Laserfiche WebLink
<br />ARTICLE V <br /> <br />ESTABLISHMENT OF FUNDS AND ACCOUNTS; <br />APPLICATION OF BOND PROCEEDS AND OTHER MONEYS <br /> <br />. <br /> <br />501. Estab 1 i sh'ment of Funds and Accounts. The Agency hereby <br />establishes and creates the f.oll.owing Funds and Accounts which shall be <br />special funds held by the Trustee: <br /> <br />A. <br /> <br />Bond Proceeds Fund <br />1. Issuance Expen se Account <br />2. Mortgage Loan Program Account <br />Revenue Fund <br />Operating Fund <br />Interest Fund <br />Principal Fund <br />Sink ing Fund <br />Debt Service Reserve Fund <br />Asset Accumulation Fund <br />Prior Redemption Fund <br /> <br />B. <br />C. <br />D. <br />E. <br />F. <br />G. <br />H. <br />1. <br /> <br />No amounts may be withdrawn, transferred or paid out of any of the above <br />Funds or Accounts except as provided in this Article or in Article VI or VII <br />here.of. <br /> <br />502. Deposit of Bond Proceeds. The pr.oceeds from the sale of the Bonds <br />shall be deposited with the Trustee on the date of delivery of the Bonds in <br />the Bond Proceeds Fund and credited in the following amounts to the following <br />Funds and Acc.ounts created pursuant to Sect ion 501, here.of: <br /> <br />. <br /> <br />. <br /> <br />(A) T.o the Interest Fund, the amount, if any, of interest accrued on <br />the Bonds from May I, 1981, to their date of delivery; <br /> <br />(B) T.o the Issuance Expense Account, the amount, if any, allocated to <br />said Fund by an Officer's Certificate; <br /> <br />(C) To the Debt Service Reserve Fund, an amount of money \\tIich equals <br />the Debt Service Reserve Requirement; <br /> <br />(D) To the Operating Fund, an amount, if any, as specified in an <br />Officer's Certificate; and <br /> <br />(E) <br />proceeds. <br /> <br />503. Application.of Issuance Expense Account. <br /> <br />To the Mortgage L.oan Program Account, the remainder .of the B.ond <br /> <br />. <br /> <br />(A) The Trustee shall app ly the moneys in the Issuance Expen se <br />Account to the pa,yment of Costs of Issuance, except that an alOOunt not to <br />exceed $40,000 (as specified in an Officer's Certificate) shall be transferred <br /> <br />. <br /> <br />29 <br />