Agenda - Council - 08/13/2013 - Laserfiche WebLink

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as a result of a valuation, or within 90 days of such withdrawal if the deficiency occurs as a result of a withdrawal from the Reserve Fund. Moneys on deposit in the Reserve Fund will be used to pay the principal of, premium, if any, and interest on the Bonds as the same become due (whether at maturity or upon redemption or by acceleration) in the event that moneys in the Bond Fund is insufficient therefor, and to pay the final maturities of principal of and interest on the Bonds. In addition if, on 2, 2024 such Value is in excess of $899,837.50 and no Event of Default has occurred and is continuing under the Loan Agreement, Mortgage, Pledge Agreement or this Indenture and the School is maintaining Income Available for Debt Service of at least 1 10% of the principal and interest due on the Bonds and any Additional Bonds in the prior Fiscal Year in accordance with Section 3(0) of Pledge Agreement, the Trustee shall deposit an amount equivalent to the excess in the Bond Fund to be used to pay interest on and principal of the Bonds. The Costs of Issuance Fund Moneys deposited in the Costs of Issuance Fund of the Indenture will be used to pay the costs incurred in issuing the Bonds. The Project Fund Upon the issuance of the Bonds, an amount equal to $640,000 from Bond proceeds and thereafter any money received by the Trustee for payment of Project Costs, will be credited to the Project Fund. Amounts on hand in the Project Fund will be held by the Trustee and applied to the payment of Project Costs. All disbursements from the Project Fund will be made in accordance with and subject to the provisions and restrictions set forth in the Loan Agreement_ On the Completion Date, after payment of the Project Costs relating to the Project, any balance remaining the Project Fund will be transferred to the Bond Fund and applied to redemption of the Bonds. Capital Improvement Fund Once per month the Company will transfer the Monthly Deposit to the Trustee to be deposited in the Capital Improvement Fund in any month the amount held therein is less than $500,000. The Trustee will apply money in such fund not more often than once each month as requested in a Company request to the payment of items of repair, improvement, and replacement with respect to the Project which constitute capital expenditures under Generally Accepted Accounting Principles or which otherwise constitute major periodic repair or maintenance of the Schoolhouse, such as annual painting or re -carpeting of a section of the Schoolhouse (as opposed to incidental repairs such as touch-up painting, replacement of individual carpet tiles, etc.). The Company request will identify the expenditures to be made by nature and amount, will identify the contractor or other party making the repairs, improvements, and replacements, and will certify that the expenditures are proper expenditures to be made or reimbursed from the Capital Improvement Fund. Investment earnings on amounts held in the Capital Improvement Fund will remain in, and be credited as received to, the Capital Improvement Fund. The Trustee may conclusively rely on Company requests submitted in accordance with the Indenture as complete authorization for the disbursements made pursuant thereto and will not be responsible for any representations or certifications made therein. E-8