Agmt15 City of RWC Public Financing Authority Water Revenue Refunding Bonds

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other obligations. The Authority shall make such transfers necessary to effectuate such obligations' parity claim on such Revenues contemplated hereby. Section 3.12. Liability of Authority Limited. Notwithstanding anything contained herein, the Authority shall not be required to advance any moneys derived from any source of income other than Revenues legally available therefor and the other funds provided herein for the payment of the Installment Payments or for the performance of any agreements or covenants contained herein required to be performed by it. The Authority may, however, but shall not be required to, advance moneys for any such purpose so long as such moneys are derived from a source legally available for such purpose and may be legally used by the Authority for such purpose. The obligation of the Authority to pay principal of and interest on the Bonds and the other amounts due hereunder is a special obligation of the Authority payable solely from the moneys legally available therefor hereunder, and does not constitute a debt of the Authority or of the State of California or of any political subdivision thereof within the meaning of any constitutional or statutory debt limitation or restriction. Section 3.13. Refunding Fund. The Trustee shall establish and hold a fund entitled the Refunding Fund. On the Closing Date, the Trustee shall be deemed to have deposited into the Refunding Fund the amounts specified in Section 3.02 and, immediately thereafter, shall be deemed to have transferred such amounts to the Prior Trustee for deposit in the Redemption Account of the Payment Fund created pursuant to the 2006 Indenture and the Refunding Fund shall be closed. ARTICLE IV REDEMPTION OF BONDS Section 4.01.Terms of Redemption. (a) Extraordinarv Casualtv Redemption. The Bonds are subject to redemption, in whole or in part. on any date, from the Net Proceeds of insurance or condemnation with respect to the Enterprise, which Net Proceeds are deposited in the Payment Fund and credited towards the prepayment of the Installment Payments made by the City pursuant to the Installment Purchase Contract, at a redemption price equal to the principal amount of the Bonds to be redeemed, together with accrued interest to the date fixed for redemption, without premium. (b) Optional Redemption. The Series 2015 Bonds maturing on or before February 1, 2025, are not subject to optional redemption prior to their respective stated maturities. The Series 2015 Bonds maturing on or after February 1, 2026, are subject to optional redemption on any date on or after February 1, 2025, in whole or in part, from prepayments of the Installment Payments made at the option of the City pursuant to the Installment Purchase Contract, at a redemption price equal to the principal amount thereof to be redeemed together with accrued interest to the redemption date, without premium. ' (c) Purchase in Lieu of Redemption. In lieu, or partially in tieu, of such call and redemption, moneys of the Authority may be used to purchase Outstanding Bonds in the manner hereinafter provided. Purchases of Outstanding Bonds may be made by the Authority prior to the selection of Bonds for redemption by the Trustee, at public or private sale as and 23