 | Board of Visitors minutes November 30, 1984 |  |
SECTION 304. Bonds Purchased Under Credit Facility.
(a) The Paying Agent shall hold Bank Bonds for the account of the Bank and deliver such Bank Bonds to the Bank at its direction. Unless such Bank Bonds have been delivered to the Bank (in which event the Paying Agent shall notify the Remarketing Agent), the Paying Agent shall deliver such Bank Bonds on one Business Day's notice to any purchaser selected by the Remarketing Agent upon payment of the principal of and interest accrued on the Bank Bonds. The portion of proceeds received from the purchaser of any Bonds so remarketed and resold pursuant to the foregoing sentence, representing the principal amount of such Bank Bond, shall be paid to the Bank and the portion of such proceeds representing accrued interest, if any, shall be paid to the State Treasurer for deposit in the Special Fund. Any interest owed to the Bank for such Bank Bond (being all interest including any Additional Interest and any Additional Default Interest accrued and unpaid as of the purchase date) shall be paid by the State Treasurer from the Net Revenues and shall be deemed a payment of interest due and payable on the purchase date.
(b) In the event of a redemption of any Bank Bonds, the Paying Agent shall remit to the Bank the redemption price of such Bank Bonds, including the Additional Interest and Additional Default Interest, if any, due on such Bank Bonds.
(c) Upon finding a purchaser for all or any Bank Bonds, the Remarketing Agent shall so notify by telephone notice the Paying Agent and the Bank by 3:00 P.M., New York time, and the Bank shall either (i) deliver such Bank Bonds to the Paying Agent on the Business Day after it receives such notice from the Remarketing Agent or (ii) retain such Bank Bonds; provided, however, that if the Bank elects to retain such Bank Bonds instead of delivering them to the Paying Agent upon request, such Bank Bonds shall no longer bear Additional Interest. Upon delivery of such Bonds to the Paying Agent, and upon receipt from the purchaser or the Remarketing Agent of the principal amount and accrued interest (other than Additional Interest and Additional Default Interest) thereon and from the State Treasurer of the interest (including Additional Interest and Additional Default Interest) owed to the Bank thereon, the Paying Agent shall register and deliver such Bond to such purchaser or the Remarketing Agent, as the case may be, and shall pay to the Bank the par amount of such Bank Bonds together with the interest (including Additional Interest and Additional Default Interest) accrued thereon and shall pay the accrued interest received from the purchaser or the Remarketing
| Board of Visitors minutes November 30, 1984 | |