Laserfiche WebLink
The Trustee shall hold the moneys in the Acquisition Fund and disburse such <br /> moneys therefrom in accordance with this Section. If at any time there are insufficient <br /> moneys in the Acquisition Fund to pay all Acquisition Costs in full, the amount of such <br /> deficiency shall be deposited therein by the City, from and only to the extent it has <br /> additional funds legally available to it for such purpose. <br /> If, after payment by the Trustee of all Written Requests of the Authority <br /> theretofore tendered to the Trustee under the provisions of this Section, and delivery to the <br /> Trustee of a Certificate of Completion, there shall remain any balance of money in the <br /> Acquisition Fund, all money so remaining shall be transferred, first, to the Reserve <br /> Account to the extent necessary to make the amount on deposit therein equal to the Reserve <br /> Requirement and, second, the remainder to a separate account which the Trustee shall <br /> establish and hold in trust, and which shall be entitled the "Surplus Account." The moneys <br /> in the Surplus Account shall be applied (unless some other application of such moneys <br /> would not, in the Opinion of Counsel adversely affect the exclusion from gross income for <br /> federal income tax purposes of interest on the Bonds), at the direction of the City, to one of <br /> the following purposes: (i) to the construction of additional public facilities or (ii) to the <br /> payment of regularly scheduled principal or Accreted Value of or interest on the Bonds, in <br /> which case amounts in the Surplus Account shall be transferred to the Revenue Fund; <br /> provided that if alternative (i) is selected by the City, the fair rental value of the Leased <br /> Property must at all times be equal to or greater than Annual Debt Service in each Bond <br /> Year. Notwithstanding Section 6.04, pursuant to the provisions of the Tax Certificate <br /> relating to determination of yield with respect to investments of Bond proceeds, the moneys <br /> in the Surplus Account shall be invested at the direction of the City at a yield no higher <br /> than the yield on the Outstanding Series of Bonds from which such moneys are derived <br /> (unless, in the Opinion of Counsel, investment at a higher yield would not adversely affect <br /> the exclusion from gross income for federal income tax purposes of interest on the Bonds), <br /> and all such investment income shall be deposited in the Surplus Account and expended or <br /> reinvested as provided above. <br /> SECTION 4.05. Use of Moneys in the Costs of Issuance Fund. The <br /> moneys in the Costs of Issuance Fund shall be disbursed from time to time to pay Costs of <br /> Issuance. The Trustee shall disburse moneys in the Costs of Issuance Fund from time to <br /> time upon receipt by the Trustee of a Written Request of the Authority which: (a) states <br /> with respect to each disbursement to be made: (i) the requisition number, (ii) the name and <br /> address of the person, firm or corporation to whom payment is due, (iii) the amount to be <br /> disbursed, and (iv) that each obligation therein has been properly incurred, and is a proper <br /> charge against the Costs of Issuance Fund and has not been the basis of any previous <br /> disbursement; (b) specifies in reasonable detail the nature of the obligation; and (c) is <br /> accompanied by a bill or statement of account for each obligation. <br /> The Trustee shall hold the moneys in the Costs of Issuance Fund and <br /> disburse such moneys therefrom in accordance with this Section. <br /> LAI-63221.5 35 <br />