Res13 15263 - Laserfiche WebLink

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(b) Upon payment of all Delivery Costs, which shall be determined by a certificate to that effect by an Authorized Officer 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• Renlenishment• Termination. The Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding the Reserve Fund. The Reserve Fund shall initially be funded, and shall continuously be funded, in an amount equal to the Reserve Requirement.� The Trustee shall hold the Reserve Fund in trust and shall apply moneys in the Reserve Fund in accordance with the following provisions. If, two (2) Business Days prior to any Interest Payment Date, the money in the Payment Fund does not equal the amount required to be paid to the Bond Owners on such Interest Payment Date, the Trustee shall transfer from the Reserve Fund to the Payment Fund the amount of such insufficiency to make delinquent Installment Payments on behalf of the City;provided, if the Reserve Fund is funded with a letter of credit, surety bond, insurance policy or other comparable credit facility as described below,the Trustee shall take such action as is necessary to either(i) make a drawing under the letter of credit or (ii) make a claim under the surety bond or insurance policy, respectively, so that the amount of such insufficiency is paid or available to the Trustee on such Interest Payment Date under the terms of such instrument. Upon receipt of any delinquent Installment Payment or portion thereof with respect to which moneys have been advanced from the Reserve Fund, such Installment Payment or portion thereof shall be deposited in the Reserve Fund to the extent of such advance. If, following valuation or calculation thereof, the amount available and contained in the Reserve Fund (valued as provided in Section 10.09 hereo fl exceeds the Reserve Requirement and if the Trustee does not have actual knowledge of an Event of Default hereunder,the Trustee shall withdraw the amount of such excess from the Reserve Fund, and the Trustee shall deposit such amount in the Paytnent Account. For purposes of determining the amount on deposit in the Reserve Fund, the Trustee shall make a valuation of the Reserve Fund as of January 1 of each year.� Except for such withdrawals, all money in the Reserve Fund shall be used and withdrawn by the Trustee solely for the purpose of making the payments of principal and interest on the Series 2013 Bonds in the event that amounts on deposit in the Payment Fund are insuff'icient for such purposes, or to make the final payments of principal of or interest c�n the Bonds. In the event (i) the 2006 Bonds are no longer outstanding under the terms of the 2006 Indenture, or the 2006 Indenture and the 2006 Installment Purchase Contract are amended to delete the requirement of a reserve fund for the 2006 Bonds, and (ii) the 2007 Bonds aze no longer outstanding under the terms of the 2007 Indenture, or the 2007 �nderiture and the 2007 Installment Purchase Contract are amended to delete the requirement of a reserve fund for the 2007 Bonds, the Reserve Fund may be ternunated in the sole discretion of the Authority, such determination evidenced in Certificate of the Authoriry filed with the City and the Trustee. In such event, amounts on deposit in the Reserve Fund may be transferred to the Redemption � Account to redeem Bonds, or may be used for any other lawful purpose which, in the opinion of Bond Counsel delivered to the Authority and the Trustee, would not cause interest on the Bonds . -21- 338471 1.DOC �