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

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(c) third, into the Reserve Fund, an amount equal to that required pursuant to Section 4.2(d) of the Loan Agreement; (d) fourth, into the Capital Improvement Fund, the Monthly Deposit; (e) fifth, to the Trustee, the amount necessary for payment of the Trustee's fees and expenses for services rendered hereunder; and (f) sixth, into the Expense Fund, 1/12 of the annual Rating Agency fee and the monthly cost of any other expenses required to be paid by the Company pursuant to the Lease; and (g) seventh, to the Company, any amounts remaining in the Revenue Fund. Section 5.05 Custody of the Revenue Fund. The Revenue Fund shall be in the custody of the Trustee but in the name of the Issuer, and the Issuer hereby authorizes and directs the Trustee to withdraw funds from the Revenue Fund to pay the amounts in accordance with Section 5.04 above, which authorization and direction the Trustee hereby accepts. Section 5.06 Creation of Bond Fund. There is hereby created by the Issuer and ordered established with the Trustee a trust fund to be designated "City of Ramsey, Minnesota Charter School Lease Revenue Bonds (PACT Charter School Project) Series 2013 Bond Fund" which shall be used to pay when due the principal of, premium, if any, and interest on the Bonds. Section 5.07 Payments into the Bond Fund. There shall be deposited into the Bond Fund, as and when received, (a) al] transfers from the Revenue Fund pursuant to Section 5.04(a); (b) amounts transferred from the Reserve Fund pursuant to Section 5.12; (c) amounts transferred from the Capital Improvement Fund pursuant to Section 5.36; and (d) all other moneys received by the Trustee under and pursuant to any of the provisions of the Loan Agreement, Indenture or Mortgage which arc required to be deposited into the Bond Fund or which are accompanied by written directions that such moneys are to be deposited to the Bond Fund. The Issuer hereby covenants and agrees that so long as any of the Bonds issued hereunder arc Outstanding it will deposit, or cause to be paid to the Trustee for deposit in the Bond Fund for its account, sufficient sums, but only from the amounts derived from the Loan Agreement, promptly to pay when due the principal of, premium, if any, and interest on the Bonds as the same become due and payable. Any earnings realized from investments in the Bond Fund shall be credited to the Bond Fund. Section 5.08 Use of Moneys in the Bond Fund. Except as provided in Section 5.20 hereof, moneys in the Bond Fund shall be used solely for the payment of the principal of, premium, if any, and interest on the Bonds and the Company has no right, title and interest in amounts on deposit in the Bond Fund. Section 5.09 Custody of the Bond Fund. The Bond Fund shall be in the custody of the Trustee but in the name of the Issuer, and the Issuer hereby authorizes and directs the Trustee to withdraw sufficient funds from the Bond Fund to pay the principal of, premium, if any, and interest on the Bonds as the same become due and payable, which authorization and direction the Trustee hereby accepts. Section 5.10 Creation of the Reserve Fund. There is hereby created and established with the Trustee a trust fund in the name of the Issuer to be designated "City of Ramsey, Minnesota Lease Revenue Refunding Bonds (PACT Charter School Project) Series 2013 Reserve Fund." 26 5600797v1