1985-53 CRA - Laserfiche WebLink

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. . . authorize and direct the payment of the Tax Revenues by the respective taxing entities directly to the Fiscal Agent. All Pledged Revenues at any time paid to the Fiscal Agent shall be deposited by the Fiscal Agent into the Special Fund, shall be held by the Fiscal Agent in trust for the benefit of the Owners of the Bonds and shall be disbursed, allocated, transferred and applied solely for the uses and purposes designated in this Resolution. As long as any of the Bonds or any interest thereon are outstanding, the Agency shall not have any beneficial right or interest in the Pledged Revenues, except as otherwise provided in the Resolution. Notwithstanding the foregoing, there shall not be deposited with the Fiscal Agent, Tax Revenues in an amount in excess of an amount which, together with all funds, other than funds from draws on the Initial Letter of Credit or Alternate Credit Facility, then on deposit with the Fiscal Agent in the Special Fund, shall be sufficient to discharge the indebtedness created by the Bonds and any Parity Bonds which may subsequently be issued pursuant to this Resolution. The interest on the Bonds until maturity shall be paid by the Fiscal Agent from the Special Fund. At the maturity of any of the Bonds, and, after all interest then due on the Bonds then Outstanding has been paid or provided for, moneys in the Special Fund shall be applied to the payment of the principal of any of such Bonds and thereafter to the payment of any obligation owing pursuant to the Reimbursement Agreement. Without limiting the generality of the foregoing and for the purpose of assuring that the payments referred to above will be made as scheduled, the Tax Revenues accumulated in the Special Fund shall be used in the following priority; provided, however, to the extent that deposits have been made in any of the Accounts referred to below from the proceeds of the sale of the Bonds or otherwise except from draws on the Initial Letter of Credit, the deposits below need not be made; and provided further that prior to the Reset Date, the Fiscal Agent shall draw upon the Initial Letter of Credit in accordance with its terms on each Interest Payment Date in an amount sufficient to make the deposits referred to below in paragraphs (a) and (b) and shall apply any Tax Revenues in the Special Fund to reimburse the Bank for such draws upon the Initial Letter of Credit which Tax Revenues are hereby pledged for such purpose. (a) Interest Account. Deposits shall be made into the Interest Account so that the balance therein on the Interest Payment Date shall equal the interest payable on the next succeeding Interest Payment Date which occurs on or prior to the Reset Date. Moneys in the Interest Account shall be used for the payment of interest on the Bonds as interest becomes due. (b) Principal Account. After the deposits have been made pursuant to subparagraph (a) above, deposits shall next be made into the Principal Account so that the balance 12-02-85 9559P/2281jOl -22-