Indenture of Trust (1996) - Laserfiche WebLink

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(a) The Trustee shall deposit in the Interest Account an amount required to cause the aggregate amount on deposit in the Interest Account to be at least equal to the amount of interest becoming due and payable on such date on all Bonds then Outstanding. (b) The Trustee shall deposit in the Principal Account an amount required to cause the aggregate amount on deposit in the Principal Account to equal the principal amount of the Bonds coming due and payable on such date. (c)The Trustee shall deposit in the Reserve Account an amount,if any,required to cause the amount on deposit in the Reserve Account to be equal to the Reserve Requirement. Section 5.03. Application of Interest Account. All amounts in the Interest Account shall be used and withdrawn by the Trustee solely for the purpose of paying interest on the Bonds as it shall become due and payable (including accrued interest on any Bonds purchased or redeemed prior to maturity pursuant to this Indenture). Section 5.04. Application of Principal Account. All amounts in the Principal Account shall be used and withdrawn by the Trustee solely to pay the principal amount of the Bonds at their respective maturity dates. Section 5.05. Application of Reserve Account. (a) All amounts in the Reserve Account shall be used and withdrawn by the Trustee solely for the purpose of(i)paying principal of or interest on the Bonds when due and payable to the extent that moneys deposited in the Interest Account or the Principal Account are not sufficient for such purpose, and (ii) making the final payments of principal of and interest on Bonds allocable to a particular Member on the date on which such Bonds shall be retired hereunder or provision made therefor pursuant to Article X. After payment of the final payments of principal and interest on the Bonds and payment of any amounts then owed to the Trustee,all moneys then on deposit in the Reserve Account shall be withdrawn by the Trustee and paid to the Members, on a pro rata basis (determined by computing such amount using the same percentage as represented such Member's percentage of the Bonds on original issuance),as a refund of overpaid Lease Payments. (b) If, on any date, moneys on deposit in the Reserve Account allocable to a particular Member(determined by computing such amount using the same percentage as represented such Member's percentage of the Bonds on original issuance),together with amounts allocable to such Member then on deposit in the Bond Fund (based upon amounts deposited therein by such Member), are sufficient to pay all Outstanding Bonds allocable to such Member, including all principal thereof, and interest thereon, the Trustee shall, at the written direction of the Authority, transfer all amounts then on deposit in the Reserve Account allocable to such Member,together with such amounts in the Bond Fund, to the Redemption Fund to be applied - to the redemption of the Bonds in accordance with the provisions of Section 4.01(a) or applied to the last scheduled payment due from such Member. (c) Any amounts remaining in the Reserve Account upon payment in full of all Outstanding Bonds and all amounts then owed to the Trustee, shall be withdrawn by the Trustee and paid to the Members, on a pro rata basis (determined by computing such amount using the same percentage as represented such Member's percentage of the Bonds on original issuance), as a refund of overpaid Lease Payments. Any amounts on deposit in the Reserve Account in excess of the Reserve Requirement shall be transferred to the Bond Fund. (d) At any time, moneys on deposit in the Reserve Account may be substituted by the Authority with a letter of credit,surety bond, bond insurance policy or other form of guaranty -22-