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<br />shall be used for the payment of interest on the Bonds as <br />interest becomes due. <br /> <br />. <br /> <br />(b) Principal Account. After the deposits have been <br />made pursuant to subparagraph (a) above, deposits shall <br />next be made into the Principal Account so that the balance <br />in the Principal Account on the date of the payment of any <br />installment of principal of the Bonds, whether a scheduled <br />Minimum Sinking Account Payment or at maturity, is equal to <br />the principal coming due on the then outstanding Bonds on <br />the next December 15. <br /> <br />. <br /> <br />(c) Debt Service Reserve Account. After deposits <br />have been made pursuant to subparagraphs (a) and (b) above, <br />deposits shall be made to the Debt Service Reserve Account, <br />if necessary, in order to cause the amount on deposit <br />therein to equal the Reserve Requirement. Moneys in the <br />Debt Service Reserve Account shall be transferred to the <br />Interest Account or Principal Account to pay interest on <br />and principal of the Bonds either (i) as it becomes due to <br />the extent Pledged Revenues in the Principal Account and <br />Interest Account are insufficient therefor or (ii) at the <br />final maturity of the Bonds or for the purpose of paying <br />the mandatory purchase price or redemption price under the <br />circumstances described in Section llA(2) or llA(5). Any <br />portion of the Debt Service Reserve Account which is in <br />excess of the Reserve Requirement shall be withdrawn at <br />least semiannually immediately after an Interest Payment <br />Date, and shall be applied as are other moneys in the <br />Special Fund. <br /> <br />. <br /> <br />(d) Surplus. It is the intent of this Resolution: <br />(i) that the deposits in subparagraphs (a) and (b) above to <br />the Interest Account and the Principal Account, <br />respectively, shall be made as scheduled, and (ii) that the <br />deposit in subparagraph (c) above to the Debt Service <br />Reserve Account shall be made if and only if the Pledged <br />Revenues are sufficient therefor. Failure to make the <br />required deposits into the Debt Service Reserve Account, as <br />specified in subparagraph (c) above, shall not be an event <br />of default if, and only if, the Tax Revenues are <br />insufficient therefor. Should it be necessary to defer all <br />or part of any deposits referred to in subparagraph (c) <br />above, such deferred deposits shall be cumulative and shall <br />be made when the Tax Revenues are sufficient to make the <br />deposits required by subparagraphs (a) and (b) and <br />thereafter make the deposit required by subparagraph (c). <br /> <br />If: (i) the above transfers have been made so that the <br />required amounts as of that time are in the above mentioned <br />Accounts, (ii) all amounts due and owing to the Bank under <br />the Reimbursement Agreement have been paid, (iii) the Tax <br />Revenues to be received by the Agency on or before June 30 <br />of each year, based upon the most recent assessed valuation <br /> <br />12-02-85 <br />9553p/228l/01 <br /> <br />-24- <br />