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

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Interest Subaccount pursuant to Section 5.3(b) below; (e) amounts transferred from the Capital Repair and Replacement Fund pursuant to Section 5.10 below; and(f)all other money received by the Trustee under and pursuant to any of the provisions of the Loan Agreement, Lease, Pledge Agreement, Indenture, or Mortgage which are required to be deposited into the Bond Fund or which are accompanied by written directions that such money is to be deposited to the Bond Fund. The Issuer hereby covenants and agrees that so long as any of the Bonds issued hereunder are 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. Except as provided in Section 5.3(b)below, money 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. 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. (b) Creation of Capitalized Interest Subaccount of the Bond Fund. There is hereby created by the Issuer and established with the Trustee a subaccount in the Bond Fund to be designated the "Charter School Lease Revenue Bonds (PACT Charter School Project), Series 2022 Capitalized Interest Subaccount" which shall be used to pay the interest on the Bonds during the period of construction of the 2022 Project, if applicable. On the Date of Issuance of the Series 2022 Bonds,the Trustee shall deposit to the Capitalized Interest Subaccount the amounts stated in Section 3.1(e) of the Loan Agreement and in Section 5.1(a)(v) above. The Capitalized Interest Subaccount 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 Capitalized Interest Subaccount for the purposes set forth in this Section 5.3(b), and to transfer earnings to the Bond Fund, in accordance with this Section 5.3(b), which authorization and direction the Trustee hereby accepts. Amounts on hand in the Capitalized Interest Subaccount shall be transferred by the Trustee to the Bond Fund to be used, with other funds as necessary, to pay interest due on the Bonds on the Payment Dates and in the amounts set forth below: Series Series Payment 2022A 2022B Date Bonds Bonds Total Any earnings realized from investments in the Capitalized Interest Subaccount shall be credited to the Bond Fund. 41 735810810