Laserfiche WebLink
<br />Trustee shall withdraw from the Debt Service Reserve Fund and pay into the <br />appropriate Fund the amount of the deficiency then remaining. <br /> <br />(B) Any surpluses in the Debt Service Reserve Fund shall be <br />transferred semiannually to the Revenue Fund. <br /> <br />. <br /> <br />609. Application of Operating Fund. Except as otherwise provided in <br />this Section, all amounts in the Operating Fund shall be applied to the <br />payment of Operating Expenses upon receipt by the Trustee of a Requisition or <br />Officer's Certificate directing such payment. Any balance remaining in the <br />Operating Fund on April 30 of any year shall be transferred to the Revenue <br />Fund. <br /> <br />610. Applicati.on.of Asset Accumulation Fund <br /> <br />(A) Moneys deposited int.o the Asset Accumulation Fund shall first <br />be applied by the Trustee to make up any deficiency in the f.oll.owing Funds in <br />the following .order: <br /> <br />FIRST: <br />SECOND: <br /> <br />Interest Fund <br />Principal Fund <br /> <br />THIRD: <br />FOURTH: <br /> <br />Sink ing Fund <br />Debt Serv ice Reserve Fund <br /> <br />. <br /> <br />FIFTH: <br /> <br />Operating Fund <br /> <br />. <br /> <br />(B) During the period which terminates March 1, 1982, amounts <br />remaining in the Asset Accumulation Fund after making the transfers described <br />above may be transferred to the Mortgage Loan Program Account upon receipt by <br />the Trustee of an Officer's Certificate stating that the amounts to be so <br />transferred are able to be and shall be immediately applied to the purchase of <br />the Mortgage Loan Participation or the making of the Loan to Lender. <br /> <br />After March I, 1982, amounts in the Asset Accumulati.on Fund shall be <br />transferred to the Prior Redemption Fund and applied to the special mandatory <br />redemption of Bonds. <br /> <br />611. Call of All Outstanding Bonds. In the event that the amount in <br />the Funds and Accounts created by this Resolution and pledged to the payment <br />of B.onds is sufficient to pay the Redemption Price .of and interest on all <br />Bonds Outstanding, the Trustee, upon receipt of an Officer's Certificate <br />authorizing the same, shall withdraw from such Funds and Accounts an amount <br />equa 1 to such Redempt ion Price of and interest on all Bonds Outstanding and <br />deposit the same in the Prior Redemption Fund. <br /> <br />612. Quarterly Reports. The Trustee, commencing with the period ending <br />three (3) months after the Issue Date of the Bonds, shall provide the Agency <br />with quarterly reports covering all receipts paid into and all disbursements <br /> <br />. <br /> <br />. <br /> <br />37 <br />