Laserfiche WebLink
<br />. <br /> <br />. <br /> <br />. <br /> <br />(c) Moneys in the Debt Service Reserve Account shall <br />be invested in obligations which will by their terms mature <br />on or before the date such funds are expected to be <br />required for expenditure; provided that such moneys shall <br />not be invested for a term longer than five (5) years. <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 or <br />Account as required by this Resolution. The investment <br />constituting a part of the Fund shall be valued at the then <br />estimated or appraised market value of the investment or face <br />amount 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 and Subordinate <br />Obligations. If at any time after the Initial Reset Date the <br />Agency determines it needs to do so, the Agency may provide for <br />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 />(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 Debt Service Reserve Account in an amount <br />sufficient, together with the balance of the Debt Service <br />Reserve Account, to equal the Maximum Annual Debt Service <br />on all Bonds expected to be outstanding including the <br />outstanding Bonds and Parity Bonds, (iii) the disposition <br />of "surplus" Tax Revenues in substantially the same manner <br />as Section 15(d) hereof; <br /> <br />(c) receipt of a certificate of the Executive <br />Director of the Agency showing: <br /> <br />12-02-85 <br />9564p/2281/01 <br /> <br />-25- <br />