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Caption: Board of Trustees Minutes - 1936
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822 BOARD OF TRUSTEES [June 29 Section 6.03. When and so long as the moneys held by the Trustee in the Bond Fund and not allocated to some purpose other than the redemption or payment of matured Bonds or interest coupons appurtenant to Bonds, shall equal the principal amount of all outstanding Bonds plus interest thereon to maturity and necessary fiscal agency charges for payment of such Bonds and interest, plus all other sums payable hereunder by the Foundation, the Foundation shall be under no duty to make any further deposits hereunder with the Trustee. After the principal of and interest on all of the Bonds issued hereunder have been paid in full and after all claims arising hereunder have been satisfied, any balance remaining in any of the funds provided for in this Article shall be paid to the Foundation or to whomsoever may be lawfully entitled to receive the same or as any court of competent jurisdiction may direct. Section 6.04. All moneys held by the Trustee in the Revenue Fund and the Bond Fund shall be kept in separate accounts respectively and shall be held and treated at all times as trust funds. ARTICLE VII INSURANCE Section 7.01. The Foundation covenants that at all times until the principal and interest on the Bonds issued hereunder shall have been paid in full (or a sufficient amount shall have been provided and deposited with the Trustee to pay the principal of and interest on the same as they mature), it will keep the Trust Property insured to the full insurable value thereof in a responsible insurance company or companies, satisfactory to the Trustee under policies which shall specifically insure against loss or damage to the Trust Property or any part thereof as aforesaid, by fires, lightning, explosions, cyclones, tornadoes, and wind storms, provided, however, that at any time while any contractor engaged in constructing the same shall be fully responsible for any part of the Trust Property, the Foundation shall not be required to keep such part of the Trust Property so insured. All such policies of insurance shall be for the benefit of the Trustee and the Foundation as their respective interests may appear, but so long as any Bonds or interest coupons are outstanding without a sufficient amount having been provided and deposited with the Trustee to pay same as they mature, the Trustee shall have the sole right to receive the proceeds thereof as additional security hereunder until paid out by it as hereinafter provided. Section 7.02. The proceeds of insurance policies shall be used in making good the loss or damage in respect to which they were paid, by either repairing the property damaged or replacing the property destroyed. If the proceeds of any such insurance on the Trust Property are more than sufficient to replace or reconstruct the damaged or destroyed property, then the residue remaining after the repair or replacement of the damaged or destroyed property as aforesaid, shall be deposited in the Bond Fund and used and applied as provided in Section 6.02 hereof; but if such proceeds shall be insufficient for such purposes, any deficiency may be supplied; first, out of any available moneys in the Revenue Fund; second, out of any moneys remaining in the Bond Fund after reserving sufficient thereof to redeem all Bonds then called for redemption and not redeemed, and to pay for all Bonds which the Trustee has agreed to purchase in accordance with Section 6.02 hereof and to pay interest and principal becoming due on the Bonds then outstanding hereunder on the next two interest payment dates. Section 7.03. _ If in the opinion of the Trustee the proceeds of such insurance, together with any amounts available from the Revenue Fund, and the Bond Fund, and the advances, if any, of the Trustee or any bondholders pursuant to Article X hereof, are insufficient for the full payment of the costs of such repair or replacement and if the Foundation shall fail to supply such deficiency from other sources, then:
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