RES 94045A - Laserfiche WebLink

(d) If on any Payment Date amounts on hand in the Payment Fund are insufficient to pay the full amount of principal and interest [hen due and payable with respect to the Bonds, the Trustee shall apply such amounts firs[ to the payment of interest past due, pro rata if necessary, and second to the payment of principal past due, pro rata, if necessary. Section 302. Application of Delivery Costs Fund. (a) The Tmstee shall disburse funds from the Delivery Costs Fund only upon receipt of a signed requisition 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 the Authority delivered to the Trustee, or upon the date occurring three (3) 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 303. Application of Insurance and Condemnation Fund. All Net Proceeds of insurance or eminent domain proceedings with respect to the Project which are received by the Trustee shall be deposited in the Insurance and Condemnation Fund. The Trustee shall promptly give written notice of the receipt of Ne[ Proceeds to the City. A. Apnlication of Proceeds of Insurance. The Net Proceeds of any insurance or awazd paid with respect to the Project resulting from any damage or destruction to such Project shall be promptly deposited with the Trustee in the Insurance and Condemnation Fund. Within one hundred and twenty (120) days of such deposit the City shall certify in writing to the Trustee (a) as to whether [he Project has been damaged or destroyed in whole or in part, (b) as to whether Net Proceeds are to be utilized for the repair, replacement or improvement of all or specified components (the "Repairable Components") of the damaged or destroyed portion of such Project and, if so, that sufficient funds, together with the Net Proceeds related to the Repairable Components, have been appropriated to pay the total costs of such repair, replacement or improvement, and (c) as to whether repair, replacement or improvement of all or specified components (the "Unrepaimble Components") of the damaged or destroyed portion of such Project is not economically feasible or in the best interest of the City; provided that if the Project has been damaged or destroyed in whole, the City shall not certify that repair, replacement or improvement of all of the Project is not economically feasible or in the best interest of the City unless the Net Proceeds, together with funds then on hand in the Payment Fund and Reserve Fund are sufficient to prepay all of the Lease Payments. If such certification is to the effect that Net Proceeds are to be utilized for the repair, replacement or improvement of Repairable Components and that sufficient funds, together with the Net Proceeds related to such 10 94a6YnIM.LAI