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

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not subject to redemption or purchase prior to maturity at the option of anyone other than the holder, and (b) all compensation and expenses of the Trustee pertaining to each Certificate in respect of which such deposit is made have been paid or pro~Tided far to the Trustee's satisfaction. When a Certificate is deemed paid, it will no longer be secured by or entitled to the benefits of this Trust Agreement, and all rights to payment of such Certificates will be limited to payment from moneys or Federal Securities under {a}(ii) above, and except that it may be transferred, exchanged, registered or replaced as provided in Article II. Notwithstanding the foregoing, no deposit Colder clause (a)(ii) above uJill be made until the County has fi~rnished the Trustee an Opinion of Special Counsel to the effect that the deposit of such cash or Federal Securities will not cause the Certificates to become "arbitrage bonds" within the meaning of the Code. Also, if the Certificate is to be prepaid prior to maturity, notice of prepayment of the Certificate must be given in accordance ujith Article II for such deposit to be deemed a payment of such Certificate. Alternatively, if the Certificate is not to be paid or prepaid within the next 60 days, the County must give the Trustee, in form satisfactory to the Trustee, irrevocable instnictions (A) to provide notice, as soon as practicable, in accordance with Article II, that the deposit required by (a)(ii) above has been made with the Trustee and that the Certificate is deemed to be paid under this Article and stating the maturity or prepayment date upon which moneys are to be available for the payment of the principal with respect to the Certificate, and (B) to give notice of prepayment not less than 30 nor more than 60 days prior to the prepayment date far such Certificate as provided in Section 3.03. When all Outstanding Certificates are deemed paid under the foregoing prop-risions of this SeGtlon, the Trustee Till upon request acknowledge the discharge of the lien of this Trust Agreement and the Deed of Tnist and repay any excess amounts remaining on deposit in the Funds established under this Trust Agreement to the County; provided, however, that the obligations under Article II in respect of the transfer, exchange, registration, discharge from registration and replacement of Certificates will sur~~ive the discharge of the lien of this Trust Agreement, and further provided that in the case of a deposit made under {a)(ii) above, the Certificates v~Till continue to constitute proportionate and undivided interests in Installment Payments arising under the Financing Contract. No deposit will be made or accepted and no use made of any such deposit that u~•ould cause any Certificates to be treated as "arbitrage bonds" within the meaning of the Code. Section 7.U2. Application of Trust Money. The Trustee gill hold in trust money or Federal Securities deposited with it pursuant to Section 7.01 and will apply the deposited money and the money paid with respect to the Federal 93862v2 22