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59

$40,000, or such portion of said sum as is available for transfer
annually, until the funds and/or investments in the "Housing System
of 1964 Repair and Replacement Reserve Account" shall aggregate
$800 000 and thereafter, such sums from said source, but not more
than $40,000 annually, (except as hereinafter provided), as may be
required to restore and maintain the balance of $800,000.

All funds and/or investments in the "Housing System of 1964 Repair and
Replacement Reserve Account," may be withdrawn and used by the Borrower
for the purpose of paying the cost of any unusual or extraordinary
maintenance, repairs, renewals or replacements of, to, or for the
buildings, equipment and furnishings of the Housing System not paid
as apart of its ordinary and normal current expenses.

However, in the event that the amounts deposited to the credit of the
"Housing System of 1964 Bond and Interest Sinking Fund Account" on
February 15 or August 15 of any year shall be less than the amount
required to have been deposited in accordance with Special Condition
(e) hereof, such sums sufficient to eliminate any such deficiency in
said deposits to the "Housing System of 1964 Bond and Interest Sinking
Fund Account" shall be transferred from the "Housing System of 1964
Repair and Replacement Reserve Account" to the "Housing System of
1964 Bond and Interest Sinking Fund Account."

It is further provided that nothing herein shall be construed to prevent
the Borrower from depositing, or causing to be deposited, to the credit
of the "Housing System of 1964 Repair and Replacement Reserve Account"
net revenues of the Housing System, or any other funds legally available
to the Borrower for such purposes, in excess of the requirements of this
Condition.

(g) Subject to making the foregoing payments and maximum periodic deposits,
the Borrower may use the balance of excess funds in the "Housing System
of 1964 Revenue Fund Account" on March 1 and September 1 of each fiscal
year, after reserving therein an amount which, together with anticipated
revenues, shall be equal to the reasonably estimated current expenses
of the Housing System during the next ensuing two (2) months:

(1) To redeem outstanding Bonds on the next interest payment date, in
inverse numerical order and in amounts of not less than $5,000 par
value at one time, provided:

(a) that calls of bonds will be applied to each Series of Bonds
on an equal pro rata basis (reflecting the proportion of
the original amount of each Series of Bonds outstanding at the
time of such call), and

(b) that calls of Bonds for each Series of Bonds will be in
accordance with the call provisions of the respective Bond
Series. However, the Borrower shall have the right to call
subject to the call provisions of the respective Bond Series,
any or all outstanding Bonds which may be called at par prior
to calling any Bonds that are callable at a premium.

(2) For any expenditures, including the payment of debt service, in
improving or restoring any existing housing or dining facilities or
providing any such additional facilities; or

(3) For any other lawful purpose.

(h) The Borrower covenants and agrees to have placed in effect, or to place in
effect in all of the housing facilities identified in paragraphs (1), (2),
(3), (4), and (5) of Special Condition (b) above, no later than at the
beginning of the first semester of the 1964 regular term of two
semesters, and to place in effect in the dormitory to be constructed
under Project CH-NC-99(D) (identified in paragraph (6) of Special
Condition (b) above) upon completion of construction, the following
minimum rates, charges, and lease rentals:

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