1980-075 CRA - Laserfiche WebLink

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THIRD: Mortgage Reserve Fund FOURTH: Debt Service Reserve Fund FIFTH: Operating Fund (2) After the foregoing transfers and if the Asset Coverage Test has not been met then moneys in the Asset Accumulation Fund shall be applied to the special mandatory redemption of Bonds in accordance with Article IV. (3) The fact that the Asset Coverage Test has been met and, if applicable, continues to be met shall be established by an Asset Coverage Test Certificate del ivered by the Agency to the Trustee. In the absence of such an Asset Coverage Test Certificate having been so del ivered to the Trustee, the Trustee shall conclusively presume that the Asset Coverage Test has not been met. (4) Dn any I nteres t Payment Date after the Asset Coverage Test has initially been met, as established by an Asset Coverage Test Certificate, moneys in the Asset Accumulation Fund shall continue to be appl ied to such special mandatory redemption of Bonds to the extent necessary to enable the Agency to continue to meet the Asset Coverage Test. (5) On any Interest Payment Date after the Asset Coverage Test has been met, any amounts remaining in the Asset Accumulation Fund in excess of amounts required to be appl ied to maintain the Asset Coverage Test shall, at the option of the Agency, be either applied to the special mandatory redemption of Bonds pursuant to the provisions' of Article IV or shall be transferred by the Trustee to the Agency free and cl ear of the 1 ien of th is Resolution for use by the Agency for any 1 awful purpose. At any time and from time to time, the amount of any such excess shall be established by an Asset Coverage Test Certificate delivered to the Trus,tee, together with an Officer's Certificate directing the application of any such excess. (6) Subject to Section 401 (c), moneys in the Asset AccUlrulation Fund shall be disbursed by the Trustee on every Interest Payment Date, commencing July 1, 19B1, all in accordance with the foregoing provis ions. 60B. Sale of Mortgage Loans. On or after July 1, 1990, or such other date as may be specified in a Supplemental Resolution, the Agency may, at its option, direct the Trustee to redeem the Bonds in whole, but not in part, pursuant to optional redemption and to apply moneys in the Debt Service Reserve Fund, the Mortgage Reserve Fund and such other funds and accounts held by the Trustee and available therefor, which together with any other money held by the Trustee available therefor (including moneys received by the Trustee from the sale of Mortgage Loans) will be sufficient to pay the principal or Redemption Price of and interest on the Bonds being paid or redeemed. 35 . . . . . .