Common use of Payments on Refunded Bonds Clause in Contracts

Payments on Refunded Bonds. The Escrow Agent, without further authorization and direction from the City, shall pay to the owners of the Refunded Bonds, from moneys available in the Escrow Fund, on the date on which each payment of principal, premium, if any, and interest falls due, moneys sufficient to pay the principal, premium and interest falling due on the Refunded Bonds as set forth in Schedule I hereto. Such payments shall be made from the principal of and interest on moneys in the Escrow Fund securing the Refunded Bonds and shall be made to the persons entitled thereto.

Payments on Refunded Bonds. The Escrow Agent, without further authorization and direction from the CityTown, shall pay to the owners of the Refunded BondsTrustee, from moneys available in the Escrow Fund, on the date on which each payment of principal, premium, if any, principal and interest falls due, moneys money sufficient to pay the principal, premium principal and interest falling due on with respect to the Refunded Bonds as set forth in Schedule I hereto. Such payments shall Payments with respect to the Refunded Bonds are to be made from the maturing principal of and interest on moneys the Federal Securities or other money in the Escrow Fund securing the Refunded Bonds and shall be made to the persons entitled thereto.