Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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(ii) $191,350.35 of such amount in the Delivery Costs Fund. The Trustee may establish a temporary fund or account in its records to facilitate such deposits or transfers. Section 3.03. Deposit of Installment Payments. All Installment Payments received by the Authority shall be paid to the Trustee on the applicable Installment Payment Date. Such payments received by the Trustee shall be held in trust by the Trustee under the terms he�eof and shall be deposited by it as and when received in the Payment Fund, which fund the Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding. Section 3.04. Payment Fund. Within the Payment Fund the Trustee shall establish a Payment Account and a Redemption Account. Installrnent Payments received by the Authority and transferred to the Trustee shall be deposited by the Trustee in the Payment Account. Such payments shall be net of amounts already on deposit therein that are in excess of the amount required to accumulate therein pursuant to this Section 3.04. The Trustee shall transfer the money contained in the Payment Account and the Redemption Account at the following respective times in the following respective accounts in the following order of priority in the manner hereinafter provided, each of which accounts the Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding, and the money in each of such accounts shall be disbursed only for the purposes and uses hereinafter authorized: (a) Payment Account. All moneys in the Payment Account shall be used and withdrawn by the Trustee solely far the purpose of paying principal of and interest on the Bonds on each Interest Payment Date or mandatory redemption dates, as applicable. (b) Redemption Account. The Trustee, on the optional redemption date specified in the Certificate of the Authority filed with the Trustee at the time that any moneys to accomplish any such optional redemption are paid to the Trustee, 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 All money in the Redemption Account shall be used and withdrawn by the Trustee solely for the purpose of paying the interest, premium, if any and principal on the Bonds to be optionally redeemed on their respective redemption dates. Section 3.05. Use of Money in the Delivery Costs Fund. (a) The Trustee shall disburse funds from the Delivery Costs Fund to pay Delivery Costs only upon, receipt of a signed certificate (stating the amount to be disbursed and the party or parties being paid) 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 O�cer 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 3.06. The Reserve Fund, Replenishment� Te�mination. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Reserve Fund, except as provided below. The Reserve Fund shall initially be funded, and shall continuously be 19