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<br />. <br /> <br />(c) Moneys in the Reserve Account shall be invested <br />in obligations which will by their terms mature on or <br />before the date funds are expected to be required for <br />expenditure. <br /> <br />. <br /> <br />Except as otherwise provided in Section 13 hereof, <br />obligations purchased as an investment of moneys in any of the <br />Funds or Accounts shall be deemed at all times to be a part of <br />such respective Fund or Account and the interest accruing <br />thereon and any gain realized from an investment shall be <br />credited to such Fund or Account and any loss resulting from <br />any authorized investment shall be charged to such Fund or <br />Account without liability to the Agency or the members and <br />officers thereof or to the Fiscal Agent. The Agency or the <br />Fiscal Agent, as the case may be, shall sell at the best price <br />obtainable or present for redemption any obligation purchased <br />whenever it shall be necessary to do so in order to provide <br />moneys to meet any payment or transfer from such Fund as <br />required by this Resolution. The investment constituting a <br />part of the Fund shall be valued at the then estimated or <br />appraised market value of the investment or face amount <br />thereof, whichever is lower; provided, however, that <br />investments in the Interest Account and the Principal Account <br />shall be valued at the face amount thereof. <br /> <br />Section 17. Issuance of Parity Bonds. If at any time <br />the Agency determines it needs to do so, the Agency may provide <br />for the issuance of, and sell, Parity Bonds in such principal <br />amounts as it estimates will be needed. The issuance and sale <br />of any Parity Bonds shall be subject to the following <br />conditions precedent: <br /> <br />(a) The Agency shall be in compliance with all <br />covenants in this Resolution; <br /> <br />. <br /> <br />(b) The Parity Bonds shall be on such terms and <br />conditions as may be set forth in a supplemental <br />resolution, which shall provide for (i) bonds substantially <br />in accordance with the Resolution, (ii) the deposit of <br />moneys into the Reserve Account in an amount sufficient, <br />together 'with the balance of the Reserve Account, to equal <br />the Maximum Annual Debt Service on all Bonds expected to be <br />outstanding including the outstanding Bonds and Parity <br />Bonds, (iii) the disposition of Surplus Tax Revenues in <br />substantially the same manner as Section 15(d) and (e) <br />hereof; <br /> <br />(c) Receipt of a certificate of the Executive <br />Director of the Agency showing: <br /> <br />(i) For the current and each future Bond year <br />the debt service for each such Bond year with respect <br /> <br />0715p/2281j04 <br /> <br />-17- <br />