RES 94045A - Laserfiche WebLink

writing to be excess Net Proceeds to the Payment Fund [o be credited against the next Lease Payment. (ii) The Trustee may obtaim, at the City's expense, the report of an independent engineer or other independent consultant in order to concur with and verify the conclusions of an Authorized Officer stated in any Net Proceeds certificate submitted to [he Trustee, or to make any determination with respect to the application of such Net Proceeds pursuant to this Section 303. Section 304. Application of Reserve Fund. (a) if on any Due Date there is not on deposit in the Debt Service Account of the Payment Fund an amount equal to the Lease Payment required to be deposited with the Trustee on such Due Date, the Trustee shall transfer from the Reserve Fund to the Debt Service Account an amount equal to such deficiency. Upon receipt of any delinquent Lease Payment with respect to which moneys have previously been paid from the Reserve Fund, such Lease Payment shall be deposited in the Reserve Fund to the extent of such payment. (b) If the moneys on hand in the Reserve Fund and the Payment Fund are equal to all Lease Payments due by the City during the entire remainder of the term of the Lease Agreement, the Tmstee shall transfer all amounts then on hand in the Reserve Fund to the Payment Fund to be applied to the payment of such Lease Payments as they become due on behalf of the City, and the City shall be deemed to have paid all Lease Payments due under the Lease Agreement. (c) In the event that Lease Payments are prepaid in part and effect partial redemption of Bonds pursuant to Section 512 hereof, the amount on hand in the Reserve Fund shall be reduced to an amount equal to the maximum annual amount of Lease Payments due under the Lease Payment Schedule, as revised pursuant to Section 512(f) hereof, or such lesser amount which, in the opinion of nationally recognized bond counsel, will not adversely affect the exclusion of interest paid on the Bonds for federal income tax purposes (the "Reduced Reserve Requirement"), and shall transfer amounts in excess of such Reduced Reserve Requirement to the Redemption Account to be applied to redemption of the Bonds pursuant [o the provisions of Section 512 hereof. Section 305. Deposit and Investment of Moneys and Investment Earnings Thereon in Funds; Statements. (a) All moneys held by the Trustee in any of the funds or accounts established pursuant hereto shall be invested in Permitted Investments in accordance. with written instructions from the Authority delivered to the Trustee at least two (2) Business Days prior to the making of such investment; provided, however, that if the Trustee does not receive timely written instructions at least two (2) Business Days prior thereto, the Authority 9406901M.LA1 l2