Regulations of Connecticut State Agencies
None of said Notes shall be valid until the Bank at which it is payable shall have signed the agreement appearing on each Note to act as paying agent thereof. Each Note shall be signed in the name of the Authority by its Chairman or Vice-Chairman and shall have the corporate seal of the Authority impressed thereon and attested by its Secretary and said officers are hereby authorized and directed to cause said Notes to be properly executed.
Section 5. The full faith and credit of the Authority is hereby expressly and irrevocably pledged for the punctual payment of the principal of and interest on said Notes.
Section 6. The Authority covenants with the holders of said Notes that it will not exercise any of the privileges conferred upon it by Section 8-76 of the General Statutes of the State of Connecticut, Revision of 1958, as amended, unless it shall make provision satisfactory to the holders of said Notes then outstanding for the payment thereof in full according to their terms.
Section 7. The proceeds derived from the sale of said Notes, together with such other funds of the Authority as may be necessary, shall be used simultaneously with the receipt of the proceeds to pay to the paying agent named below for the sole and only purpose of paying the principal of and interest on outstanding Temporary Loan Notes heretofore issued by the Authority as follows:
You are named as paying agent for the New Notes and each purchaser has agreed to bear all costs, if any, in connection with your functions as such paying agent.
The New Notes together with an executed counterpart of a Signature Certificate and Receipt, marked "Exhibit B," for each purchaser are transmitted herewith. The New Notes shall be held by you in trust for the sole use and benefit of the undersigned until such time as said New Notes shall have been paid for and thereupon you are to disburse the proceeds of said New Notes by paying the following amount to each payee named below, for the sole and only purpose of paying the principal of and interest to date of payment on the designated Issue of Temporary Loan Notes of the undersigned:
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and by paying to the undersigned the difference, if any, between the purchase price of said New Notes and the amount so disbursed by you in payment of such Issue of Outstanding Temporary Loan Notes, if any.
When payment for the New Notes has been made and the proceeds disbursed by you in the above manner, you are authorized and directed to: (1) complete paragraph 5 of Exhibit B by inserting the amounts of "Accrued Interest" and "Total Purchase Price" of said New Notes; (2) sign said Exhibit B, in the space provided, to evidence delivery and payment of the New Notes; (3) date said Exhibit B as of the date of such delivery and payment; (4) upon instructions from the purchaser thereof sign the agreement to act as paying agent appearing upon each of the New Notes; and (5) deliver the Issue of New Notes to the purchaser thereof together with one fully executed counterpart of Exhibit B. The New Notes shall thereupon be and become the property of said purchaser.
For the purpose of delivery of the series of New Notes to the purchaser thereof, prior confirmation of the receipt of the respective amounts to be disbursed to the designated payees will not be required, provided that, where the payees are located in a city other than the city where you are located, such amounts are transmitted by you either by telegraph or by depositing a cashier’s check or certified check for such funds in the United States mails and registered. It is understood, however, that your obligations with respect to disbursement of such funds will not be satisfied until the respective payees have received such funds.
Not later than the stated date of maturity of the New Notes funds will be made available to you as paying agent for the purpose of paying the principal of and interest upon said New Notes to their maturity.
In the event you receive funds, prior to the stated maturity date of the New Notes, for the purpose of paying such principal and interest, you may, at any time after you receive said funds, use said funds, to the extent necessary, to pay the principal of and interest to maturity upon any of said New Notes thereafter presented for payment, and such payment may be made before maturity of said New Notes. Any funds received by you and not needed for the payment of the principal of and interest to maturity of the New Notes shall be transmitted to the undersigned.
Immediately upon receipt by You of funds for the payment of the New Notes, you will telegraph to the undersigned and to the Public Works Commissioner, State Office Building, Hartford, Connecticut, day letter collect, as follows:
