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

Home

Amounts on hand in the Capital Improvement Fund will be transferred by the Trustee to the Bond Fund, as needed, if, on any Interest Payment Date, the amount then on hand in the Bond Fund, after application of any available amounts in the Reserve Fund, is not sufficient to pay the principal and interest then due on the Bonds, whether at maturity or upon redemption or by acceleration. Amounts, if any, remaining in the Capital Improvement Fund upon the payment in full of all Bonds, or the provision for payment therefor in accordance with the terms of the Indenture, will be transferred to the Company. Expense Fund Once per month the Trustee will transfer from the Revenue Fund an amount sufficient to pay certain monthly and annual expenses of the Company when duc. Upon the payment in full of all Bonds, or the provision for payment therefor in accordance with the terms of the Indenture, any amounts remaining in the Expense Fund will be transferred to the Company. Investment Any moneys held as part of the Revenue Fund, the Bond Fund, the Reserve Fund, the Project Fund, the Rebate Fund, the Expense Fund, the Capital Improvement Fund, and the Costs of Issuance Fund will be invested and reinvested as provided in the Loan Agreement. (See the caption "THE LOAN AGREEMENT --Investment of Revenue Fund, Bond Fund, Reserve Fund, Project Fund, Rebate Fund, Expense Fund, Capital Improvement Fund, and Costs of Issuance Fund" herein.) Discharge of Lien The lien of the Indenture will be discharged if: (a) the Issuer pays or causes to be paid, or there is otherwise paid or provision for payment made, to the Registered Owners of the Bonds, the principal of, premium, if any, and interest due or to become due on the Bonds at the times and in the manner stipulated therein; (b) the Issuer is not then in default in any of the covenants and promises in the Bonds and in the Indenture; and (c) the Issuer pays or causes to be paid to the Trustee and any paying agents all sums of money due or to become due according to the provisions of the Indenture. Any Bond will be deemed to be paid when (a) payment of the principal of and premium, if any, on such Bond, plus interest thereon to the due date thereof (whether such due date be by reason of maturity or upon redemption as provided in the Indenture) either (i) has been made or caused to be made in accordance with the terms thereof, or (ii) has been provided by irrevocably depositing with a commercial bank with trust powers (the "Escrow Agent"), in trust and set aside exclusively for such payment, (1) moneys sufficient to make such payment and/or (2) noncallable Governmental Obligations, maturing as to principal and interest in such amount and at such times as will insure the availability of sufficient moneys to make such payment, and (b) all necessary and proper fees, compensation, and expenses of the Trustee pertaining to the Bonds with respect to which such deposit is made have been paid or the payment thereof provided for to the Trustee's satisfaction. At such time as a Bond is deemed to be paid as aforesaid, it will no longer be secured by or entitled to the benefits of the Indenture, except for the purposes of any such payment from such moneys or Governmental Obligations. E-8