RES 94045A - Laserfiche WebLink

payments with respect to principal of and interest and premium, if any, on such Bonds and all notices with respect to such Bonds shall be made and given, respectively, as provided in the letter described in subsection (b) of this Section or as otherwise instructed in writing by the Depository. ARTICLE III PROCEEDS OF BONDS; INSTALLMENT PAYMENT Section 3.01. Delivery of Bonds. The Tmstee is hereby authorized to authenticate the Bonds and upon receipt of the proceeds of sale thereof deliver the Bonds to the initial purchaser thereof upon receipt of a Certificate of the Authority. Section 3.02. Depositing of Proceeds of Bonds and Other Amounts. The Trustee shall transfer $ of the proceeds of the Bonds to the Escrow Fund. The remaining proceeds received from the sale of the Bonds (including accrued interest) shall be deposited by the Trustee as follows: $ in the Payment Fund and $ in the Delivery Costs Fund, which funds are hereby established and shall be held hereunder. The amount in the Payment Fund pursuant to this Section 3.02 shall be used to pay a portion of the interest on [he Bonds until November 1, 1994. Section 3.03. Use of Money in the Delivery Costs Fund. (a) The Trustee shall disburse funds from the Delivery Costs Fund only upon receipt of a signed requisition (stating the amount to be disbursed and the party or parties being paid) approved by the Authorized Officer of the Authority and accompanied by an invoice or statement for each such amount. (b) Upon payment of all Delivery Costs, which shall be determined by a certificate to that effect by an Authorized Officer of [he Authority delivered to the Trustee, or upon the date occurring six (6) months after the Closing Date, whichever occurs first, the Trustee shall transfer all funds remaining in the Delivery Costs Fund to the Payment Fund, and the Delivery Costs Fund shall thereupon be closed. Section 3.04. The Reserve Fund. The Tnlstee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Reserve Fund. The Trustee shall hold the Reserve Fund in trust and shall apply moneys in [he Reserve Fund in accordance with the following provisions. If, on any Interest Payment Date, the money in the Payment Fund is insufficient to make the payments required hereunder on the Bonds on such Interest Payment Date, the Trustee shatl transfer from the Reserve Fund to the Payment Fund the amount of such insufficiency; provided, if the Aeserve Fund is funded with a letter of credit, insurance policy or other comparable credit facility as described below, Trustee shall take such action as is necessary to either (i) make a drawing under the letter of credit or (ii) make a claim under the surety bond or insurance policy, respectively, so that the amount of such insufficiency is paid or available to the Trustee on such Interest Payment Date under the terms of such instrument. 12 9I06701Z.LAl