1981-040 CRA - Laserfiche WebLink

Home Browse Search

. . . . . ", '..'"" ,e""" ~""",- ,'n .. Fund Installment (as adjusted for redemptions) to be paid on the next Principal Installment Date or Sinking Fund Installment Date. (C) To the Debt Service Re~erve Fund, after making the foregoing allocations and transfers, if, and to the extent, the balance in the Debt Service Reserve Fund is less than the Debt Service Reserve Requirement. (D) To the Operating Fund, an alOOunt not to exceed an alOOunt equal to one-half (1/2) of the annual premium for Special Hazard Insurance, annual Trustee and Paying Agent fees and annual fees of Independent accountants. ' (E) To the Asset Accumulation Fund any surpluses remaining in the Revenue Fund after making the allocati.ons and transfers provided for in the preceding subsections. 604. Application of Interest and Principal Funds. (A) The Trustee shall withdraw from the Interest Fund, prior to each Interest Payrœnt Date of the Bonds, an alOOunt equal to the Interest Requirement payable on such Interest Payment Date, and shall cause the same t.o be applied to the payrœnt of said interest when due and is hereby authorized to transmit the same to Paying Agents who shall apply the same to such payment. (B) The Trustee shall withdraw from the Principal Fund, prior t.o each Principal Installment Date, an amount equal to the principal amount .of the Outstanding Bonds, if any, maturing on said Principal Installment Date and shall cause the same to be applied to the payment of the principal of said Bonds when due and is hereby authorized to transmit the same to Paying Agents who shall apply the same to such payment. On each May 1, the Trustee shall transfer all IOOneys in the Principal Fund in excess of the alOOunt necessary to pay principal of the Bonds on the next succeeding Principal Payment Date to the Revenue Fund, except that the Trustee shall continue to hold in the Principal Fund all Cormnitment Fees and Program Participation Fees received pursuant to Section 505 in the Principal Fund until such time as such fees are applied to the payment of principal of the B.onds on May 1, 1984. (C) A 11 withdrawa ls and transfers under the prov is ions of subsection (A) or subsection (B) of this Secti.on (other than transfers on May 1 as specified in subsection (B)) shall be made not earlier than one (1) day prior to the Interest Payment Date or Principal Installment Date to I'IIich it re lates, and the alOOunt so withdrawn or transferred sh all, for the purposes of this Resolution, be deemed to remain in and be part of the appï.opdate Fund until such Interest Payment Date or Principal Installment Date. 605. Application of Sinking Fund. (A) The Trustee shall apply IOOneys in the Sinking Fund to the purchase or the redempti.on of the Bonds in the manner provided in this Section and to the payment of the principal there.of at maturity, provided that on each 34