RES 94045A - Laserfiche WebLink

interest on the Bonds on [he Interest Payment Date, principal payment date or mandatory redemption dates, as applicable. (b) Redemption Account. The Trustee, on the redemption date specified in the Certificate of the Authority filed with the Trustee at the time that any moneys to accomplish any redemption is paid [o the Trustee pursuant to the installment Purchase Contract, shall deposit in the Redemption Account the amount of such payment. All money in the Redemption Account shall be used and withdrawn by the Trustee solely for the purpose of paying the interest and principal and any applicable premium on the Bonds to be redeemed on their respective redemption dates. Section 3.07. Held in Trust. The moneys and investments held by the Trustee under Sections 3.04, 3.05 and 3.06 are irrevocably held in trust for the benefit of the Owners, and, in the case of the Rebate Fund established pursuant to Section 3.10 hereof, for payment as required to the United States Treasury, and for the purposes herein specified, and such moneys, and any income or interest earned thereon, shall be expended only as provided in this Trust Agreement, and shall not be subject to levy or attachment or lien by or for the benefit of any creditor of the City, the Trustee or the Authority, or any of them. Section 3.08. Commingling of Moneys in Funds. The Trustee is directed by the Authority to commingle any of the funds held by it pursuant to this Trust Agreement into a separate fund or funds for investment purposes only; provided, however, that all funds or accounts held by the Trustee hereunder shall be accounted for separately notwithstanding such commingling by [he Trustee. Section 3.09. Arbitrage Covenant. The Authority hereby covenants with the Owners of the Bonds that, notwithstanding any other provision of this Trust Agreement, i[ will make no use of the proceeds of the Bonds which would cause the Bonds to be "arbitrage bonds" subject to federal income taxation by reason of Section 148 of the Internal Revenue Code of 1986, as amended. The Trustee hereby covenants with the Owhers of the Bonds that it will comply with the express provisions of this Trust Agreement and will follow the written directions of the Authority and, so long as the Trustee shall have complied with the written instructions of the Authority as provided in Section 3.10 hereof with respect to making any rebate indicated therein to the United States, the Trustee shall conclusively be deemed to have complied with its obligations hereunder and shall not be liable if the Bonds become arbitrage bonds. Section 3.10. Rebate Fund. (a) Establishment and Deposits. The Trustee is hereby authorized to establish, when directed by the Authority, a special fund designated as the "Rebate Fund," and within the Rebate Fund shall establish a Rebate Account ([he "Rebate Account") and an Earnings Account (the "Earnings Account"). All money at any time received from the Authority which the Authority instmcts the Trustee to deposit in the Rebate Fund shall be held by the Tmstee in trust, to the extent required to satisfy the Aebate Requirement (as defined in the Authority's Nonarbitrage Certificate), for payment to the United States Treasury. All amounts deposited in or on deposit in the Rebate Fund shall be governed 6y Sections 3.09 hereof and this 3.10 and by the provisions of 15 aoe~s¢.~nr