Agmt15 Raymond James and Assoc. Port of RWC sale of refunding bonds

Browse Search

Bond shall be made and given, respectively, as provided in the Letter of Representations or as otherwise instructed in writing by the Depository. ARTICLE III NET REVENUES;FUNDS AND ACCOUNTS;SPECIAL FACILITIES Section 3.1. Pledue of Net Revenues. The Bonds suthorized and issued under the provisionsof this Indenture sholl be secured as provided in the Granting Clause to this Indenturc:. This pledge shall constitute a first lien on the Net Rcvenues and such other money for the payment of the Bonds.the Contract Payments, and the Parity Repayment Obligations in accordance with the terrr�s hereof: The Port hereby represents and states that,except as provided in the DB W Loan Contract,thcrc does not exist any charge or lien or any security interest in the Net Revenues and the Port covenants that, until all the Bonds suthorized and issued under the provisions of this lndenture and the interest thereon shall have been paid or are deemed to have been paid,it will not,except as otherwise provided in this Indenture,grant any prior or parity pledge of or any security interest in the Net Revenues or any of the other security which is pledged pursuant to the Granting Clause of this Indenture,or create or permit to be created any charge or lien thereon or any security interest therein ranking prior to or on a parity with the char�e or lien of the Bonds from time to time Outstanding under this Indenture. The Port may grant a lien on or security interest in the Net Revenues which is junior and sut�ordinate to the lien and security interest created hereunder to secure obligations of the Port, including Subordinatc Obligations,other than Bonds,Contract Payments,and Parity Repayment Obligations. Section 3.2. Revenue Fund: Receipt and Denosit of Net Revenues. There is hcreby estAbiished a special fund to be known as the"PoR of Redwood City Revenue Fund,"which fund shall be held by the Port on behalf of the Treasurer of the City. Beginning on the date the tirst Series of the Bonds become Outstanding and continuing until no Bonds are Outstanding and no Contract Payments or Parity RepaymentObligationsare unpaid,the Port shall deposit all}tevenues as and when received � by it in the Revenue Fund. The Port agrees and covenants that all Revenues deposited by it in the Revenue Fund will be accounted for through and held in uvst in the Revenue Fund,and the Port shall have no beneficial right or interest in such Revenues, exccpt only as provided herein. All such Revenues shall be disbursed,allocated and applied solely to the uses and purposes herein set forth,and shall be accountcd for separately and apart from afl other money,funds,accounts or otl�er resources of the Port. Scction 3.3. Cstablishment and Maintenance of Funds:Use of Money in the Revenue Fund. Thc Port shaU pay a11 Maintenance and Operation Costs(including amounts reasonably required to be set aside in contingency reserves for Maintenance and Operation Costs the payment of which is not then immediately required) from the Revenue Fund as they become due and payable. In addition thereto, the Port shall transfer or set-aside the amounts on deposit in the Revenue Fund for the " purposes,at the times,in the amounts,and in the orderof priority described below. (a) ]nterest Funds and ]ntcrest Corr�ponents. Thcre shal) bc cstablished for each Series of Bonds a separate fund with the Trustee,with each such fund to be designated for the Series of Donds for which it is established and to be known as the"Port of Redwood City Series Bond Interest Fund,"all of which funds shall collectively be known as the"Interest Funds." 12094.912291I.U005 2(