RES 94045A - Laserfiche WebLink

(b) Monies deposited in the Reserve Fund pursuant to (c) hereof shall be held in trust as a reserve for the payment when due of the Lease Payments to be paid by the City, and shall be applied only as hereinafter provided. (c) The Trustee shall, on the Closing Date, deposit to. the Reserve Fund the amount specified in the Delivery Certificate and Cross-Receipt delivered to the Trustee on the Closing Date, representing the "Reserve Requirement" of [he City. - ARTICLE III ADMINISTRATION OF FUNDS AND ACCOUNTS Section 301 Application of Payment Fund. (a) The Trustee shall deposit any moneys received pursuant to Section 207 of the Trust Agreement into the Payment Fund. (b) The Payment Fund shall be maintained by the Trustee until all Lease Payments due under the Lease Agreement have been paid by the City. Lease Payments paid by the City to the Trustee, as assignee of the Authority pursuant to the Lease Agreement and hereunder, and any other amounts required by the Lease Agreement shall be deposited by the Trustee in the Payment Fund. (c) The Trustee shall deposit the money contained in the Payment Fund at the following respective times in the following respective accounts in the following order of priority in the manner hereinafter provided, each of which fund and account the Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding, and the money in each of such funds shall be disbursed only for the purposes and uses hereinafter authorized: (i) Debt Service Account. The Trustee, on each Payment Dale, shall deposit in the Debt Service Account that amount of money constituting the interest-becoming due and payable to but not including such Payment Date. The Trustee on each May 1, shall deposit in the Debt Service Account that amount of money constituting the principal becoming due and payable on such date. All moneys in the Debt Service Account shall be used and withdrawn by the Trustee solely for the purpose of paying the principal of and interest on the Bonds on the applicable Payment Date or mandatory redemption dates. (ii) Redemption Account. The Trustee on the redemption date specified in the Certificate of the CiTy filed with the Trustee at the time that any prepayment is paid to the Trustee pursuant to the Lease Agreement, shall deposit in the Redemption Account the amount of such prepayment. All money in the Redemption Account shall be used and withdrawn by the Tmstee solely for the purpose of paying the principal of and interest on the premium, if any, on the Bonds to be redeemed on their respective redemption dates. 9406901M.LAI