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

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ARTICLE III ISSUANCE OF THE BONDS Section 3.1 Agreement to Issue the Bonds; Application of the Bond Proceeds. In order to provide funds for financing the Project, the Issuer, concurrently with the execution of this Agreement, will issue, sell and deliver to the Original Purchaser thereof the Bonds and the Trustee will deposit or apply the proceeds (less original issue discount and net of the Underwriter's discount) in the amount of $ as follows: (a) in the Reserve Fund, an amount equal to $ from the proceeds of the Series A Bonds and $ from the proceeds of the Series B Bonds; (b) in the Costs of Issuance Fund, an amount equal to $ from the proceeds of the Series A Bonds and $ from the proceeds of the Series B Bonds; together with $ to be deposited by the Company on the Date of Issuance; and (c) in the Escrow Fund, an amount equal to $ from the proceeds of the Series A Bonds. Section 3.2 Investment of the Revenue Fund, Bond Fund, Rebate Fund, Reserve Fund, Costs of Issuance Fund, Capital Improvement Fund and Expense Fund. Any money held as a part of the Revenue Fund, the Bond Fund, the Costs of Issuance Fund, the Reserve Fund, the Rebate Fund, Expense Fund, or any other fund held by the Trustee shall be invested or reinvested in any Permitted Investment by the Trustee, to the extent permitted by law, except that investments shall be made only at the request of and as directed in writing by the Company Representative. All such Permitted Investments shall at all. times be a part of the fund from which the money used to acquire such Permitted Investments shall have come, and all income and profits on such Permitted Investments shall be credited as provided in the Indenture. Such Permitted Investments shall be made so as to mature or be subject to redemption at the option of the holder thereof on or prior to the date or dates that the Company anticipates that money therefrom will be required. Such Permitted Investments shall be held as part of the Trust Estate and shall be registered in the name of the Trustee. The Issuer acknowledges that regulations of the Comptroller of the Currency grant the Issuer the right to receive brokerage confirmations of the securities transactions as they occur. The Issuer specifically waives such notification to the extent permitted by law and the Issuer and the Company acknowledge that the Company will receive periodic cash transaction statements which will detail all investment transactions. In the absence of written direction delivered to the Trustee from the Company, the Trustee shall invest all funds hereunder in the Wells Fargo Advantage Fund or a successor fund offered by the Trustee [insert name of specific fund or provide that funds will be uninvested.]. 12 5600861v1