1981-040 CRA - Laserfiche WebLink

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. . . . . t.o the Oebt Service Reserve Fund. Such Costs .of Issuance shall be paid by the Trustee upon receipt by the Trustee of requisitions identifying (i) the amount to be paid, (ii) the payee, (iii) the service rendered or other basis for the obligati.on to pay, and (iv) the date on which payment is to be made. (B) Moneys rema in i ng in the Issuance Expen se Account sha 11 be transferred to the Mortgage Loan Program Account after payment of all Costs .of Issuance as evidenced by an Officer's Certificate. 504. Application of Mortgage Loan Program Account. (A) Except as otherwise provided in this Res.olution for transfers to other Funds and Accounts, moneys in the Mortgage L.oan Program Account shall be used solely for the purpose of acquiring the Mortgage Loan Participation and the making of a Loan to Lender in accordance with the provisions of the Mortgage Loan Participation Purchase and Servicing Agreement and the Loan Agreement. (B) The Trustee shall apply the moneys in the Mortgage Loan Program Account, upon receipt of a Requisiti.on, at the times, in the am.ounts and for the purposes set forth in such Requisition. (C) Subject to the provisi.ons of the invnediately succeeding subsection (0) moneys remaining in the Mortgage Loan Pr.ogram Account and not applied to the purchase of the Mortgage L.oan Participation and making the Loan t.o Lender within thirty-f.our (34) months of the date of delivery .of the Bonds, shall be transferred to the Pri.or Redemption Fund at the earliest practicable date prior to May I, 1984, and appl ied to the spec ia 1 mandatory red emp t ion of Bonds on May I, 1984. (0) The Agency reserves the right to determine that f.orty-six (46) months rather than thirty-four (34) months shall be the applicable period for application of the 80nd proceeds in the Mortgage Loan Program Account, such determination to be based upon either (i) the fact that 85% .of the .origina 1 Bond proceeds depos ited in the Mortgage Loan Pr09ram Account have been applied to the purchase of the Mortgage Loan Participatlon .or to make the Loan t.o Lender and (i1) the Agency has obtained a nationally recognized Bond or Tax Counsel's Opinion that the determination to so extend the period will n.ot cause the Bonds to be arbitrage bonds within the meaning of Section 103(C) of the Internal Revenue Code of 1954, as amended, and the regulations promulgated thereunder. The Agency'!; determination as to whether or not it may s.o extend, and shall so extend, the period shall be set forth 1n an Officer's Certificate and a Certificate of Projected Pledged Revenues de 1 ivered to the Trustee on or before March I, 1984, or such later date as shall be acceptable to the Trustee. (E) If an extension is effected pursuant to the immediately preceding Subsection (0), any amounts in the M.ortgage Loan Program Account on May I, 1985, shall be transferred to the Pri.or Redemption Fund and applied t.o the purchase or special redemption .of Bonds, as provided in Article IV. 30