Res13 15263 - Laserfiche WebLink

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direction of the Authority, the purchaser of the Bonds is wiring such amount directly to the escrow Agent for deposit in the Escrow Fund. The Trustee shall deposit or transfer the proceeds (including the good faith deposit)as follows: $29,947,221.13 to the Escrow Agent for deposit in the Escrow Fund (following the direct wire from the purchaser to the Escrow Agent, the Trustee shall transfer the remaining amount of$54,015.93), and$210,984.07 to the Delivery Costs Fund, which fund is hereby established and shal! be held hereunder. In addition, the Trustee shall transfer investments from the reserve fund established under the 2005 Indenture in the principal � amount of$2,087,000.00 to the Reserve 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 hereof 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. Installment Paytnents 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 rthe 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 All moneys in the Payment Account shall be used and withdrawn by the Trustee solely for the purpose of paying principal of and interest on the Bonds on each Interest Payment Date or mandatory redemption dates, as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 aze 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. -20- 338471 1.DOC