AgdaPkt 2003-07-28 - Laserfiche WebLink

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6.A -2ia Bonds and each issue of Parity Bonds, less original issue discount, if any, plus original issue premium, if any, (it) Maximum Annual Debt Service of the Bonds, and (ill) 125% of the average Annual Debt Service of the Bonds. Upon issuance of the 2003 Bonds, the amount in the Reserve Account will be Increased to $ Moneys in the Reserve Account are available to be used for paying the principal of, including Sinking Fund Payments, and interest on the 2001 Bonds and 2003 Bonds when due in the event that the moneys in the Interest Account and the Principal Account of the Special Tax Fund are insufficient therefor or moneys In the Redemption Account of the Special Tax Fund are insufficient to make a Sinking Fund Payment when due and for the purpose of making any required transfer to the Rebate Fund pursuant to the Fiscal Agent Agreement. If the amounts in the Interest Account, the Principal Account or the Redemption Account of the Special Tax Fund are insufficient to pay the principal of, including Sinking Fund Payments, or interest on any Bonds when due, or amounts in the Special Tax Fund are insufficient to make transfers to the Rebate Fund when required, the Fiscal Agent shall withdraw from the Reserve Account for deposit in the Interest Account, the Principal Account or the Redemption Account of the Special Tax Fund or the Rebate Fund, as applicable, moneys necessary for such purposes. In the event of prepayment of the Special Tax, moneys in the Reserve Account will be reduced by the pro -rata share of such moneys allocable to the Bonds to be redeemed with such prepaid Special Taxes. If moneys are withdrawn from the Reserve Account for the purpose described in the preceding paragraph, or if the value of the amount on deposit in the Reserve Account is decreased due to a loss on amounts invested in the Reserve Account, then the Fiscal Agent shall, after making the transfers required by the Fiscal Agent Agreement, transfer to the Reserve Account from available moneys in the Special Tax Fund, or from any other legally available funds that the District elects to apply to such purpose, an amount equal to the lesser of (f) the sum of the amount of such withdrawal plus the amount of any such decrease in value and (ii) the amount needed to restore the amount in the Reserve Account to the Reserve Requirement. Moneys in the Special Tax Fund shall be deemed available for transfer to the Reserve Account only if the Fiscal Agent determines that such amounts will not be needed to make the deposits required to be made to the Interest Account, the Principal Account or the Redemption Account of the Special Tax Fund. If amounts in the Special Tax Fund or otherwise transferred to replenish the Reserve Account are inadequate to make the transfer to the Reserve Account required by this paragraph, then the District shall include in the next annual Special Tax levy (to the extent permitted by the maximum Special Tax rates) an amount sufficient to make such transfer. In connection with an optional redemption of the Bonds under the Fiscal Agent Agreement, or a partial defeasance of the Bonds in accordance with the Fiscal Agent Agreement, amounts in the Reserve Account may be applied to such optional redemption or partial defeasance so long as the amount on deposit in the Reserve Account following such optional redemption or partial defeasance is at least equal to the Reserve Requirement Amounts in the Reserve Account may be applied to pay the principal of and interest on the Bonds in the final Bond Year for the Bonds, then amounts in the Reserve Account may be applied to pay the principal of and interest on the Bonds in the final Bond Year for such issue so long as the amount on deposit in the Reserve Account following such payment of principal and interest is at least equal to the Reserve Requirement On the fifth Business Day before each March 1 and September 1, moneys in the Reserve Account in excess of the Reserve Requirement, and not to be transferred in accordance with the preceding paragraphs of this Section, shall be withdrawn from the Reserve Account and transferred to the Interest Account of the Special Tax Fund. The Rebate Fund The Fiscal Agent will establish and maintain a fund separate from any other fund designated as the Rebate Fund and will establish a separate Rebate Account and Alternative Penalty Account therein. All money at any time deposited in the Rebate Account or the Alternative Penalty Account of -19-