AgdaPkt 2003-07-28 - Laserfiche WebLink

Browse Search

8A-35 The principal of and Interest due on the Bonds until maturity, other than principal due upon redemption, shall be paid by the Fiscal Agent from the Principal Account and the Interest Account of the Special Tax Fund, respectively. r-1, =',,,,,� , .. ",, „ Before each September 1 on which a Sinking Fund Payment is due, after the deposits have been made to the Interest Account and the Principal Account of the Special Tax Fund as required by the Fiscal Agent Agreement, the Fiscal Agent shall next transfer into the Redemption Account of the Special Tax Fund from the Special Tax Fund the amount needed to make the balance in the Redemption Account (excluding prepaid Special Taxes in the Redemption Account that are to be applied to the mandatory redemption of Bonds) five Business Days prior to each September 1 equal to the Sinking Fund Payment due on any Outstanding Bonds on such September 1. After making the deposits to the Interest Account the Principal Account and to the Redemption Account for Sinking Fund Payments then due as described above, and if the District elects to call Bonds for optional redemption pursuant to the Fiscal Agent Agreement, the Fiscal Agent shall transfer from the Special Tax Fund and deposit in the Redemption Account moneys available for the purpose and sufficient to pay the interest, the principal and the premiums, if any, payable on the Bonds called for optional redemption: provided, however, that amounts in the Special Tax Fund (other than the Administrative Expense Account therein) may be applied to optionally redeem Bonds only if immediately following such redemption the amount in the Reserve Account will equal the Reserve Requirement Prepaid Special Taxes deposited in the Redemption Account shall be applied to the mandatory redemption of Bonds pursuant to the Fiscal Agent Agreement, on the first allowable date for such mandatory redemption Moneys set aside in the Redemption Account will be used solely for the purpose of redeeming Bonds and will be applied on or after the redemption date to the payment of the principal of and premium, if any, on the Bonds to be redeemed upon presentation and surrender of such Bonds and in the case of an optional redemption to pay the interest thereon: provided, however, that in lieu or partially in lieu of such call and redemption, moneys deposited in the Redemption Account as set forth above may be used to purchase Outstanding Bonds in the manner provided in the Fiscal Agent Agreement Purchases of Outstanding Bonds may be made by the District at public or private sale as and when and at such prices as the District may in its discretion determine but only at prices (including brokerage or other expenses) not more than par plus accrued interest, plus, in the case of moneys set aside for an optional redemption or a mandatory redemption from prepaid Special Taxes, the premium applicable at the next following call date according to the premium schedule established pursuant to the Fiscal Agent Agreement Any accrued interest payable upon the purchase of Bonds may be paid from the amount reserved in the Interest Account of the Special Tax Fund for the payment of interest on the next following Interest Payment Date. In order to further secure the payment of principal of and interest on the Bonds, a portion of 2001 Bond proceeds were deposited into the Reserve Account in an amount equal to $252,250.00 (the "2001 Reserve Account Deposit "). Interest earnings on amounts on deposit in the Reserve Account (which are to be retained therein) increased the amount on deposit in the Reserve Account to $ and will continue to accumulate until the amount therein reaches the Reserve Requirement. "Reserve Requirement" is defined in the Fiscal Agent Agreement to mean, as of any date of calculation by the District an amount equal to the lowest of (1) 10% of the original proceeds of the -18-