1983-10 CRA - Laserfiche WebLink

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. their terms mature on such dates as to ensure that before each interest payment date there will be in the Account, from matured obligations and other moneys already in such Account, cash equal to the interest payable on the interest payment date. (c) Moneys in the Reserve Account shall be invested in obligations which will by their terms mature prior to the date established by resolution of the Agency. . Except as otherwise provided in Section 13 hereof, obligations purchased as an investment of moneys in any of the Funds or Accounts shall be deemed at all times to be a part of such respective Fund or Account and the interest accruing thereon and any gain realized from an investment shall be credited to such Fund or Account and any loss resulting from any authorized investment shall be charged to such Fund or Account without liability to the Agency or the members and officers thereof or to the Fiscal Agent. The Agency or the Fiscal Agent, as the case may be, shall sell at the best price obtainable or present for redemption any obligation purchased whenever it shall be necessary to do so in order to provide moneys to meet any payment or transfer from such Fund as required by this Resolution. The investment constituting a part of the Fund shall be valued at the then estimated or appraised market value of the investment or face amount thereof, whichever is lower; provided, however, that investments in the Interest Account and Principal Account and the Term Bond Sinking Account shall be valued at the face amount thereof. Section 17. Issuance of Parity Bonds. If at any time the Agency determines it needs to do so, the Agency may provide for the issuance of, and sell, Parity Bonds in such principal amounts as it estimates will be needed. The issuance and sale of any Parity Bonds shall be subject to the following conditions precedent: (a) The Agency shall be in compliance with all covenants in this Resolution; . (b) The Parity Bonds shall be on such terms and conditions as may be set forth in a supplemental resolution, which shall provide for (i) bonds substantially in accordance with the Resolution, (ii) the deposit of moneys into the Reserve Account in an amount sufficient, together with the balance of the Reserve Account, to equal the Reserve Requirement on all Bonds expected to be outstanding including the outstanding Bonds and Parity Bonds, (iii) the disposition of Surplus Tax Revenues in substantially the same manner as Section lS(d) hereof; (c) Receipt of a certificate of the Executive Director of the Agency showing: 03-30-83 4439P/2306/00 -19- 3A