Agenda - 03-02-2006-8bOS - Laserfiche WebLink

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Extraordinary Preria~~ient. The 2006A Certificates are subject to prepayment in «Thole or in part on any Certificate Payment Date, at a prepayment price equal to the principal amount to be prepaid, without premium, plus accrued interest, if any, to the prepayment date, from ``Net Proceeds" and other funds provided by the County upon the terms and conditions specified below. "Net Proceeds" means, generally, insurance or condemnation proceeds related to the Mortgaged Property, in each case net of expenses of collection. For a complete definition of "Net Proceeds," see "Definitions" in Appendix B hereto. Upon the County's receipt of Net Proceeds from any single event or any single series of related events in an amount greater than or equal to $1,000,000, the County must deposit such Net Proceeds t~•ith the Trustee to be held in accordance t~~ith the Trust Agreement. If the Pledged Facilities have not yet been completed, the County is required to deposit the Net Proceeds in the Construction Fund and use the Net Proceeds to complete construction of the Pledged Facilities. If the Pledged Facilities have been completed, the County is required to deposit the Net Proceeds in the Net Proceeds Fund and must within 60 days thereafter elect one of the following options. Such Net Proceeds and any other available funds may be used for the repair and restoration of the Pledged Facilities. If no Event of Default is continuing, (1) the County lnay prepay the 2006A Certificates in whole from Net Proceeds and other available funds if the amount of Net Proceeds to be applied to such prepayment is equal to at least 75% of the outstanding principal amount of the 2006A Certificates, or {2) the County may redeem the 2006A Certificates in part only from Net Proceeds if as a result of the event giving rise to receipt of the Net Proceeds (a) the County has lost beneficial use of at least 51% of the portion of the Pledged Facilities of which it had beneficial use prior to such event or (b) the damaged portion of the Pledged Facilities cannot be restored to its prior condition within six months of the event with respect to which the Net Proceeds have been collected. Otherwise the County will use the Net Proceeds and other available fund for the completion or for repair and restoration of the IVlortgaged Property. Mandatory Sinking Fund Prepayment. The 2006A Certificates maturing on April 1, 20 ,are subject to mandatory sinking fund prepayment in each year on or after April 1, 20, in the years and amounts sho«m below, upon payment of 100% of the principal amount thereof plus interest accl-ued to the prepayment date as follot~~•s: Year Amount Notice of Prepayment. The Trustee shall send notice of prepayment of any 2006A Certificates by registered or certified mail at least 30 days and not more than 60 days prior to the date named for prepayment to DTC or its nominee or, if DTC or its nominee is no longer the registered owner of the 2006A Certificates, to the Owners of the 2006A Certificates or portions thereof to be prepaid to certain securities organizations, but failure to give any such notice or any defect in such notice will not affect the validity of any proceedings for the prepayment of any 2006A Certificates with respect to ~~•hich the notice is correctly given. C-883836v4 13361.00022 6