1980-075 CRA - Laserfiche WebLink

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503. Disposition of Bond Proceeds and Other Funds. (A) The Trustee shall establish within the Bond Proceeds Fund: for the Bonds; (1) a separate Account designated "Issuance Expense Account" (2) a separate Account designated "Mortgage Loan Purchase Account" for the Bonds; and (3) such other Accounts as may be required pursuant to the provisions of the Supplemental Resolution. (B) Upon delivery of the Bonds, the Trustee shall deposit the proceeds thereof into the Bond Proceeds Fund and shall then transfer such proceeds (along with any other rroneys as provi ded herein or in the Supplemental Resolution) to the appropriate Fund or Account. (C) Upon delivery of the Bonds, the Trustee shall transfer to the Interest Account the amounts paid, if any, as accrued interest from the Issue Date to the date of del ivery thereof pl us such additional, if any, amounts as shall be specified in the Supplemental Resolution. (D) Upon delivery of the Bonds, the Trustee -shall transfer into the Issuance Expense Account the amount of moneys specified in an Officer's Certificate delivered to the Trustee prior to the delivery of the Bonds. "The Trustee shall from time to time payout moneys transferred to an I ssuance Expense Account, free and cl ear of any 1 ien or pledge created by this Resolution, for the purpose of paying in the manner herein authorized any Costs of Issuance of the Bonds for which such Account was established, upon receipt by the Trustee of a Requisition and Officer's Certificate stating that the amount to be paid from such Issuance Expense Account pursuant to such Requisition and Officer's Certificate is a proper charge thereon. Upon receipt of each such Requisition and Officer's Certificate, the Trustee shall del iver to or upon the order of the Agency a check or draft drawn upon such I ssuance Expense Account for the payment of each item. Upon receipt of an Officer's Certificate stating that all Costs of Issuance of the Bonds have been paid, the Trustee shall transfer any moneys remaining in sùch Issuance Expense Account to the Mortgage Loan Purchase Account established for such Bonds. (E) Upon the del ivery of the Bonds, there shall be transferred by the Trustee from the proceeds of such Bonds, or otherwise, to the Mortgage Reserve Fund, the sum of money, if any, specified in the Supplemental Resolution, together with such other moneys as shall be set forth therein. (F) Upon the del ivery of the Bonds, there shall be transferred by the Trustee from the proceeds of such Bonds, or otherwise, the sum of money, if any, specified in the Supplemental Resolution, necessary to establish the 29 . . . . . .