
ciations, corporations and public bodies. The definitions set
forth in Section 1.1 hereof include both singulat and plural.
Whenever used herein, any pronoun shall be deemed to include both
singular and plural and to cover all genders. Any percentage of
Bonds, specified herein for any purpose, is to be computed with
reference to the unpaid principal amount thereof then
Outstanding. .
Section 1.3 Date of Indenture and Bonds. The date of
this Indenture and of the Bonds is intended as and for a date
for the convenient identification of this Indenture and of the
Bonds and is not intended to indicate that the Bonds were exe-
cuted, delivered or issued on said date or that this instrument
was e~ecuted and delivered on said date.
Section 1.4 Applicable provisions of Law. This Inden-
ture shall be governed by and construed in accordance with the
laws of Florida.
Section 1.5 Captions. The captions or headings in this
Indenture are for convenience only and in no way definer limit or
describe the scope and intent of any provisions of this instru-
ment.
Section 1.6 Successors and Assigns of Parties Hereto.
All the covenants, stipulations, promises and agreements in this
Indenture contained by or on behalf of the Borrower or the
Trustee or either of them shall inure to the benefit of and bind
their respective successors and assigns.
Section 1.7 Limitation of Rights. Nothing expressed or
mentioned in or to be implied from this Indenture or the Bonds is
intended or shall be construed to give any person other than the
parties hereto and their successors hereunder and the holders of
-16-
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::.",>"~:;:~<';~1n;,~ .'::,~f.~~,lU~~.~.}~~ib~~. A' ~Attachment' to' R 80-26)
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and Coupons ana the' City any benefit or 'any' lega'l or ..
right, remedy or claim under, or in,respect to this'
any covenants, conditions and provisions,herein
this Indenture and all of the covenants, conditions
and, provisions hereof being intended to be and being for' the sole
and exclusive benefit of the parties hereto and their successors
hereunder, the City, and the holders of.. the Bonds and Coupons as
, '
herein proviced.
the Bonds
equitable
Indenture or
contained,
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herein provided then such notice in lieu of such publication as
shall be made with the approval of the Trustee shall constitute
sufficient notice.
Each notice of any redemption, whether pu~lished or
mailed, shall state the number or numbers of the Bond or Bonds
which have been called for redemption, shall state that the Bond
or Bonds beating such number or numbers will become dUe'and
payable on the date and at the Redemption Price specified, and
shall state that all interest thereon will cease after such date.
All of the Bonds so called for redemption shall become due and
payable at the specified Redemption Price and on the redemption
date specified 'in the aforesaid notice, and the holders thereof
shall then and there surrender them for payment. Notice having
been given as herein required and funds for the payment of the
Redemption Price having been set aside and made available for the
payment thereof, each of the Bonds to be redeemed shall cease to
bear interest from and after the date fixed for redemption, and
shall no longer be entitled to the benefit of the lien hereof.
Section 2.8 Replacement of Mutilated, Destroyed, Stolen
or Lost Bonds and Coupons. In case any of the Bonds or any of
the Coupons shall be or become mutilated, destroyed, stolen or
lost, then upon the surrender of such mutilated Bond or Coupon to
the Trustee, or the presentation to the Borrower and to the
Trustee of evidence satisfactory to them, respectively, of the
destruction, theft or loss of such Bond or Coupon, and that the
claimant was the true owner thereof at the time of such event,
and, in any event, upon being furnished with indemnity satisfac-
tory to them, respectively, and upon the payment of all necessary
expenses incurred by the Borrower and the Trustee in investi-
gating the said claim and in issuing a new Bond or Coupon, the
Borrower shall issue and the Trustee shall thereafter authen-
ticate and deliver to or upon the order of such claimant a Bond
or Coupon of like tenor, date, principal amount and maturity as
the Bond or Coupon so mutilated, destroyed, stolen or 10stJ with
such notation thereon as the Borrower and the Trustee shall .
determine. The Trustee shall forthwith cancel by perforation or
otherwise any mutilated Bonds or Coupons so surrendered and
deliver a certificate of cancellation to the Borrower.
Section 2.9 Registration of Bonds7 Persons Treated as
Owners. Each of the Bonds shall bo fully negotiable and pass by
delivery but shall be subject to registration (as hereinafter
provided) as to principal only in the name of the owner on
registration books to be maintained for that purpose by the
Borrower at the principal office of the Tr.ustee, as Bond
Registrar. Upon presentation at said office. any of the Bonds may
-21-
PACT's :res.~l~ton"Exhibi t A CA'ttachment to R 80-26)
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be registered as to principal only and such registration shall be
evidenced by notation to that effect by the Bond Registrar in the
registration blank on the reverse side thereof, after which no
transfer thereof shall'be valid unless made at the written
request of the registered owner or his legal representative, on
said registration books and similarly endorsed thereon. Such
registered Bonds may be thus transferred to bearer whereupon
transferability by delivery shall be restored but the Bonds may
again, from time to time, be registered or transferred to',bearer
as before. Such registration of any of the Bonds shall not
affect the transferability by delivery only of the interest
Coupons thereunto appertaining. No charge shall be made to any
Bondholder for the privilege of registration and transfer
hereinabove granted, but any Bondholder requesting any such.
registration or transfer shall pay any tax or other governmental
charge required to be paid with respect thereto. As to any Bond
registered as to principal, the person in whose name the same
shall be registered shall be deemed and regarded as the absolute
owner thereof for all purposes and payment of or on account of
the principal of any such Bond shall be made only to or upon the
order of the registered owner thereof, or his legal represen-
tative, and neither the Borrower, the Trustee, nor any agent of
the Borrower shall be affected by any notice to the contrary, but
such registration may be changed as herein provided. All such
payments shall be valid and effectual. to satisfy and discharge
the liability upon such Bond to the extent of the sum or sums so
paid. The Borrower, the .Trustee and any agent of the Borrower
may deem and treat the bearer of any Bond which shall not at the
time be registered as to principal (except to bearer), and the
bearer of any Coupon appertaining to any Bond, whether such Bond
be registered as to principal or not, as the absolute owner of
such Bond or Coupon, as the case may be, whether such Bond or
Coupon shall be overdue or not, for the purpose of receiving
payment thereof and for all other purposes whatsoever, and
neither the Borrower, the Trustee nor any agent of the Borrower
shall be affected by any notice to the contrary. All Bonds pre-
sented for transfer or discharge from registration shall, be
accompanied by a written instrument or instruments of transfer in
form satisfactory to the Borrower and the Trustee duly executed
by the registered holder or his attorney duly authorized in
writing.
Section 2.10 Limited Issuance of Bonds. ~he Borrower
shall not issue any Bonds under and pursuant to the provisions of
this Indenture, except those expressly authorized under the pro-
visions of Sections 2.2, 2.8 and 2.il of this Indenture. Nothing
herein contained, however, shall be construed to restrict the
Borrowerts right to incur debt, secured or unsecured, short-term
-22-
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,.':,;:..".. P~CT' s . resoluton Exhibit', A (Attachment
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to R 80-26) , ~
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or,long-term,)'under notes, certificates, bonds or other evidence
of indebtedness, provided that all ~uch debts should be junior
and subordinate to the Bonds in every respect.
Section 2.11 Additional Bonds. (a) The Borrower may
issue Additional Bonds for the purpose of completing the
construction of the Project, but only upon compliance with the
fOllowing terms, limitations and conditions:
-,
(i) Receipt of a certificate from the Project Architect
stating the amount of funds needed to complete the project and
the proposed use of these funds; and
(ii) Receipt from the City of Clearwater of a Resolution
authorizing an increase in the Facility Use Agreement Payments in
proportion to the increase in the borrower's total debt; and
(iii) Completion bonds shall not excaed $550,000 in prin-
cipal amount.
(b) The Borrower may ;ssue Additional Bonds for the
purpose of refunding any Bonds then Outstanding upon compliance,
with the fOllowing requirements:
(i) The governing body of the City shall' approve the
issuance of such Additional Bonds;
(ii) Upon the issuance of such Additional Bonds, there
shall be deposited into the Reserve Account, from the proceeds of
such Additional Bonds or from other moneys available to the
Borrower, an amount equal to the then applicable Reserve
Requirement and the amount on deposit in the Endowment Fund shall
be increased proportionately to the then required Endowment Fund
Requirement.
(iii) The Borrower and the Trustee shall execute and
deliver a trust indenture supplemental to this Indenture and
there shall be filed with the Trustee the following:
(A) A copy of a resolution duly adopted by the
Board of Directors, and certified by the Secretary of the
Borrower, authorizing execution by the Borrower of such supple-
mental indenture and the issuance by the Borrower of the proposed
Additional Bonds;
(8) A copy of a resolution duly adopted by the
Board of Directors, certified by the Secretary of the Borrower,
awarding such Additional Bonds, specifying the interest rate or
-23-
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j~. :':,',' :,~ACT'.s~'-res'oiuton. Exhibit
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prior to the completion of construction of the Project. N~
material revision in such plans and specifications shall be made
unless a copy of each such revision, duly certifi~d by ~he
Secretary of the Borrower, 'shall be filed with the Trustee and
until the same shall have been approved by the Trustee. The
Trustee shall approve any material revision, unless the Trustee
shall find and determine that such proposed revision will (i) by
comparison with existing plans and specifications, reduce future
Gross Revenues, (ii) materially impair the security or otherwise
adversely affect the Bondholders, or (Iii) such proposed revision
will cause the Project or a significant portion thereof to serve
a materially different purpose from that which will be served by
construction of the Project pursuant to the original plans and
specifications.
Whenever the moneys in thc Project Fund are insufficient
to make the requested payments for Project Costs, the Trustee
shall draw upon the Irrevocable Letters of Credit held in the
Project Fund to make up such insufficiency. If the term of. any
Irrevocable Letter of Credit is about to expire, the Trustee
shall either obtain a replacemeqt or an extension of such term,
or shall draw upon the Irrevocable Letter of Credit prior to its
expiration and deposit the full proceeds in the Project Fund.
Section 3.4 fonstruction Reports. The Borrower shall
cause to be submitted to the Trustee monthly progress reports
concerning the construction of the Project and shall deliver to
the Trustee and any Bondholders who shall have filed a written
request therefor with the Borrower, within ninety (90) days after
the completion of the Project, the following:
(a) A certificate of the Project Architect stating:
(i) that the Project has .been fully completed in
accordance with the plans and specifications then in effect and
on file with the Trustee, and the date of completion; and
(ii) that it has made such investigation of such
sources of information as are deemed by it to be necessary,
inCluding pertinent records of the Borrower, and is of the opin-
ion that the Project has been fully paid for and no claim or
claims exist against the Borrower or against its properties out
of which a lien based on furnishing labor or material exists or
might ripen: provided, however, that there may be excepted from
the foregoing statement any claim or claims out of which a lien
exists or might ripen in the event that the Borrower intends to
contest such claims or claims, in which event such claim or
claims shall be described and it shall be stated that adequate
-27-
.PACT"B~,:,r~:s~iu:to~ Exhibi 1: A (Atta'chrnent' 1:0 R .80-2'6)
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shall be sufficient moneys in the Bond Fund, commencing with the
month of issuance of the Bonds, one-twelfth (1/12) of the amount
of principal which will mature and become due on the Outstanding
Bonds on the next succeeding principal maturity date occurring
within the next ensuing twelve months and one-sixth (1/6) of the
amount of interest which will mature and become due on the
Outstanding Bonds on the next interest payment date. The Trustee
shall pay such ,principal of and inter~st on the Bonds as the same
shall mature and become due from the moneys in the Bond Service
Account. The Trustee shall promptly deposit into the Bond
Service Account from the proceeds derived from the sale of the
1980 oonds the accrued inter~st and capitalized interest, if any,
received, which sum shall he credited against the amount to be
deposited in the Bond Service Account for the first payment of
interest becoming due on the Bonds after issuance. Such monthly
deposits shall be adjusted by the Trustee at any time to the
extent necessary to provide for sufficient funds to be available
on deposit in the Bond Service Account to pay the required amount
of interest and principal on each 9ayment date.
(ii) The Trustee shall~next, in each month, transfer
from the moneys remaining on deposit in the Bond Fund and deposit
in a separate account therein to be known as the Redemption
Account, which is hereby created and established, one-twelfth
(1/12) of the amount necessary to be on deposit therein in order
to redeem Bonds on each mandatory Redemption Date occurring
within the/next ensuing twelve month periOd. The Trustee shall
apply the moneys in the Redemption, Account for the retirement of
the Bonds required by the Indenture to be retired by mandatory
redemption, by either redemption on the applicable Redemption.
Date or purchase on or prior to the applicable Redemption Date in
the open market at a price not exceeding the Redemption Price.
(iii) There is hereby created and established with the
Trustee another account in the Bond Fund to be known as the
Reserve Account which shall be maintained as long as any of the
Bonds or interest thereon is Outstanding and unpaid. There shall
be deposited into the Reserve Account from proceeds derived from
the sale of the 1980 BondS, promptly upon receipt of.such pro-
ceeds, an amount equal to the Reserve Requirement. After all
required payments have been made pursuant to Subsections (a) and
(b) above, including any deficiencies for prior required payments,
the Trustee shall transfer from the Bond Fund and deposit in the
Reserve Account, in each month, commencing with the first month
after the date of delivery of the Bonds, the amount, if any, by
Which the Reserve Requirement exceeds the sum which shall be in
the Reserve Account on such date.
-31-
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PACT's ::resolutpn,Exhibit A. (Attachmen't . to P. 80-26)
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Redemption Account whenever the moneys in the Bond Fund, the
Reserve Account and the Annual Endowment Account are insufficient
therefor. The Borrower covenants to deposit into the Endowment
Fund, from sources other than Gross Revenues or proceeds of
Bonds, on or before, September 30, 1983, the amount of the
Endowment Fund Requiremept in either cash or Irrevocable Letters
of Credit. Whenever the term of any Irrevocable Letter of Credit
shall be about to expire, the Trustee shall either obtain a new
Irrevocable Letter of Credit or shall draw upon the expiring
Irrevocable Letter of Credit and deposit the cash proceeds in the
Endowment Fund. The Borrower further covenants to deposit
annually in equal quarterly installments, commencing on the date
of commencement of operation of the project, the sum of $100,000
in cash, from sources other than Gross Revenues or proceeds of
Bonds, into an Annual Endowment Account, Which is hereby created
and established and which shall be held by the Trustee, and used
whenever necessary to make required monthly deposits into the
Operation and ~taintenance Fund (whenever the moneys therein and
in the Working capital Account are insufficient therefor) and
into the Bond Service Account or the Redemption Account (whenever
the moneys therein and in the ~serve Account are insufficient
therefor) and into the Renewal and Replacement Fund (whenever the
moneys in the Revenue Fund are insufficient to make the required
deposits therein).
(e) The Borrower shall next retain all Gross Revenues
in the Revenue Fund until the end of each Fiscal Year, and then
shall, within fifteen (15) days, (i) first, restore the balance
in the liorking Capital Account to $250,000, if necessary, (ii)
second, remit such funds or portion thereof to the City or other
guarantors of the Bonds as is mutually agreed from time to time
by the City and the Borrower, and (iii) the balance of the moneys
on deposit in the Revenue Fund may be used to purchase or redeem
BondS, or may be deposited into the Renewal and Replacement Fund.
Whenever the balance in the Revenue Fund is insufficient to
restore the balance in the Working Capital Fund to $250,000, the'
Borrower covenants to request the City to increase its current
annual payment under the Facility Use Agreement by the amol.tnt of
the inSUfficiency.
(f) The Borrower shall next, in each month, commencing
with the first month after the date of delivery of the Bonds,
from the moneys remaining on deposit in the Revenue Fund, if any,
after all required payments have been made into the various
accounts provided in Subsections (a), (b), (c), and (d) above,
including any deficiencies for prior required payments, transfer
and deposit the amount required to be deposited to any debt ser-
vice fund hereafter established for the payment of the debt ser-
vice on any subordinate obligations of the Borrower.
-33-
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Securities, to the extent that such investment is feasible and
consistent with the purposes of the Fund for which such invest-
ment is being madeJ provided that moneys held ~s a part of the
Reserve Account in the Bond Fund may not be invested in
Investment Securities maturing more than five years after the
date of such investment and moneys held as a part of the
Endowment Fund may not be invested in Investment Securities
maturing more than after the date of such invest-
ment. The Trustee may 1n mak1ng investments treat all mo~eys in
said Funds as constituting a single account in acquiring
Investment Securities, provided an accurate record allocating
investments to each Fund is maintained. Any such investments
shall be held by or under control of,the Trustee and shall be
deemed at all times a part of the Fund for which the investment
is made. All income and all profits realized on the investment
of moneys in such Fund during the period prior to completion of
the Project shall be paid into the Project Fund, and all such
income and prOfits realized after completion of the Project shall
be considered Gross Revenues from the Project and shall be trans-
ferred by the Trustee to the Bond Fund and applied as provided in
Section 4.1 hereof. The Trustee shall sell and reduce to cash a
sufficient portion of investments of any Fund or Account whenever
cash is needed for the purpose for which such Fund or Account was
established.
Section 4.6 Trustee's Responsibility. The Borrower
shall have the power to direct the Trustee with respect to speci-
fic investments in Investment Securities, and, when so directed,
the Trustee shall have no liability or responsibility for any
loss reSUlting from such investments made under the Indenture or
for failure to keep such moneys fully invested to the extent
practicable, except liability for its own negligence. Unless
directed by the Borrower, however, the Trustee shall exercise the
same degree of care and skill in the making of investments
hereunder as a prudent man would exercise o~ use under the cir-
cumstances in the conduct of his own affairs.
Section 4.7 Arbitrage provision., The Borrower and the
Trustee shall be obligated to comply with the requirements of
Section l03(c}, Internal Revenue Code of 1954, as amended, and
the applicable regulations thereunder through the term of the
Bonds. The provisions of the preceding sentence shall constitute
a covenant by the Borrower and by the Trustee with the purchasers
of the Bonds. .
Section ~.e Money Held in Trust. Money held by the
Trustee in trust hereunder need not be segregated from other funds
except to the extent required by law. The Trustee shall be under
-35-
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ARTICLE V
COVENANTS BY THE BORROWER
The Borrower, for itself, its successors and assigns,
covenants and agrees with the Trustee and the holders from time
to time of the Bonds and Coupons, as follows:
Section 5.1 To Pay Principal, Premium and Interest of
Bonds. The Borrower will duly and punctually pay, or cause to be
duly and punctually paid, the principal of and the interest and
premium, if any, on each and. every Bond at the place, on the
dates and in the manner provided in the Indenture and in the
Bonds and the Coupons thereto appertaining, according to the true
intent and meaning of the Indenture and of the Bonds.
Section 5.2 Acquisition of Project. The Borrower will
cause the acquisition, constructlon and erection of the Project
to be completed with due diligence. All moneys derived from the
sale of the Bonds shall be used solely for the purpose for which
the same are authorized under this Indenture and not otherwise.
Section 5.3 Rate Covenant. The Borrower will fix,
establish, revise from time to time whenever necessary, maintain
and collect always rates, fees, rentals and other charges for the
services and facilities of the Project offered to community'
groups pursuant to the Use Agreement which will be determined by
the City and the Borrower under the Use Agreement but will, in
any event, not exceed comparable rates, fees, rentals and other
charges to similar groups for similar ~ervices elsewhere in
Florida. In addition, the Borrower will use its best business
jUdgment to fix, establish, revise from time to time whenever
necessary, maintain and collect always such rates, fees, rentals
or other charges for the services and facilities of the project
to all others, not exceeding the maximum rates allowed by law, as
will maximize Gross Revenues in orde~ to (1) p~ov1de G~oss
Revenues in each Fiscal Year which, together with cha~itable
contributions actually applied for such purposes, and the Gross
Revenues derived 'from community g~oups, will be at least equal to
one hundred per centum (100%) of the amounts required in such
year to be deposited in the Bond Service Account, Redemption
Account and Reserve Account for the Bonds then Outstanding and
(ii) be sufficient to make all of the payments required by the
terms and provisions of this Indenture, inclUding payments into
the Operation and Maintenance Fund always sufficient to pay
Operating Expenses1 and such rates, fees, rentals or other
Charges shall not be reduced so as to be insufficient to provide
adequate Gross Revenues for such purposes.
-37-
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Section 5.4 Collection and Disposition of ReVenUp.8 and
Receipts; Deposits in Bond Fund. The Borrower will promptly
collect or cause to be collected all Gross Revenues as the same
become due and will cause all such Gross Revenues as collected to
be paid over to and deposited in the Revenue Fund for disposition
in accordance with and as provided in this Indenture. The
Borrower will deposit, or cause to be deposited, 'in the Bond
Service Account and the Redemption Account in the Bond Fund suf-
ficient sums (whether or not from Gross Revenues) promptl~ to
meet and pay the principal of (and premium, if any) and interest
on the Bonds as the same become due and payable and to redeem the
Bonds subject to mandatory redemption as required by this
,Indenture.
Section 5.S Taxes. The Borrower covenants that it will
promptly payor cause to be paid all lawful taxes, charges and
assessments at any time levied or assessed upon or against the
Hortgaged Property or any part thereof, provided, however, that no
such tax, charge or assessment shall be required to be paid so
long as the validity of the same shall be contested in good
faith, and security for the payment of the same satisfactory to
the Trustee shall be provided~ that there are not now outstanding
and that the Borrower will not at any time create or permit to be
created or allow to accrue or to exist any lien except the lien
of this Indenture upon the Mortgaged.prop~rty or any part
thereof, other than Permitted Encumbrances, and that the lien of
this Indenture will not be diminished or impaired in any way as
the result of any action or nooaction on the part of the
Borrower.
Section 5.6 Maintenance and Repair. The Borrower cove-
nants that it will at all times maintain, preserve and keep the
Project in good condition, repair and good order, and that it
will from time to time make or have made all needful repair.s,
replacements, additions, betterments and improvements so that the
maintenance of the project shall at all time"s be conducted pro-
perly and so that efficiency thereof shall be fully maintained,
and further covenants that it will continuously operate the same
in an efficient manner and at a reasonable cost.
Section 5.7 Records and Re~orts. (a) The Borrower
shall keep books of record and accounts (separate from all other
records and accounts) in which complete and correct entries shall
be made of its transactions relating to the Project and shall,
together with all other books and papers of the Borrower, at all
times be subject to the inspection of the Trustee and the holder
of any Bond then Outstanding or his representative duly
authorized in writing.
-38-
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proceeds of insurance will forthwith commence and diligently
proceed with the repair, replacement or reconstruction of the
damaged or destroyed property according to such plans and esti-
mates prepared by the Borrower, or (b)'make all necessary
arrangements for the redemption of Outstanding Bonds in an amount
equal to the insurance proceeds available therefor, and will
direct the Trustee to apply the entire proceeds of such insurance
to such redemption, and thereafter the Trustee shall so apply
such proceeds.
If the Borrower elects to proceed with such repairs, the
proceeds of all property insurance referred to in this section
shall be available to the Borrower for, and shall, to the extent
necessary, be applied to, the repair, replacemp.nt or reconstruc-
tion of the damaged or destroyed property, and shall be disbursed
by the Trustee to the Borrower upon completion of such repair
evidenced by a certificate of an authorized officer of the
Borrower. If such insurance proceedS are insufficient for such
purpose, the Borrower shall pay such deficiency from any other
available funds of the Borrower. If such proceeds are more than
sufficient for such purpose, the balance remaining after comple-
tion of such repairs shall be deposited to the credit of the
Reserve Account to the extent necessary to make the amount then
on deposit equal to the Reserve Requirement, and the excess, if
any, shall be deposited by the Trustee in the Renewal and
Replacement Fund.
The proceeds of any property insurance not applied
within eighteen (18) months after their ~eceipt by the Trustee,
to repairing, replacing or reconstructing the damaged or
destroyed property, unless the Borrower shall advise the Trustee
in writing that it has been prevented from ~o doing because of
conditions beyond its control, or unless the Borrower with the
consent of the holders of a majority in principal amount of all
Bonds then Outstanding shall otherwise direct, shall be applied
by the Trustee to the payment of the principal of and interest on
the Bonds.
The proceedS of any insurance against loss of Gross
Revenues shall be deposited by the Trustee in the Bond Fund and
disbursed in accordance with the provisions of Section 4.1 of
this Indenture.
Any appraisement or adjustment of any loss or damage
under any pOlicy in which the Trustee shall have an interest and
any settlement or payment of indemnity under any such pOlicy which
may be agreed upon between the Borrower and any insurer nhall be
evidenced to the Trustee by a certificate signed by an Authorized
-41~
"
"
. ,
.PACT's X'eS~lU~o~ Exhibit A (Attachment' to .R 80-26)
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Officer of the Borrower, which certificate may be relied upon by
the Trustee as conclusive.' The Trustee shall in no way be liable
or responsible for the ~ollection of insurance moneys in case of
any loss or damage.
Section 5.9 Condemnation. The Borrower will pay over
to the Trustee upon receipt thereof the proceeds of sale of any
property subject to the lien hereof or of any indenture supple-
mental hereto ~hich is taken in the exercise of the power~of emi-
nent domain, or through the exercise of any right or any
obligation on the part of any public authority to purchase the
same, or as the result of any agreement between the Borrower and
said public authority made in lieu of condemnation proceedings, or
of any agreement between the Borrower and any such public
authority, or in pursuance of any finding by any tribunal or any
administrative agency in municipal or governmental owenrship pro-
ceedings under statutes now or hereafter in force. The Trustee
may intervene in any of the afor.esaid proceedings on behalf of
the Outstanding Bondholders and shall do so upon written request
of the holders of twenty-five percent (25%) or more in amount of
the then Outstanding Bonds, being first indemnified to its satis-
faction for its expenses. Upon such intervention, the Trustee
shall be entitled to receive the entire proceeds of any such
taking and give good and proper receipts therefor. If the
Trustee does not intervene, any award" for "such property approved
by the Borrower shall be accepted by the Trustee as representing
its full value and, at the request of the Borrower, evidenced by
a certified copy of a resolution duly adopted, the Trustee shall
execute and deliver a release of any property to be taken or
purchased upon the Trustee's receipt of an opinion of Counsel for
the Borrower to the effect that such property has been,lawfully
so taken or purchased as set forth in a certificate of an
Authorized Officer. Amounts received by the Trustee under the
provisions of this section shall be applied to the purchase or
redemption of Bonds.
Section 5.10 Offices. The Borrower shall at all times
maintain one or more offices or agencies where notices, demands
and other documents may be served upon the Borrower by the
holders of the Bonds and coupons then o~tstanding under this
Indenture. The Borrower hereby appoints the Trustee as its agent
to maintain such office or agency at its principal office for the
service upon the Borrower of such notices, demands and other
documents.
Section 5.11 Performance of Covenants by Borrower. The
Borrower will faithfully perform at all times any and all cove-
nants, undertakings, stipulations and provisions contained in
-42-
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this Inden~ure, in any and every Bond executed, authenticated and
delivered hereunder and in all proceedings of fts Board of
Directors pertaining thereto.
Secti~n 5.12. No Vacancy in Office of Trustee. The
Borrower, whenever necessary to avoid or fill a vacancy in the
office of Trustee, will appoint, in the manner provided in
Section 7.8, a Trustee, so that there shall at all times be a
Trustee hereunder.
"
'.
Section 5.13 Borrower Will Not Extend Time of Payment
of Bonds or Coupons Without Consent of Bondholders. The Borrower
will not directly or indirectly extend or consent to the exten-
sion of the time of payment of any of the Bonds or Coupons, un-
less consented to by the holder of the Bond or Coupon so affected.
Section 5.14 Title to Mortgaged Propert~. The Borrower
has title in fee simple to and the beneficial interest in and is
lawfUlly possessed of the project and the Mortgaged property and
has the rightful power and lawful authority to mortgage the same,
subject only to Permitted Encumbrances. All of the Mortgaged
Property is free nnd clear of and from all and any liens and
encumbrances of every nature and kind, except Permitted .
.Encumbrances, and will be so kept except as herein otherwise per-
mitted, and the Borrower will at all times maintain and preserve
the lien and rank of this Indenture as herein provided.
Section 5 .15 ~i tIe to Gross Revenues. The Borro'tler has
legal title to and the beneficial interest in the Gross Revenues
from the Project hereof pledged and the rightful power and the
lawful authority to pledge and assign the same. The Borrower
will warrant and defend such pledge and assignment to the
Trustee, its successor and assigns, for the benefit of the
holders for the time being of the Bonds and Coupons, against the
claims and demands of all persons whomsoever. ~he Gross Revenues
so pledged and assigned are now and will be kept free and clear
of and from any and all liens and encumbrances of every nature
and kind except as herein otherwise provided. The Borrower will
at all times maintain and preserve the lien and rank of this
Indenture as a first and prior lien upon Gross Revenues.
Section 5.16 'Further Assurances~ Recording Indenture.
The Borrower will at any time or times do, execute, acknowledge
and deliver and cause to be done, executed, acknowledged and
delivered, all such further acts, deeds, conveyances, assign-
ments, pledges, transfers and assurances in law as the Trustee
shall reasonably require for the better assuring, assigning,
tranSferring, pledging and confirming unto the Trustee, all and
-43-
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~ingular, the Trust Estate herein assigned, transferred and
pledged or intended so to be. The Borrower will cause this
Indenture and any and all additional instruments executed pur-
suant to the provisions hereof at all times to be recorded and
filed and kept recorded and filed in such public offices as may
be necessary or required by law in order fully to preserve, con-
tinue and protect the security of the Bonds and the rights and
remedies of the Trustee. The Borrower will fully comply with all
the requirements of any and every recording law or any other law
affecting the due recording and filing of this Indenture or of
any such additional instruments.
Section 5.17 ~onveyance of,Property to the City.
(a) SimUltaneously with the delivery of the Bonds to
the purchaser thereof, the Borrower will execute and deliver to
the Trustee such deeds and bills of sale or other documents as
shall be necessary to convey all its right, title and interest in
and to the Mortgaged Property to the City, subject only to the
lien of this Indenture and Permitted Encumbrances. The Borrower
does hereby authorize and direc~ the Trustee to deliver said
instruments to the said grantee therein only when all Bonds
issued hereunder are no longer deemed Outstanding under Article
IX of this Indenture. The Trustee shall not record said
instruments, and said instruments shall not be deemed valid
conveyances, until all Bonds issued hereunder are no longer
deemed Outstanding under Article IX of this Indenture.
(b) The Borrower does hereby grant and reserve unto the
City the right to prepay or cause to be prepaid all sums secured
hereby, in accordance with the terms hereof, or to make or cause
to be made deposits of cash or Investment Securities so that all
Bonds issued hereunder are no longer deemed Outstanding under
Article IX of this Indenture, and thereby accelerate and obtain
the delivery of said instruments as describ~d in paragraph (a)
above. If the City exercises its rights under this paragraph
(b), the Trustee shQll hold, invest and apply for payment of the
Bonds under Article IX of this Indenture all funds in the Project
Fund, Bond Fund and all accounts therein, Operation and
Maintenance Fund, and Renewal and Replacement Fund, and, when all
Bonds issued hereunder are no longer deemed Outstanding under
Article IX, shall pay the balance in the Endowment Fund, if any,
to the Borrower. At such time, the City shall become the owner
in fee and entitled to eKclusive possession of the Mortgaged
property. Until such delivery of said instruments to the City by
the Trustee as in this Section provided, all such right, title
and interest shall remain vested in the Borrower.
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Section 5.19 Non-Competition I Free Ser~ice. The
Borrower covenants that it will not acquire, construct or operate
another performing arts center or theater as a competitor to the
Project and that it will not provide free service to any indivi-
dual or public or private corporation or body.
Section 5.20 Management Consultant. The Borrower will
employ a qualified management consultant with e~perience in the
operations of performing arts centers to conduct, at leas~ once
every five years, a review of the operationg of the Project and
sUbmit to the Borrower advices and recommendations as to the
proper maintenance, repair, management and operation of the
Project during the ensuing Fiscal Year, and an estimate of the
amount of money necessary for such purposes. A copy of each
report shall be filed with the Trustee and the City and shall be
available for inspection and copying by any Bondholder.
Section 5.21 Corporate 'E~istence. The Borrower cove-
nants that it will maintain. its corporate existence and.will not
consolidate or merge with any other corporation; and that it will
not take any action or engage in. any activities whicn might
result in the income of the. Borrower becoming taxable to 'it, or
any interest on the Bonds becoming taxable.; to the recipients
thereof, under the Federal income tax laws.
Section 5.22 Adoption of Budget. TheB~rrower.cove-
nants that prior to the beginning of each Fiscal Year it will
prepare and adopt an Annual Budget of the Operating Expenses of
the Project for the ensuing Fiscal Year. Copies of each such
Annual Budget shall be filed with the Trustee and mailed to any
Bondholder who shall have filed his name and address with the
Borrower for such purpose.
The Annual Budget shall contain a complete schedule of
the Borrower's fees, rates and other charges for the services and
facilities of the Project which shall be proposed for the ensuing
Fiscal Year, and such proposed fees, rates and other cbarges
shall be in amounts sufficient to comply with the rate covenant
of the Borrower expressed in Section 5.3 of this Indenture.
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of receivers in similat cases, with full power upon the order of
such court to lease the Project and the Mortgaged Property, or
any part thereof, upon any terms approved by the court.
(d) The Trustee may, in its discretion, with or without
declaring the Bonds due and payable, enter upon and take
possession of the project and the Mortgaged Property and lease
the same in the name and as the agent of the Borrower and from
time to time maintain and restore and insure and keep ins~red the
same, in the manner and to the same extent as is usual with like
?roperties and likewise, from time to time, make all necessary
repairs, renewals, replacements, alterations, additions and
improvements' thereto and thereon as may seem judicious and lease
the same or any part thereof, as effectually as the Borrower
could do, and the Trustee shall be entitled to collect and
receive all rents, revenues and income of the Project and the
Mortgaged Property and every part thereof and, after paying the
expense of leasing the same, including the expenses of main-
tenance, repairs and insurance or other charges thereon, as well
as just and reasonable compensation for the services of the
Trustee and its agents, attorneys, receivers, or counsel, the
Trustee shall apply the moneys arising as aforesaid as provided
in Section 6.4 hereof.
(e) The Trustee, with or without entry, personally or
by attorney, may in its discretion sell, or cause to be sold all
and singular the Project and the Mortgaged Property, and all the
estate, right, title and interest, claim and demand therein, or
any part of the Project or Mortgaged Property, inc1uaing any item
of equipment, such sale or sales to be made at public outcry at
the main door of the Pinellas County Courthouse in the City, at
such time or times and upon such terms as may be required by law
or as the Trustee may determine after having first given notice
of the time, place and terms of sale, together with a description
of the property to be Gold, by publication once a week for three
(3) consecutive weeks prior to said sale in any newspaper then
published in said County, pursuant to a suit or proceeding in
accordance with law for the foreclosure of this Indenture, with
or without furthe'r, other or incidental relief, such as the
appointment of a receiver, the specific enforcement of covenants
or obligations or an injunction to prevent violations or
threatened violations of any covenant, obligation or agreement
provided by the Indenture.
(f) Notwithstanding the foregoing, neither the Trustee
nor the holders of any Bonds Outstanding shall be entitled to
exercise any of the rights and remedies described in paragraphs.
(a) and (e) of this section unless and until all funds on deposit
-49-
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'in. the Reserve Account have been exhausted for the pur~oses
described in Section 4.l{b) hereof.
Section 6.3 Sale of project.
ject or any part thereof by the Trustee
foregoing powers,
(a) The principal of all the Bonds not yet matured or
declared due shall forthwith become due, anything therein.,or
herein to the contrary notwithstanding.
On any sale of the Pro-
pursuant to any of the
(b) If the whole of the Mortgaged Property shall be
offered for sale, said Mortgaged Property shall be sold in one
parcel and as an entirety, unless the Trustee shall deem such
sale as an entirety to be illegal or impracticable or inadvisable
by reason of some statute or other cause.
(c) Any fixtures, personal property or chattels consti-
tuting a part of the Mortgaged Property may he sold without
having such property at the place of sale~ and the Borrower, for
itself, its successors and assigns and for all persons hereafter
claiming through or under it hereby expressly waives and releases
all right to have the Mortgaged property or any part thereof at
the place of sale upon any foreclosure sale 'thereof.
(d) ~he Trustee may adjourn, or cause to be adjourned,
from time to time, any sale, by announcement at the time and
place appointed for such sale or for such adjourned sale or
sales: and, except as otherwise provided by law, such sale may be
made, without further notice or publication, at the time and
place to which the same shall be so adjourned.
{e) If on the sale of the whole of the Hortgaged
property, no cash bid be received in an amount sufficient to pay
all amounts then owing to the Trustee and the Bondholders, the
Trustee may be the purchaser at such sale, crediting on the
Trustee's bid the aggregate amount of all sums due the
Bondholders and the Trustee under this Indenture, and the Trustee
may thereafter sell all such property for an amount less than
sufficient to pay all amounts then owing to the Trustee and the
Bondholders or for a consideration consisting of part cash and
part purchase money mortgage, or both: provided (1) that such
sale and the terms and amounts of any purchase money mortgage are
approved in writing by the holders. of a majority in principal
amount of the then Outstanding Bonds, and (2) that in the opinion
of the Trustee the price obtained at s\1ch sale represents the
fair market value of the property sold, as demonstrated by more
than one qualified bid thereat or by appraisal by an independent
appraiser acceptable to the Trustee.
-50-
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. ::.,:}A~T~,s;'r.~so~u1:6~ ':E:<hi'bi1: A' (Attachme'nt 'to R ~'0-26)
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trustee of an express trust without the necessity of joining as
plaintiffs or defendants any holders of the Bonds or the bearers
of Coupons, and any recovery shall (after provision for the
payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) be for the
" ratable benefit of the holders of the Outstanding Bonds and
Coupons in respect of which such judgment has been recorded.
Section 6.6 Right of Bondholders to Direct Proceedings.
The holders of a majority in principal amount,of the Oustanding
Bonds shall have the right to direct the time, method and place
of conducting any proceeding for. any remedy available to the
Trustee or of exercising any trust or power conferred on the
Trustee, provided that (1) such direction shall not be in
conflict with any rule or law or this Indenture, (2) the Trustee
shall not determine that the action so directed would be unjustly
prejUdicial to the holders not taking part in such direction, and
(3) the Trustee may take any other action deemed proper by the
Trustee which is not inconsistent with such direction.
Section 6.7 Limitation' on Suits by Bondholders. No
holder of any Bond or Coupon shall have any right to institute
any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or
for any other remedy hereunder, unless (IT such holder has pre-
viously given written notice to the Trustee of a continuin~ Event
of Default; (2) the holders of not less than 10% in princlpal
amourit of the Outstanding Bonds shall have made written request
to the Trustee to institute proceedings in respect of such Event
of Default in its own name as Trustee hereunder~ (3) such holder
or holders have offered to the Trustee reasonable indemnity
against the costs, expenses and liabilities to be incurred in
compliance with such request; '(4) the Trustee for thirty (30)
days after its receipt of notice, request and offer of indemnity
has failed to institute any such proceeding~; and (5) no direc-
tion inconsisten~ with such written request has been given to the
Trustee during: Duch thirty (30) period by the holders of a
majority in principal amount of the Outstanding Bonds, it being
understood and intended that no one or more holders of Bonds or
Coupons shall have any right in any manner whatever by virtue of,
or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other holders of Bonds or
Coupons, or to obtain or to seek t~ obtain priority or preference
over any ather holders or to enforce any right under this
Indenture, except in the manner her.ein provided and for the equal
and ratable benefit of all the holders of Bonds and Coupons.
Notwithstanding any other provision hereof, the right
of the holder of any Bond, Which is absolute and unconditional, to
-52-
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':.':.':'.\:'. ".p~c~r;,~.. z:'~solutonE~hi~,it. A.' (A~tachme~t ..~o R 80-26)
2121
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receive payment of the ~rincipal of and the interest,on such Bond
on or after the due date thereof, 'as there!n and herein expressed,
or to institute suit for the enforcement of such payment on or
'after suoh due date, or the obligation of the Borrower, which is
also absolute and unconditional, to pay the principal of and the
interest on the Bonds to the respective holders"thereof at the
time and place in said Bonds and Coupons expressed, shall not be
impaired or affected without the consent of such holder, provided,
however, that no Bondholder shall be entitled to take an~.action
or institute any such suit to enforce the payment of his BondS,
whether for principal or interest, if and to the extent that the
taking of such action or the institution or prosecution of any
such suit or the entry of judgment therein would under applicable
law result in a surrender, impairment, waiver or loss of the lien
hereof upon the project, or any part thereof, as security for the
Bonds held by any other Bondholder.
Section 6.8 Remedies Cumulative. No remedy herein
contained upon or reserved to the Trustee or to the holders of
the Bonds or Coupons is intended to be exclusive .of any other
available remedy or remedies, b~~ each and every such remedy
shall be cumulative and shall' be in addition to every other
remedy given hereunder or now or hereafter existing at law or in
equity or by. statute. .
Section 6.9 Delay or Omission Not a Waiver. No delay
or omission of the Trustee or of any holder of any of the Bonds or
Coupons to exercise any right Ot power accruing upon any default
occurring and continuing as aforesaid shall impair any such right
or power or shall be construed to be a waiver of any such default
or an acquiescence therein, and every power and remedy given by
this Indenture to the Trustee or to the hOlders of the Bonds or
Coupons may be exercised from time to time and as often as may be
deemed expedient by the Trustee or by the holders of the Bonds or
Coupons.
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'fl';f\ tJ':'1~' :',f' ti~fjt).~... V... It., ~~""'1n' /j. ~'.. i." /..... I> / .~..~. ~i I '" ~ -: ." {" ~.~ ,--:1 ~. ~~"'~"""'j~ ,"I .... t.:Jc'..~~. \"~'Ht~ "!,. ~., ~ '7. ~"I ..
~~t~ttH'%~"'!,.1(~~{~ ~l~Pitt\~~;,~ /)',: .~, :J~:'~:': ;,,~\?"~'c.~\~,:. !: f'~'/ ..~c> '({~~::~:.~ ~tj~? '. !)~f:i1,.:\:;'-!f1;~~~;f~;~~.;t~.;~trt:t~.I~I~f
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'pledged hereunder and all funds held or collected by 'the Trustee
as such (except fundi held In trust for the benefit of the
holders of particula~ Bonds or Coupons) with rlght of payment
prior 'to payment on account of interest or principal of any Bond
issued hereunder, for reasonable compensation for all services
rendered by it hereunder and for all reasonable expenses, advan-
ces, disbursements and counsel fees incurred or made in and about
the execution of the trusts hereby created and exercise and per-
formance of the powers and duties of the Trustee hereunder and
the cost and expense incurred in defending against any liability
in the premises of any character whatsoever (unless such liabi-
lity is adjudicated to to have resulted from the negligence or
willful default of the Trustee).
Section 7.8 Resignation and Removal1 Appointment of
Successor.
(a) No resignation or removal of the Trustee and no
appointment of a successor Trustee pursuant to this ArtiCle shall
become effective until the acceptance of appointment by the suc-
cessor Trustee under Section 7.91
(b) The Trustee may resign at any time by giving writ-
ten notice thereof to the Borrower. If an instrument of accep-
tance by a SUcceSsor Trustee shall not have been delivered to the
Trustee within thirty (3D) days after the giving of such notice
of resignation, the resigning Trustee may petition any court of
competent jurisdiction for the appointment of a successor
Trustee;
(c) The Trustee may be removed at any time by the
holders of a majority in principal amount of the Outstanding
Bonds by an instrument or instruments in writing delivered to the
Trustee, to the Borrower;
Cd) If at any time the Trustee shall become incapable
of acting or shall be adjudged a bankrupt or insolvent, or a
receiver of the Trustee or of its property shall be appointed or
any public officer shall take charge or control of the Trustee or
of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then (i) the Borrower may remove
the Trustee, or (ii) any Bondholder who has been a bona fide
holder of a Bond for at least six (6) months may, on behalf of
himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee;
(e) If the Trustee shall resign, be removed or become'
incapable of acting, or if a vacancy shall occur in the office
-58-
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of the Trustee for any cause, the Borrower shall promptly appoint
a successor Trustee. If, within one (l) year after such resigna-
tion, removal or incapability, or the occurrence of such vacancy,
a successor Trustee shall be appointec by a majority in principal
amount of Outstanding Bonds by an instrument or instruments in
writing delivered to the Borrower and the retiring Trustee, the
successor Trustee so appointed shall, forthwith upon its accep-
tance of such appointment, become the successor Trustee and
supersede the successor Trustee appointed by the Borrowe~. If no
successor Trustee shall have been so appointed by the Borrower or
the Bondholders and accepted appointment in the manner
hereinafter provided, any Bondholder who has been a bona fide
holder of a Bond at least six (6) months may, on behalf of him-
self and all others similarly situated, petition any court of
competent jurisdiction for the appointment of a successor
Trustee~ and
(f) The Borrower shall give notice of each resignation
and each removal of the Trustee and each appointment of a suc-
cessor Trustee by publishing notice of such event once in a daily
newspaper published in the City, and by mailing written notice of
such event to the registered holders of Bonds at their addresses
as shown in the Bond Register. Each notice shall include the
name and address of the principal corporate trust office of the
successor Trustee.
Section 7.9 Acceptance of Appointment by Successor.
Every successor Trustee appointed hereunder shall execute,
acknowledge and deliver to the Borrower and to the retiring
Trustee an instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act,
deed or conveyance, shall become vested with all the estate and
title of the retiring Trustee to the Trust Estate and all the
rights, powers, trusts, and duties of the retiring Trustee~ but,
on request of the Borrower or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and
deliver an instrqment transferring to such successor Trustee all
the estate and title of the retiring Trustee to the Trust Estate
and all the rights, powers and trusts of the retiring Trustee,
and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee
hereunder, subject nevertheless to its lien, if any, provided for
in, Section 7.7. Upon request of any such successor Trustee, the
Borrower shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all
such estate, title, rights, powers and trusts. All such instru-
ments so executed shall be filed by the Borrower for reco~d in
-59-
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PACT.'sresolu'to'n Exhibit A (Attachment to R 80-26)
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the manner provided by law for the recording of documents
affecting title to real estate.
Section 7.10 Merger or Consolidation. Any~corporation
into. which the Trustee may be merged or with which it may be con-
sOlidated, or any corporation resulting from any merger or con-
solidation to,which the Trustee shall be a party, or any
corporation succeeding to all or substantially all of the cor-
porate trust business of the Trustee, shall be the successor of
the Trustee hereunder, without the execution or filing of "any
paper or any further act on the part of any of the parties
hereto. In case any Bonds shall have been authenticated, but not
delivered, by the Trustee then in office, any'successor by merger
or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Bonds so authenticated with the
sam~,effect as if such successor Tr~stee had itself authenticated
such Bonds.
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ARTICLE VIII
AMENDMENTS AND SUPPLEMENTS
TO INDENTURE
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Section 6.1 Supplemental Indentures Without Consent of
Bondholders. Without the consent of the holders of any Bonds
or any notlce to any Bondholderf the Borrower and the Trustee, at
any time and from time to time, may enter into one or more inden-
tures supplemental hereto, in form satiSfactory to the Trustee,
for any of the fo110w~ng purposes:
(a) to add to the covenants of the Borrower for the
benefit of the holders of the Bonds, o~ to surrender any right or
power herein conferred upon the Borrower; or
(b) to cure ahy ambiguity, to correct or supplement any
provision herein which may be inconsistent with any other provi-
sion herein, or to make any other provisions with respect to mat-
ters or questions arising under ,this Indenture which shall not be
consistent with the provisions 6f this Indenture, provided such
action shall not adversely affect the interests of the holders of
the Bonds; or
(c) to subject to this Indenture additional revenues,
properties or collateral; or
(d) to provide for the issuance of Additional Bonds
pursuant to Section 2.11 hereof: or
(e) to modify, amend or supplement. this Indenture or
any indenture supplemental hereto in such manner as to permit the
qualification hereof and thereof under the Trust Indenture Act of
'1939 or any similar federal statute hereafter in effect or to
permit qualification of the Bonds for sale under the securities
laws of. any of the states of the United States, and, if they so
determine, to add to this Indenture or any indenture supplemental
hereto such other terms, conditions and provisions as may be per-
mitted by said Trust Indenture Act of 1939 or similar federal
statutes.
Section 6.2 ~upplemental Indentures With Consent of
Bondholders. With the 'consent of the .holders of not less than
tw~-thlrds .in principal amount of the Outstanding Bonds, by a
written instrument or instruments delivered to the Borrower and
the Trustee, the Borrower and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose o~
-61-
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~tt, D:~J_~ ~t,tlfi1.~.~L :.~{l~:' ~f:l.~.f .~;, "~ ~"." ~t~";.L~~~ I ~):.,}'t....~~...~'-'t ~'.i '~. ,.1;;'" (~", :.t..: >.<.:~~. .....~~...:r!:;..-:.."(""...'t{'> '."F+"'ll~..";.';~~ ~ r"A::.~~,;i~,1:;!.}~r~....:.; ~
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adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any
manner the rights of the holders of the Bonds and Coupons under
this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the holder of each Out-
standing Bond affected thereby:
(a) change the stated maturity of the principal.of, or
any installment of interest on, any Bond, or reduce the p~incipal
amount thereof or the interest thereon or any premium payable
upon the redemption thereof, or change the coin or currency in
which any Bond or the interest thereon is payable, or impair the
right to institute suit for the enforcement of any such payment
on or after the stated maturity thereof (or, in the case of
redemption, on or after the redemption date), or
(b) reduce the percentage in principal amount of the
Outstanding Bonds, the consent of whose holders is required for
any such supplemental indenture, or
(c) provide that certain provisions of this Indenture.
cannot be modified without the consent of the holder of each Bond
affected thereby, or
(d) create a ~ien or charge. on the Trust Estate or any
part thereof ranking prior to or on a parity of lien with the
lien and pledge thereon contained herein, or
( e)
establish preference or prio~ity as between the
Bonds.
It shall not be necessary for any written consent of any
BondhOlder under this Section to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient
if such .consent shall approve the substance ~hereof.
If at any time the Borrower shall request the Trustee to
enter into any such supplemental indenture for any of the pur-
poses of this Section, the Trustee shall, upon being satis-
factorily indemnified with respect to expenses, cause notice
of the proposed execution of such supplemental indenture to be
pUbliShed as shall be requested by the Borrower and in any
event one time in a financial journal of general circulation
among dealers in municipal securities published in the City of
N~w York, New York. If, because of the temporary or permanent
suspension of the pUblication or general circulation of any
journal or for, any other reason, it is impossible or impractical
to publish any notice required in this Section, then such notice
-62-
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ARTICLE IX
WHEN BONDS DEEliED PAID l' BONDS AND
COUPONS NOT PRESENTED FOR PAYMENT
Section 9.1 Bonds Deemed No Longer Outstanding. Any
Bond shall no longer be deemed to be Outstanding hereunder when
payment of the principal of and the applicable redemption or pre-
payment premium, if any (or the applicabla redemption or prepay-
ment price) on such Bond plus interest on such principal to the
due date thereof (whether such due date be by reason of maturity
or upon redemption or prepayment or by declaration as provided
in Section 6.2(a) hereof, or otherwise), either (a) shall have
been made or caused to be made in accordance with the terms
thereof, or (b) shall ha~e been provided by irrevocably d9posit-
ing with the Trustee and irrevocably appropriated and set aside
eXClusively for such payment (l) moneys sufficient to make such
payment or (2) Investment Securities maturing as to principal
and interest in such amount and at such times as will insure the
availability of sufficient moneys to make such payment, and all
necessary and proper fees, compensation and expenses of the
Trustee and the paying agents pertaining to the Bond with respect
to ~hich such deposit is made shall have been paid or the payment
thereof provided for to the satisfaction of the Trustee and said
paying agents. At such time as a Bond shall be deemed to be no
longer Outstanding hereunder, as aforesaid, such Bond shall cease
to draw interest from the due date thereof (whether such due date
be by reason of maturity, or upon redemption or prepayment or by
declaration as aforesaid, or otherwise) and, except for the pur-
poses of any such payment from such moneys or Investment
Securities, shall no longer be secured by or entitled to the
benefits of the Indenture.
Notwithstanding the foregoing, no deposit shall consti-
tute such payment,.discharge and Gatisfacti~n as aforesaid, as to
all such Bonds which are to be redeemed or prepaid prior to their
respective stated maturities, until proper notice of such redemp-
tion or prepayment shall have been properly published or provi-
sion satisfactory to the Trustee shall have been irrevocably made
for the giving of such notice.
Any such moneys so deposited with the Trustee as pro-
vided in this Section may at the direction of the Borrower also
be invested and reinveoted in Inve~tment Securities maturing in
the amounts and times as hereinbefore set forth.
Notwithstanding any proviSion of any other Section of
the Indenture which may be contrary to the provisions of this
. ~64-
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. ..PAC:r"S resolution Exhibit ^' (Attachment to R.'.80-26
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2/21/80
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section, all moneys or Investment Securities set aside and held
in trust pursuant to the provisions of this Section for the pay-
ment of Bonds (including interest and premium thereon, if any,
or the redemption or prepayment price thereof) and Coupons shall
be applied to and used solely for the payment of the particular
Bond (including interest and premium thereon, if any, or redemp-
tion or prepayment price thereof) and Coupons with respect to
which such moneys and Investment Securities have been so set
aside in trust.
.. Anything in Article VIII hereof to the contrary not-
withstanding, if moneys or Investment Securities have been de-
posited or set'aside with the Trustee pursuant to this Section
for the payment of Bonds and Coupons and such Bonds shall be
deemed to have been paid and to be no longer outstanding here-
under as provided in this Section, but such Bonds and Coupons
shall not have in fact actually been paid in full, no amendment
to the provisions of this Article shall be made without the con-
sent of the holder of each Bond or Coupon affected thereby.
The Borrower may at any time surrender to the Trustee
for cancellation by it any Bonds previously executed and deli-
vered, together with all unmatured-Coupons thereto belonging,
which the Borrower may have acquired in any manner whatever, and
such Bonds and Coupons upon such surrender for cancellation shall
be deemed to be paid and no longer outstanding hereunder.
Section 9.2 Bonds and Coupons Not Presented for
Payment When Due; Moneys Held for the Bonds and Coupons after Due
~. Subject to the provis~ons of the next sentence of thLs
paragraph, if any Bond shall not be presented for payment when
the principal thereof shall become due, whether at maturity or at
the ,date fixed for the redemption or prepayment thereof or upon
declaration as provided in Section 6.2(a) hereOf, or otherwise,
or if any Coupon shall not be presented for payment at the due
date thereof, and if moneys or Investment Securities shall at
such due date be held by the Trustee, or a paying agent therefor,
in trust for that purpose sufficient and available to pay the
principal and the premium, if any (or the redemption or prepay-
ment price) of such Bond, together with all interest due on such
principal to the due date thereof or to the date fixed for
redemption or prepayment thereof, or to pay such Coupon, as the
case may be, all liability of the Borrower for such payment shall
forthwith cease, determine and be completely discharged, and
thereupon, it shall be the duty of the Trustee, or such paying
agent, to hold said moneys or Investment Securities without
liability to the holder of such Bond for interest thereon, in
trust for the benefit of the holder of such Bond or of such
-65-
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Exhibit A'CAttachemnt
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(SEAL)
Attest:
Secretary,
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P^CT, INC.
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(At1;a~hinent.,.to' R .80'::26') "I
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