 | Board of Visitors minutes February 20, 1960 |  |
ARTICLE IX
DISCHARGE AND DEFEASANCE
SECTION 9.01. If the Board shall pay or cause to be paid to the Holders of all Bonds
and coupons outstanding hereunder, the principal and interest due thereon and the premiums,
thereon, if any, at the times and in the manner stipulated therein and in this Resolution,
then the pledge of the Gross Revenues and other moneys and securities hereby pledged, and all
belong to the Board free of any and all liens herein provided.
Coupon Bonds for the payment or for the redemption of which funds, in the full amount
required therefor, shall have been deposited with the Treasury Board, whether upon, or prior to,
the maturity or the redemption date of such Coupon Bonds, shall be deemed to be paid within the
meaning of this Article, provided, however, that if such Coupon Bonds are to be redeemed prior
to the stated maturity thereof, notice of such redemption shall have been duly given, or provision
satisfactory to the Treasury Board shall have been made therefor, or waivers of such notice
shall have been duly filed by the holders of the Coupon Bonds as provided in Article III of this
Resolution. Similarly, if funds, in the full amount required therefor, shall have been deposited
with the Treasury Board, for the payment or prepayment of the principal, or of any installment of
the principal, of any Registered Bonds, including the interest accrued thereon to the due date or
to the prepayment date, and including the prepayment premium, if any, whether such deposit was
made upon, or prior to, the due date or prepayment date of such principal, such principal shall
be deemed to be paid within the meaning of this Article, provided, however, that if such principal
is to be prepaid before the due date thereof, notice of such prepayment shall have been
duly given as provided in Article III of this Resolution.
If any Coupon Bond shall not be presented for payment when the principal thereof shall
become due, either at maturity, or at the date fixed for the redemption thereof, or otherwise, or
if any coupon shall not be presented for payment at the due date thereof, of if any Registered
Bond shall not be presented for noting thereon the payment of any part of the principal thereof,
or interest thereon, or of any prepayment premium thereon, if any (if such presentation be required
by the terms of any Registered Bond or of this Resolution), and if the Board shall have
deposited funds with the Treasury Board for that purpose, or if the Board shall have left with
the Treasury Board, in trust, if previously so deposited or set aside, funds sufficient to pay
such principal and the premium thereon, if any, together with all interest due thereon to the due
date thereof, or to the date fixed for the redemption or prepayment thereof, or to pay such coupon,
as the case may be, all liability of the Board for such payment shall forthwith cease, determine
and be completely discharged, and thereupon it shall be the duty of the Treasury Board to hold
said fund or funds, without liability for interest thereon, for the benefit of the Holder of such
Coupon Bond or coupon, or for the benefit of the Registered Owners of the Registered Bonds, as
the case may be, who thereafter shall be restricted exclusively to said fund or funds for any
claim of whatsoever nature on his part under this Resolution, or on, or with respect to, said
Bond or coupon for such payment.
| Board of Visitors minutes February 20, 1960 | |