Agenda - Council - 07/12/2022 - Laserfiche WebLink

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ARTICLE V REVENUES AND FUNDS SECTION 5.1. Application of Proceeds; Source of Payment of Series 2022 Bonds. (a) The Trustee shall apply the proceeds from the initial sale of the Series 2022A Bonds in the amount of$ (par amount of$ , less Underwriter's discount of$ ) and the proceeds from the initial sale of the Series 2022B Bonds in the amount of$ (par amount of$ , less Underwriter's discount of$ ) as follows: (i) to the Tax-Exempt Account of the Reserve Fund, an amount equal to $ from the proceeds of the Series 2022A Bonds; (ii) to the Taxable Account of the Reserve Fund, an amount equal to $ from the proceeds of the Series 2022B Bonds; (iii) to the Costs of Issuance Fund, an amount equal to $ from the proceeds of the Series 2022A Bonds and $ from the proceeds of the Series 2022B Bonds; (iv) to the 2022 Project Fund, an amount equal to $ from the proceeds of the Series 2022A Bonds; (v) to the Capitalized Interest Subaccount, an amount equal to $ , including $ from the proceeds of the Series 2022A Bonds and $ from the proceeds of the Series 2022B Bonds; and (vi) to the Refunding Fund, an amount equal to $ from the proceeds of the Series 2022A Bonds. (b) The Bonds herein authorized and all payments by the Issuer hereunder are not general obligations of the Issuer but are special, limited obligations payable solely from amounts derived from the Trust Estate and, upon an Event of Default and to the extent set forth therein, from the Mortgage, pursuant to the terms thereof. SECTION 5.2. Creation and Operation of the Revenue Fund. There is hereby created and established with the Trustee a trust fund to be designated the "Charter School Lease Revenue Bonds (PACT Charter School Project), Series 2022 Revenue Fund." The Company will cause the Charter School to deposit when due all rent payments due under the Lease directly to the Trustee for deposit in the Revenue Fund. To assure the full and timely deposit of such rent payments, the Depository Bank has been directed to transfer scheduled amounts from the State Aid Revenues Account to the Trustee for deposit in the Revenue Fund the amounts payable by the Charter School under the Lease on the fifth day of each month, commencing 5, 20 Any earnings realized from investments in the Revenue Fund shall be credited to the Revenue Fund. 39 735810810