Bond Fund. (a) The Trustee will pay from the Principal Account the principal (including sinking fund installments) of the Bonds when due. The Trustee will pay from the Interest Account the interest on the Bonds when due. The Trustee will use money in the Redemption Account to redeem Bonds pursuant to any optional redemption provision exercised by the Authority or special mandatory redemption provisions or, if directed by an Authorized Authority Representative, to purchase Bonds on the open market; provided, however, (i) no money will be used to purchase Bonds to the extent it is required to pay the redemption price of any Bonds for which notice of redemption has been given as provided in Section 4.6, and (ii) Bonds will not be purchased at a price in excess of the applicable optional redemption price plus accrued interest.
(b) There shall, at the option of the Authority, be applied or credited against any sinking fund requirement for Bonds of a Series and maturity the principal amount of any Bonds of such Series and maturity that have been previously defeased or redeemed (other than by mandatory sinking fund redemption) before each such mandatory sinking fund redemption date or that have been purchased by the Authority or the Trustee on behalf of the Authority and delivered to the Trustee for cancellation at least seventy (70) days before each such mandatory sinking fund redemption date, provided such Bonds have not previously been applied as a credit against any mandatory sinking fund redemption payment. The credit will be applied against payments required to be made on mandatory sinking fund redemption dates on a generally pro- rata basis within such Series and maturity of Bonds as may be determined by the Administrator and accepted by the Trustee, unless the Trustee receives written instructions from the Authority at least seventy (70) days before such dates to apply the credit in some other order.
(c) On the Business Day immediately preceding a Principal or Interest Payment Date but after the transfers from the Revenue Fund required pursuant to Section 7.2, the Trustee will determine if the balance on deposit in the Principal Account and the Interest Account will be sufficient (after taking into consideration any amount to be transferred from the Capitalized Interest Account) to pay the principal and interest due and payable on the Principal or Interest Payment Date, and if a deficiency exists, will promptly notify the Authority of such fact. If on any Principal ...
Bond Fund. The Company shall pay the Loan Payments required of it under this Agreement by remitting or causing to be remitted the same directly to the Trustee for deposit in the Bond Fund established under the Indenture and administered by the Trustee as provided in the Indenture.
Bond Fund. A Bond Fund is hereby established by the Issuer with the Trustee, and the Trustee is hereby appointed paying agent for the Bonds. Moneys shall be deposited in the Bond Fund from time to time and shall be applied solely as follows:
(a) [RESERVED]
(b) Upon completion of the Project or upon the occurrence of other events specified in Section 501C, funds shall be transferred from the Construction Account of the Project Fund to the Bond Fund and applied in accordance with Section 501C.
(c) Loan payments by the Borrower pursuant to Sections 1001A and 1001B, amounts transferred from the Reserve Fund pursuant to Section 502A, amounts transferred from the Capitalized Interest Account or Construction Account of the Project Fund pursuant to Section 501A, amounts transferred from the Debt Service Reserve Fund pursuant to Sections 503 (a), (b) and (c) , amounts transferred from the Construction and Operating Costs Contingency Fund pursuant to Sections 505(a) and (b), amounts transferred from the Equity Reserve Fund pursuant to Sections 505A(a) and (b), amounts transferred from the Supplemental Equity Fund pursuant to Sections 505D(a), (b) and (d) and amounts transferred from the Credit Enhancement Account pursuant to Sections 505B(b) and (c) shall be deposited into the Bond Fund and shall be applied to pay principal of and interest on the Bonds as and when the same become due.
(d) Sums for the redemption of Bonds as described in Section 401 shall be deposited into the Bond Fund. Such funds shall be applied to make such redemptions.
(e) Proceeds from insurance or condemnation awards shall be deposited in the Bond Fund to the extent provided in Section 702 or 703. The Trustee shall apply the monies so deposited in the Bond Fund to redeem the principal of the Bonds as provided in Section 403, without premium, immediately upon the earliest practicable redemption date selected by the Trustee for the redemption without further authorization from the Borrower or the Issuer so as, to the extent possible, to exhaust such amount. Any balance remaining after such application shall be applied to pay interest on the Bonds.
(f) Sums received upon exercise of remedies by the Trustee or the Issuer after an Event of Default (except sums received by the Issuer pursuant to rights not assigned by the Issuer to the Trustee hereunder), amounts transferred from the Revenue Fund as provided in the last sentence of Section 502A, amounts transferred from the Debt Service Reserve Fund pursuant t...
Bond Fund. There is hereby created and established with the Bondowner Representative a separate fund which shall be designated the “Bond Fund,” which fund shall be applied only as provided in this Section.
Bond Fund. The Trustee shall establish and maintain, so long as any of the Bonds are outstanding, a separate fund to be known as the "Bond Fund." Money in the Bond Fund shall be applied as provided in this Section 4.2. There shall be deposited in the Bond Fund, as and when received by the Trustee: (a) TIF Revenues as provided in Section 4.6; (b) any amount remaining in the Construction Fund to be transferred to the Bond Fund pursuant to the Indenture upon completion of the Project; (c) all interest and other income derived from investments of Bond Fund moneys as provided herein;
Bond Fund. The Trustee shall establish and maintain, so long as any of the Bonds are outstanding, a separate fund to be known as the “Bond Fund.” Money in the Bond Fund shall be applied as provided in this Section 4.2. There shall be deposited into the Bond Fund, as and when received, (a) all Sublease Rental Payments; (b) all payments received pursuant to the Notes; (c) all payments specified in Section 3.2 of the Financing Agreement; (d) all interest and other income derived from investments of Bond Fund moneys as provided herein; (e) any required transfers from the Debt Service Reserve Fund; and (f) all other moneys received by the Trustee under and pursuant to any of the provisions of the Financing Agreement which are required or which are accompanied by directions that such moneys are to be paid into the Bond Fund. The Issuer hereby covenants and agrees that so long as any of the Bonds issued hereunder are outstanding it will deposit, or cause to be paid to Trustee for deposit into the Bond Fund for its account, all revenues from the Notes and the Financing Agreement, for application to the payment of the principal of and interest on the Bonds as the same become due and payable. Nothing herein should be construed as requiring Issuer to deposit or cause to be paid to Trustee for deposit in the Bond Fund, funds from any source other than receipts derived from the Sublease Rental Payments, and from the Notes and the Financing Agreement. Moneys in the Bond Fund shall be used by the Trustee first to pay interest and then principal on the Bonds as such moneys are available. The Trustee shall transmit such funds to the Paying Agent for any series of Bonds in sufficient time to insure that such interest and principal will be paid on any Interest Payment Date.
Bond Fund. The Trustee shall establish and maintain, so long as any of the Bonds are outstanding, a separate fund to be known as the "Bond Fund." Money in the Bond Fund shall be applied as provided in this Section 4.2. There shall be deposited in the Bond Fund, as and when received by the Trustee: (a) TIF Revenues as provided in Section 4.6; (b) Taxpayer Payments; and (c) all interest and other income derived from investments of Bond Fund moneys as provided herein. The Issuer hereby covenants and agrees that so long as any of the Bonds issued hereunder are outstanding it will deposit, or cause to be paid to Trustee for deposit in the Bond Fund for its account, all of the TIF Revenues promptly. In the event of a deficiency of available TIF Revenues to make the next debt service payment on the Bonds, the Trustee shall notify the Company of the amount needed to remedy the deficiency by no later than the immediately following January 15 or July 15, as applicable. Nothing herein should be construed as requiring Issuer to deposit or cause to be paid to Trustee for deposit in the Bond Fund, funds from any source other than receipts derived from the TIF Revenues and Taxpayer Payments. Moneys in the Bond Fund shall be used by the Trustee to pay interest and principal on the Bonds as they become due upon each Interest Payment Date, at maturity, upon redemption or upon acceleration and to pay Annual Fees. The Trustee shall transmit such funds to the Paying Agent for the Series 2024 Bonds in sufficient time to insure that such interest will be paid as it becomes due. If TIF Revenues and Taxpayer Payments on deposit in the Bond Fund are not sufficient to pay the principal and interest then due, TIF Revenues and Taxpayer Payments shall be applied first to pay unpaid interest and then to unpaid and due principal; provided, however, that no interest shall be due or paid on any unpaid interest.
Bond Fund. (A) In addition to the moneys deposited to the Bond Fund (1) from the proceeds of the Bonds pursuant to Section 402 hereof and (2) pursuant to Sections 403 and 404 hereof, there shall be deposited into the Bond Fund (a) all installment purchase payments received from the Company under the Installment Sale Agreement (except payments made with respect to the Unassigned Rights), (b) any amount in the Insurance and Condemnation Fund directed to be paid into the Bond Fund under Section 406 hereof, (c) all prepayments by the Company in accordance with Section 5.5 of the Installment Sale Agreement in connection with which notice has been given to the Trustee pursuant to Section 302 hereof, (d) any amounts received by the Trustee under the Letter of Credit, and (e) all other moneys received by the Trustee under and pursuant to the Indenture or the other Financing Documents which by the terms hereof or thereof are to be deposited to the Bond Fund, or are accompanied by directions from the Company or the Issuer that such moneys are to be paid into the Bond Fund.
(1) Moneys on deposit in the Bond Fund shall be invested in Authorized Investments in accordance with Section 410 hereof. All interest and other income accrued and earned on moneys on deposit in the Bond Fund shall be deposited by the Trustee into the Bond Fund. Any payment of interest due on the Bonds shall be made from amounts on deposit in the Bond Fund Non-
Bond Fund. (a) No later than on each Interest Payment Date, the Trustee shall withdraw from the Principal and Interest Account and transfer to the Paying Agent/Registrar the principal (including any Sinking Fund Installments) and interest then due and payable on the Improvement Area #3 Bonds.
(b) If amounts in the Principal and Interest Account are insufficient for the purposes set forth in paragraph (a) above, the Trustee shall withdraw first from the Additional Interest Reserve Account of the Reserve Fund and second from the Reserve Account of the Reserve Fund amounts to cover the amount of such insufficiency. Amounts so withdrawn from the Reserve Fund shall be deposited in the Principal and Interest Account and transferred to the Paying Agent/Registrar.
(c) Moneys in the Capitalized Interest Account shall be used for the payment of interest on the Bonds. Not later than five (5) Business Days before each date identified above, the Trustee shall withdraw funds from the Capitalized Interest Account and transfer to the Principal and Interest Account the amount set forth in a Supplemental Indenture.
(d) Any amounts on deposit to the Capitalized Interest Account after the payment of interest on the dates and in the amounts listed in the applicable Supplemental Indenture shall be transferred, at the direction of the City, to the Improvement Account of the Project Fund or to the Redemption Fund to be used to redeem Improvement Area #3 Bonds, and the Capitalized Interest Account shall be closed.
Bond Fund. A special trust fund is hereby created and designated the “Bond Fund”, which shall contain (i) the Interest Account, (ii) the Principal Account, and (iii) the Redemption Account.
