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

Home

Amounts deposited in the Expense Fund shall be applied by the Trustee to pay (a) the monthly cost of any other expenses (including legal, accounting and other required fees) required to be paid by the Company pursuant to the Lease or any other Company Document, at the written direction of the Company substantially in the form attached hereto as EXHIBIT E; and (b) the Company's reasonable operating and administrative expenses that are attributable to, or the portions thereof that are reasonably allocable to, the 2022 Project or the operation of the 2022 Project through the construction period (which may also include capital projects relating to the School Facilities that are eligible to be funded from the Capital Repair and Replacement Fund), that are then due and payable, at the written direction of the Company substantially in the form attached hereto as EXHIBIT E. The Trustee may conclusively rely on the Company's written directions submitted in accordance with this Section 5.11 as complete authorization for the disbursements made pursuant thereto and shall not be responsible to make any investigation into any representations or certifications made thereon or for any use of funds disbursed in accordance with this Section. Amounts may also be deposited to the Expense Fund from the Capital Repair and Replacement Fund in the event that the amount on deposit in the Expense Fund is not sufficient to make the required payments as directed in writing by the Company. Investment earnings on amounts held in the Expense Fund shall be credited as received to the Revenue Fund. The Expense 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 Expense Fund for the purposes set forth in this Section 5.11 hereof, which authorization and direction the Trustee hereby accepts. SECTION 5.12. Creation and Operation of the Refunding Fund. There is hereby created by the Issuer and established with the Trustee a trust fund in the name of the Issuer to be designated "Charter School Lease Revenue Bonds (PACT Charter School Project), Series 2022 Refunding Fund" which shall be used to refund the Prior Obligations on the Prior Bonds Redemption Date. On the Date of Issuance for the Series 2022 Bonds, the Trustee shall deposit to the Refunding Fund the amount set forth in Section 3.1 of the Loan Agreement and in Section 5.1(a)(vi hereof. Thereafter, the Trustee shall deposit in the Refunding Fund any additional amounts received by the Trustee from the Company to ensure that the Prior Obligations are redeemed and prepaid on the Prior Bonds Redemption Date. Amounts deposited pursuant to Section 5.1(a)(vi) hereof and any other money paid to the Trustee under the Loan Agreement or this Indenture and required by either of those documents to be, or accompanied by written directions requesting that such money be, credited or transferred to the Refunding Fund shall be deposited therein. All money deposited in the Refunding Fund shall be held uninvested. The money in the Refunding Fund shall be transferred to the Prior Trustee and the holder of the Prior Note, respectively, on the Date of Issuance to be applied to the redemption and prepayment of the Prior Obligations,respectively, on the Prior Bonds Redemption Date. Any amounts remaining in the Refunding Fund after the Prior Bonds Redemption Date shall be transferred to the Bond Fund and applied to payment of principal of the Series 2022 Bonds. The Trustee is hereby authorized and directed to make each disbursement required by the 48 735810810