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Financing- Trust Agreement
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Financing- Trust Agreement
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Last modified
9/19/2012 3:45:36 PM
Creation date
9/9/2011 4:19:16 PM
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Building
RecordID
10242
Title
Financing- Trust Agreement
Company
Marion County
BLDG Date
10/7/1998
Building
Courthouse Square
BLDG Document Type
Finance
Project ID
CS9801 Courthouse Square Construction
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~ (D) CO~'ENANT TO INCLUDE FIN.ANCING PAY'MENTS IN PROPOSED BUDCET; FINANCING <br />2 PAl'~~1ENTS IN EXCESS OF RENTAL INTERRUPTION INSURANCE PROCEEDS. The County hereb~~ <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />lo <br />11 <br />12 <br />13 <br />I4 <br />]~ <br />I6 <br />17 <br />18 <br />19 <br />20 <br />?~ <br />~~ <br />~; <br />~a <br />,; <br />26 <br />~7 <br />~g <br />~q <br />30 <br />31 <br />covenants and a~nees that it will include in its Proposed Budget for each Fiscal Year a line item that <br />budgets and appropriates funds sufficient to pay when due the Financing Payments coming due in <br />such Fiscal Year. Nothing herein is intended, nor shall it be construed, to require the County <br />Commissioners to approve or adopt any Proposed Budget that includes a line item that budgets and <br />appropriates fiuids sufficient to pay when due the Financing Payments coming due in such Fiscal <br />Year. The County Commissioners may, in their sole and absolute discretion, eliminate such line <br />item from any Proposed Budget prior to the approval and adoption thereof by the County <br />Commissioners. in which event the provisions of Section 202(C) of this Agreement shall apply. <br />In addition, tha-Cnnnt~~li~~~~ y11U11LJ u.~~' b +'- * in the event the County Facilities <br />are damaged or destroyed, or the County's use and occupancy of the County Facilities is otherwise <br />intemipted, with the result that the Trustee receives payments under the rental interruption insurance <br />policy the County is required to maintain pursuant to Section 306(B)(2) hereof, then if such rental <br />interruption insurance proceeds are insufficient to pay in full all 1998 Financing Payments accruing <br />or coming due during the period of time the Coi.mty is so deprived of its use and occupancy of the <br />County Facilities, the Cc~unt~;hereby covenants and agrees to include as a separate line item in its <br />Proposed Budget for each Fiscal Year in which such period of interruption occurs an amount equal <br />to the difference between the amount of the 1998 Financing Payments so coming due and the amount <br />of rental interruption insurance proceeds available to the Trustee to pay such 1998 Financing <br />Payments. The County Commissioners may, in their sole and absolute discretion, eliminate such line <br />item from any Proposed Budget prior to the approval and adoption thereof by the County <br />Commissioners, in which event the provisions of Section 202(C) of this Agreement shall apply. <br />(E) THE 1998 F~~vA1vC~1vG PAV~vtE1v7's. The Financin~ Payments shall consist of principal <br />components to~>ether with interest accruing thereon. The principal components of the 1998 Financin~ <br />Payments shall be in the amounts, be due and payable on the dates, and bear interest from the date <br />of this A~ eeinent until paid at the rates of interest per unntrm, all as set forth in the following table: <br />FINa-NCING AND TRUST AGREENIENT PAGE H <br />
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