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 or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit in the Principal Account or the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund to the appropriate account in the Bond Fund. (d) Prepayments shall be deposited into the 2022 Prepayment Subaccount and shall be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof. (e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof. (f) Interest received on and any profit realized from the investment of money in the Bond Fund will become a part of the account and subaccount in which the investment is held.
Appears in 3 contracts
Samples: Trust Indenture, Trust Indenture, Trust Indenture
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) 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 TIF Revenues 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 shallTaxpayer Payments, at the option of the Authority, be applied or credited against any sinking fund requirement for Bonds of a Series if any; 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 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 Business Day immediately preceding 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 Principal or Interest Payment Date but after deficiency of available TIF Revenues to make the transfers from next debt service payment on the Revenue Fund required pursuant to Section 7.2Bonds, 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 determine if the balance be paid as it becomes due. If TIF Revenues and Taxpayer Payments on deposit in the Principal Account and the Interest Account will be Bond Fund are not sufficient (after taking into consideration any amount to be transferred from the Capitalized Interest Account) 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 and payable principal; provided, however, that no interest shall be due or paid on any unpaid interest. Beginning on the Principal or Interest Payment DateFunding Date and continuing until completion of the Project, and if a deficiency exists, will promptly notify interest on the Authority of such factSeries 2024 Bonds shall be paid by the Trustee from funds deposited into the Bond Fund to pay capitalized interest. If on any Principal or Interest Payment Date following In the required transfers from the Revenue Fund, the balance event that there are not sufficient funds on deposit in the Principal Account or the Interest Account is insufficient Bond Fund to pay the principal and interest due and payable on Outstanding Bondsuntil Project completion (whether because of construction delays or any other cause), the Trustee will transfer shall use funds on deposit in the amount of the deficiency from the Debt Service Reserve Project Fund to pay interest on the appropriate account due date; provided, however, that, notwithstanding the foregoing, in the Bond FundNO event shall bond proceeds be used to fund capitalized interest payments after February 1, 2027.
(d) Prepayments shall be deposited into the 2022 Prepayment Subaccount and shall be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of money in the Bond Fund will become a part of the account and subaccount in which the investment is held.
Appears in 3 contracts
Samples: Trust Indenture, Trust Indenture, Trust Indenture
Bond Fund. (a) The Trustee will pay from the Principal Account the principal (including sinking fund installments) 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. In addition, there shall be deposited in the Bond Fund, as and when duereceived, (i) all payments received pursuant to the Notes, including the required deposits of Lease Rental Payments pursuant to Section 4.4 hereof; (ii) all payments specified in Section 3.2 of the Loan Agreement; (iii) any amount remaining in the Construction Fund to be transferred to the Bond Fund pursuant to the Indenture upon acceleration of the maturity of the Series 20 Bonds; (iv) all interest and other income derived from investments of Bond Fund moneys as provided herein; and (vi) all other moneys received by the Trustee under and pursuant to any of the provisions of the Loan 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 will pay for deposit in the Bond Fund for its account, sufficient sums from revenues and receipts derived from the Interest Account Notes and the Loan Agreement, including the Lease Rental Payments, promptly to meet and pay the principal of, premium, if any, and interest on the Bonds when dueas 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 Notes, the Loan Agreement, and the Lease Rental Payments. The Borrower shall immediately upon receipt transfer the Lease Rental Payments to the Trustee as set forth in Section 4.4. The Trustee will use money in is hereby directed to deposit into the Redemption Account to redeem Bonds pursuant to any optional redemption provision exercised by the Authority or special mandatory redemption provisions orBond Fund from each Lease Rental Payment, 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 amount equal 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 lesser of the applicable optional redemption price plus accrued interest.
following: (a) all of such rental payment; or (b) There shall, at an amount which equals the option sum 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 Bonds due on, before or Interest within twenty (20) days after the date such Lease Rental Payment Date, and if becomes due. Any portion of a deficiency exists, will promptly notify the Authority of rental payment remaining after such fact. If on any Principal or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit in the Principal Account or the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund to the appropriate account in the Bond Fund.
(d) Prepayments shall be deposited into by the 2022 Prepayment Subaccount and shall be applied to Trustee in the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of money Operation Fund. Moneys in the Bond Fund shall be used by the Trustee to pay interest, premium, if any, and principal on the Bonds as they become due at maturity, redemption or upon acceleration. The Trustee shall transmit such funds to the Paying Agent for any series of Bonds in sufficient time to insure that such interest will become a part of the account and subaccount in which the investment is heldbe paid as it becomes due.
Appears in 3 contracts
Samples: Trust Indenture, Trust Indenture, Trust Indenture
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 Amounts deposited as provided in Section 4.66.02, amounts transferred as provided in Section 6.03 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 amounts deposited with the Trustee on behalf of with instructions to deposit 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 or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit same in the Principal Account or the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Bond Fund to will be deposited in the appropriate account in Account of the Bond Fund.
(d. Amounts received by the Trustee from draws on the Credit Facility or the Confirmation Letter, if applicable, as provided in Section 6.13(a) Prepayments shall will be deposited into in the 2022 Prepayment Subaccount and shall be applied to the special mandatory redemption Credit Facility Account of the 2022 Bonds pursuant Bond Fund. The Trustee will disburse or cause the Paying Agent to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of money disburse moneys in the Bond Fund will become a part in the following priority:
(a) moneys on deposit in the Credit Facility Account of the account Bond Fund will be applied to pay interest due on the Bonds on each Interest Payment Date and principal of the Bonds due on each Bond Payment Date;
(b) moneys on deposit in the Interest Account of the Bond Fund which do not constitute Available Moneys will be segregated in a separate subaccount therein until such moneys become Available Moneys, at which time such Available Moneys will be held in the Interest Account of the Bond Fund, and moneys on deposit in the Interest Account of the Bond Fund which constitute Available Moneys will be applied to pay interest due on the Bonds on each Interest Payment Date to the extent that the amounts in the Credit Facility Account are insufficient therefor or to reimburse the Credit Provider to the extent of draws therefor which have not previously been reimbursed; and
(c) moneys on deposit in the Principal Account of the Bond Fund which do not constitute Available Moneys will be segregated in a separate subaccount therein until such moneys become Available Moneys, at which time such Available Moneys will be held in the Principal Account of the Bond Fund, and moneys on deposit in the Principal Account of the Bond Fund which constitute Available Moneys will be applied to pay principal of the Bonds due on each Bond Payment Date to the extent that the amounts in the Credit Facility Account are insufficient therefor or to reimburse the Credit Provider to the extent of draws therefor which have not previously been reimbursed. provided, however, that to the extent such principal or interest is paid with proceeds of a drawing under the Credit Facility and the Company does not reimburse the Credit Provider directly, the Trustee shall promptly reimburse the Credit Provider from funds on deposit in the Interest Account or the Principal Account of the Bond Fund (other than proceeds from a drawing on the Credit Facility) in accordance with written instructions given from time to time to the Trustee by the Credit Provider. To the extent that the moneys deposited in the Bond Fund would not constitute Available Moneys at the time of such deposit, the Trustee shall create separate subaccounts in the Bond Fund in which the investment is heldsuch moneys will be held until they constitute Available Moneys.
Appears in 1 contract
Bond Fund. (a) There is hereby established a special trust fund which shall be designated the “Industrial Development Revenue Bonds (Ameron International Corporation Project), Series 2001 Bond Fund.” The Trustee will pay from shall be the Principal Account depository, custodian and disbursing agent for 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 interestBond Fund.
(b) There shallshall be deposited in the Bond Fund, at the option of the Authority, be applied or credited against any sinking fund requirement for Bonds of a Series as and maturity the principal amount of any Bonds of such Series and maturity that have been previously defeased or redeemed when received:
(other than by mandatory sinking fund redemption1) before each such mandatory sinking fund redemption date or that have been purchased all money drawn by the Authority or Trustee under the Trustee Letter of Credit for the purpose of paying Debt Service due on behalf of the Authority and delivered Bonds on any Bond Payment Date,
(2) all Basic Rental Payments under the Lease Agreement with respect to Debt Service on the Trustee for cancellation at least seventy Bonds,
(703) 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 all other money 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 deposited in the Bond Fund pursuant to the Lease Agreement or this Indenture, and
(4) all other money received by the Administrator and accepted Trustee when accompanied by the Trustee, unless the Trustee receives written instructions from the Authority at least seventy (70) days before directions that 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 money is 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 or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit in the Principal Account or the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund to the appropriate account deposited in the Bond Fund.
(c) Subject to the provisions of subsections (d) Prepayments and (e) of this Section, the Trustee is hereby authorized and directed to withdraw sufficient money from the Bond Fund to pay Debt Service on the Bonds as the same become due and payable, whether at Maturity, by call for redemption, or otherwise.
(d) The Trustee shall draw on the Letter of Credit in accordance with its terms for payment by the Bank to the Trustee on each Bond Payment Date of an amount equal to Debt Service due on such Bond Payment Date with respect to Bonds other than Obligor Bonds. Such draws shall be made without regard to Basic Rental Payments received or anticipated with respect to Debt Service on Bonds other than Obligor Bonds. Any money so drawn under the Letter of Credit shall be deposited into and held in a separate, segregated account in the 2022 Prepayment Subaccount Bond Fund and shall not be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of commingled with other money in the Bond Fund will become a part Fund. Such money shall be used only to pay Debt Service on Bonds other than Obligor Bonds. Debt Service on Bonds other than Obligor Bonds shall be payable from the following sources in the order of priority indicated:
(1) First, money drawn under the account and subaccount in which the investment is heldLetter of Credit.
Appears in 1 contract
Bond Fund. Upon the receipt thereof, the Trustee shall deposit all Revenues in the "California Pollution Control Financing Authority Pollution Control Refunding Revenue Bonds (aLaidxxx Xxxironmental Services, Inc.) The 1997 Series A Bond Fund," which the Trustee will pay from shall establish and maintain and hold in trust, and which shall be disbursed and applied only as hereinafter authorized. Except as provided in this Section, Sections 5.06 and 10.03, moneys in the Principal Account Bond Fund shall be used solely for the payment of the principal (including sinking fund installments) of the Bonds when due. The Trustee will pay from the Interest Account the and interest on the Bonds when as the same shall become due, whether at maturity or upon redemption or acceleration or otherwise. The Trustee will use money shall deposit in the Redemption Account Bond Fund from time to redeem time, upon receipt thereof, all Repayment Installments received by the Trustee from the Borrower for deposit in the Bond Fund, any income received from the investment of moneys on deposit in the Bond Fund and any other Revenues, including insurance proceeds, condemnation awards and other prepayment amounts received under the Agreement from or for the account of the Borrower. In making payments of principal of, and interest on the Bonds, the Trustee shall (a) first use all available amounts held in the Bond Fund, and (b) then use any other Revenues received by the Trustee. Except to the extent such moneys are required to be held for the payment of principal of, or interest on the Bonds then due and payable or to effect the defeasance of Bonds pursuant to Article X hereof, so long as no Event of Default (or any optional redemption provision exercised by event which would be an Event of Default hereunder with the Authority passage of time or special mandatory redemption provisions orthe giving of notice) exists hereunder, if directed by an Authorized Authority Representative, to purchase Bonds on the open market; providedfifth day after each Interest Payment Date, 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 otherwise instructed by the Trustee receives written instructions from Borrower, shall return to the Authority at least seventy Borrower (70free and clear of the pledge and lien of this Indenture) 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 any moneys then 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 Bond Fund or Interest Payment Date, and if a deficiency exists, will promptly notify the Authority of shall deposit such fact. If on any Principal or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit funds in the Principal Account or Rebate Fund if so instructed by the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund to the appropriate account in the Bond FundBorrower.
(d) Prepayments shall be deposited into the 2022 Prepayment Subaccount and shall be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of money in the Bond Fund will become a part of the account and subaccount in which the investment is held.
Appears in 1 contract
Samples: Indenture of Trust (Laidlaw Environmental Services Inc)
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 and Interest Account, as and when received by the Trustee: (a) TIF Revenues, junior and subordinate to the Outstanding Obligations (as to the pledge of the CCW Tax Increment), Taxpayer Payments and, to the extent TIF Revenues and Taxpayer Payments received and deposited are not sufficient to pay the next debt service payment, a portion of the Annual Appropriation of the General Revenues pursuant to Section 4.6 herein sufficient to pay the next debt service payment; (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; and (d) 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 written directions that such moneys are to be paid into the Bond Fund. The Trustee will pay from the Principal Account the principal (including sinking fund installments) Issuer hereby covenants and agrees that so long as any of the Bonds when due. The issued hereunder are outstanding it will deposit, or cause to be paid to Trustee will for deposit in the Bond Fund for its account, sufficient TIF Revenues and Taxpayer Payments and, to the extent TIF Revenues and Taxpayer Payments received and deposited are not sufficient to pay from the Interest Account next debt service payment, the Annual Appropriation of General Revenues, promptly to meet and pay the principal of, and premium, if any, and interest on the Bonds when dueas the same become due and payable. Nothing herein should be construed as requiring the Issuer to deposit or cause to be paid to Trustee for deposit in the Bond Fund, funds from any source other than TIF Revenues, Taxpayer Payments and General Revenues appropriated for the payment of debt service. The Trustee will use money Controller of the Issuer shall set aside, immediately upon receipt, the TIF Revenues in the Redemption Account to redeem Bonds pursuant to any optional redemption provision exercised Issuer's Allocation Fund as created by IC 36-7-14 and transfer 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, TIF Revenues 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 Taxpayer Payments to the Trustee for cancellation at least seventy (70) days before each such mandatory sinking fund redemption datethe payment of the Bonds. To the extent TIF Revenues and Taxpayer Payments are not sufficient, provided such Bonds have not previously been applied as the Controller of the Issuer shall transfer to the Trustee a credit against any mandatory sinking fund redemption sufficient amount of the Annual Appropriation of General Revenues to pay the next debt service payment. The credit will be applied against payments required Trustee is hereby directed to be made on mandatory sinking fund redemption dates on a generally pro- rata basis within such Series deposit the TIF Revenues, Taxpayer Payments and maturity of Bonds as may be determined by General Revenues received into the Administrator Bond 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 Account in the Principal Account manner prescribed in this Section 4.2 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 factin Section 4.5. If on any Principal or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit in the Principal Account or the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund to the appropriate account in the Bond Fund.
(d) Prepayments shall be deposited into the 2022 Prepayment Subaccount and shall be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of money Moneys in the Bond Fund will become a part shall be used by the Trustee to pay principal on and interest of the account Bonds as they become due upon each principal and subaccount in which the investment is heldinterest payment date, at maturity, upon redemption or upon acceleration.
Appears in 1 contract
Samples: Financing and Covenant Agreement
Bond Fund. (a) The Trustee will pay from shall establish and maintain a separate fund designated the “Bond Fund.” Within the Bond Fund, the Trustee shall establish and maintain a separate account designated the “Principal Account” and a separate account designated the “Interest Account.” The Trustee shall deposit in the Interest Account and the Principal Account from time to time the principal (including sinking fund installments) of the Bonds when dueamounts required to be deposited therein pursuant to Section 5.02. The Trustee will pay from There shall additionally be deposited in the Interest Account the portion, if any, of the proceeds of the sale of Additional Bonds required to be deposited therein under the Supplemental Indenture pursuant to which such Additional Bonds are issued.
(b) In the event that, on the Business Day prior to an Interest Payment Date, after the deposit in the Interest Account of the amounts required to be deposited therein pursuant to Section 5.02, amounts in the Interest Account are insufficient to pay the interest on the Bonds when due. The due and payable on such Interest Payment Date, the Trustee will use money in shall withdraw from the Redemption Account to redeem Bonds pursuant to any optional redemption provision exercised by the Authority or special mandatory redemption provisions orReserve Fund, 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 funds therein, the amount of redemption has been given as provided in Section 4.6such insufficiency, 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 shall transfer 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 amounts so withdrawn 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 orderInterest Account.
(c) On each Interest Payment Date, the Trustee shall withdraw from the Interest Account for payment to the Owners of the Bonds the interest on the Bonds then due and payable.
(d) In the event that, on the Business Day immediately preceding prior to a Principal or Interest Payment Date but September 1 on which principal of the Bonds is due and payable, 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 of the Interest Account will be sufficient (after taking into consideration any amount amounts required to be transferred from the Capitalized Interest Account) deposited therein pursuant to pay the Section 5.02, including principal and interest due and payable on by reason of mandatory sinking fund redemption of the Principal or Interest Payment DateBonds, and if a deficiency exists, will promptly notify the Authority of such fact. If on any Principal or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit amounts in the Principal Account or the Interest Account is are insufficient to pay such principal, after having withdrawn any amounts from the principal and interest due and payable Reserve Fund required to be withdrawn therefrom on Outstanding Bondssuch date pursuant to subsection (b) of this Section, the Trustee will transfer shall withdraw from the Reserve Fund, to the extent of any funds therein, the amount of the deficiency from the Debt Service Reserve Fund such insufficiency, and shall transfer any amounts so withdrawn to the appropriate account in the Bond Fund.
(d) Prepayments shall be deposited into the 2022 Prepayment Subaccount and shall be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereofPrincipal Account.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount On each September 1 on which principal of the Redemption Account Bonds is due and shall be applied to the special payable, including principal due and payable by reason of mandatory sinking fund redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized Bonds, the Trustee shall withdraw from the investment of money in Principal Account for payment to the Bond Fund will become a part Owners of the account Bonds such principal then due and subaccount in which the investment is heldpayable.
Appears in 1 contract
Samples: Indenture
Bond Fund. (a) The Trustee will pay from shall establish and maintain a separate fund designated the “Bond Fund.” Within the Bond Fund, the Trustee shall establish and maintain a separate account designated the “Principal Account” and a separate account designated the “Interest Account. The Trustee shall deposit in the Interest Account and the Principal Account from time to time the principal (including sinking fund installments) of the Bonds when dueamounts required to be deposited therein pursuant to Section 5.02. The Trustee will pay from There shall additionally be deposited in the Interest Account the portion, if any, of the proceeds of the sale of Additional Bonds required to be deposited therein under the Supplemental Indenture pursuant to which such Additional Bonds are issued.
(b) In the event that, on the Business Day prior to an Interest Payment Date, amounts in the Interest Account are insufficient to pay the interest on the Bonds when due. The due and payable on such Interest Payment Date, the Trustee will use money in shall withdraw from the Redemption Account to redeem Bonds pursuant to any optional redemption provision exercised by the Authority or special mandatory redemption provisions orReserve Fund, 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 funds therein, the amount of redemption has been given as provided in Section 4.6such insufficiency, 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 shall transfer 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 amounts so withdrawn 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 orderInterest Account.
(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 each Interest Payment Date, and if a deficiency exists, will promptly notify the Authority of such fact. If on any Principal or Interest Payment Date following the required transfers Trustee shall withdraw from the Revenue Fund, the balance on deposit in the Principal Account or the Interest Account is insufficient for payment to pay the principal and Owners of the Bonds the interest on the Bonds then due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund to the appropriate account in the Bond Fundpayable.
(d) Prepayments shall be deposited into In the 2022 Prepayment Subaccount event that, on the Business Day prior to a September 1 on which principal of the Bonds is due and shall be applied to the special payable, including principal due and payable by reason of mandatory sinking fund redemption of the 2022 Bonds Bonds, amounts in the Principal Account are insufficient to pay such principal, after having withdrawn any amounts from the Reserve Fund required to be withdrawn therefrom on such date pursuant to Section 4.3(asubsection (b) hereofof this Section, the Trustee shall withdraw from the Reserve Fund, to the extent of any funds therein, the amount of such insufficiency, and shall transfer any amounts so withdrawn to the Principal Account.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount On each September 1 on which principal of the Redemption Account Bonds is due and shall be applied to the special payable, including principal due and payable by reason of mandatory sinking fund redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized Bonds, the Trustee shall withdraw from the investment of money in Principal Account for payment to the Bond Fund will become a part Owners of the account Bonds such principal then due and subaccount in which the investment is heldpayable.
Appears in 1 contract
Samples: Indenture
Bond Fund. Upon the receipt thereof, the Trustee shall deposit all Revenues in the "California Pollution Control Financing Authority Pollution Control Refunding Revenue Bonds (aLaidlaw Envirxxxxxxxl Services, Inc.) The 1997 Series A Bond Fund," which the Trustee will pay from shall establish and maintain and hold in trust, and which shall be disbursed and applied only as hereinafter authorized. Except as provided in this Section, Sections 5.06 and 10.03, moneys in the Principal Account Bond Fund shall be used solely for the payment of the principal (including sinking fund installments) of the Bonds when due. The Trustee will pay from the Interest Account the and interest on the Bonds when as the same shall become due, whether at maturity or upon redemption or acceleration or otherwise. The Trustee will use money shall deposit in the Redemption Account Bond Fund from time to redeem time, upon receipt thereof, all Repayment Installments received by the Trustee from the Borrower for deposit in the Bond Fund, any income received from the investment of moneys on deposit in the Bond Fund and any other Revenues, including insurance proceeds, condemnation awards and other prepayment amounts received under the Agreement from or for the account of the Borrower. In making payments of principal of, and interest on the Bonds, the Trustee shall (a) first use all available amounts held in the Bond Fund, and (b) then use any other Revenues received by the Trustee. Except to the extent such moneys are required to be held for the payment of principal of, or interest on the Bonds then due and payable or to effect the defeasance of Bonds pursuant to Article X hereof, so long as no Event of Default (or any optional redemption provision exercised by event which would be an Event of Default hereunder with the Authority passage of time or special mandatory redemption provisions orthe giving of notice) exists hereunder, if directed by an Authorized Authority Representative, to purchase Bonds on the open market; providedfifth day after each Interest Payment Date, 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 otherwise instructed by the Trustee receives written instructions from Borrower, shall return to the Authority at least seventy Borrower (70free and clear of the pledge and lien of this Indenture) 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 any moneys then 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 Bond Fund or Interest Payment Date, and if a deficiency exists, will promptly notify the Authority of shall deposit such fact. If on any Principal or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit funds in the Principal Account or Rebate Fund if so instructed by the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund to the appropriate account in the Bond FundBorrower.
(d) Prepayments shall be deposited into the 2022 Prepayment Subaccount and shall be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of money in the Bond Fund will become a part of the account and subaccount in which the investment is held.
Appears in 1 contract
Bond Fund. There is hereby established and created a fund to be designated “Polk County Industrial Development Authority Solid Waste Disposal Facility Revenue Refunding Bonds (aTampa Electric Company Project) Series 2010 Bond Fund.” The Trustee will pay from shall further establish separate accounts within the Bond Fund to be known as the “Interest Account,” the “Principal Account Account” and the principal (including sinking fund installments) “Redemption Account.” The Bond Fund and the moneys and Permitted Investments therein shall be used solely and exclusively for the payment of the Bonds when Bond Service Charges as they become due at stated maturity, by redemption, or by acceleration, all as provided herein. Bond Service Charges shall be payable, as they become 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 in the first instance from the payments to be used made by the Company to purchase Bonds the Trustee pursuant to Section 5.05(a) and to be deposited in the Bond Fund, (ii) if those payments are not made or if moneys then on deposit in the Bond Fund and available for that purpose are not sufficient to pay the Bond Service Charges, from other Revenues to the extent it is then available, and (iii) from any other source lawfully available to the Trustee. Except where moneys have been deposited with or paid to the Trustee pursuant to an instrument restricting their application to particular Bonds, all moneys required or permitted to pay be deposited with or paid to the Trustee under any provision of this Agreement, and any investments thereof, shall be held by the Trustee in trust. Except for (i) moneys deposited with or paid to the Trustee for the redemption price of any Bonds for which Bonds, notice of the redemption has of which shall have been given as provided in Section 4.6duly given, 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 moneys held 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 7.213.03, all moneys described in the preceding sentence held by the Trustee will determine if shall be subject to the balance on deposit lien hereof while so held. The Trustee shall apply money contained in the Principal Account and accounts described below at 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 or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit respective times in the Principal Account or the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bondsmanner hereinafter provided, which accounts the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund hereby agrees to the appropriate account in the Bond Fund.
(d) Prepayments shall be deposited into the 2022 Prepayment Subaccount establish and shall be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of money in maintain within the Bond Fund will become so long as this Agreement is not discharged in accordance with ARTICLE XIII and each such account shall constitute a part trust fund for the benefit of the holders of the Bonds, and the money in each such account shall be disbursed only for the purposes and subaccount in which the investment is helduses hereinafter authorized.
Appears in 1 contract
Bond Fund. There is hereby created by the Issuer and ordered established with the Trustee a Trust Fund to be designated with the title of the Bonds and the label “Bond Fund.” There is hereby created within the Bond Fund three accounts to be designated “Bond Fund – Series A Account,” “Bond Fund – Series B Account” and “Bond Fund – Series C Account” (said accounts being hereinafter referred to the “Bond Fund Accounts”). The Trustee shall deposit into the Bond Fund Accounts, from time to time when and as received:
(a) To the Bond Fund – Series A Account, all payments from or for the account of the Borrowers on the Series A Loan pursuant to Section 3.04 (except prepayments of principal and the premium, if any, thereon required to be deposited into the Redemption Fund pursuant to Section 4.06); and
(b) To the Bond Fund – Series B Account, all payments from or for the account of the Borrowers on the Series B Loan pursuant to Section 3.04 (except prepayments of principal and the premium, if any, thereon required to be deposited into the Redemption Fund pursuant to Section 4.06); and
(c) To the Bond Fund – Series C Account, all payments from or for the account of the Borrowers on the Series C Loan pursuant to Section 3.04 (except prepayments of principal and the premium, if any, thereon required to be deposited into the Redemption Fund pursuant to Section 4.06); and
(d) Moneys required to be transferred to the Bond Fund from other Trust Funds or from Pledged Revenues in accordance with this Bond Agreement. The Trustee Issuer covenants that it will deposit or cause to be deposited into the Bond Fund, but solely from Pledged Revenues, amounts sufficient to pay from the Principal Account when due the principal (including sinking fund installments) of and interest on the Bonds when dueBonds. The Trustee will pay from Except as otherwise expressly provided herein, moneys in the Interest Account Bond Fund shall be used solely for the payment of principal of and interest on the Bonds when duedue at stated maturity, upon redemption prior to maturity, upon acceleration of maturity, or otherwise in accordance with the terms hereof. The Issuer hereby authorizes and directs the Trustee will use money in to withdraw sufficient moneys from 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 Bond Fund 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 interest thereon as the Capitalized Interest Account) to pay the principal and interest same become 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 or Interest Payment Date following the required transfers from the Revenue Fund, the balance on deposit in the Principal Account or the Interest Account is insufficient to pay the principal and interest due and payable on Outstanding Bonds, the Trustee will transfer the amount of the deficiency from the Debt Service Reserve Fund to the appropriate account in the Bond Fundpayable.
(d) Prepayments shall be deposited into the 2022 Prepayment Subaccount and shall be applied to the special mandatory redemption of the 2022 Bonds pursuant to Section 4.3(a) hereof.
(e) Transfers from the Debt Service Reserve Fund pursuant to Section 7.5(c) hereof shall be deposited into the 2022 Prepayment Subaccount of the Redemption Account and shall be applied to the special mandatory redemption of the Series 2022 Bonds pursuant to Section 4.3(a) hereof.
(f) Interest received on and any profit realized from the investment of money in the Bond Fund will become a part of the account and subaccount in which the investment is held.
Appears in 1 contract
