Bond Redemption and Improvement Fund Sample Clauses

Bond Redemption and Improvement Fund. There is created a special fund, known as the “Bond Redemption and Improvement Fund”, which shall be held by the Trustee, in trust, for the benefit of holders of Sewer Revenue Bonds and coupons appertaining thereunto and for their further se- curity, until disbursed as herein provided. On or before November 20, 1973, and on or before November 20 of each Fiscal Year there- after, after all transfers currently required to be made from the Clearing Fund pursuant to Sections 5.02, 5.03, 5.04 and 5.05, respectively, if any, shall have been made, the Trustee, without further direction from the Authority, shall withdraw from the Clearing Fund and deposit in the Bond Redemption and Improve- ment Fund any balance remaining in the Clearing Fund. There also shall be deposited in the Bond Redemption and Improvement Fund any other amounts so authorized herein and any other moneys which may be available to the Authority for any pur- poses provided in this Section 5.06. If the County shall make payment of additional rentals from surplus funds in the Sewer Revenue Account created under the Lease, as provided in the Lease, the Trustee shall deposit moneys so paid in the Bond Redemption and Improvement Fund. If a deficiency shall exist in the Debt Service Fund (including any sinking fund), Debt Ser- vice Reserve Fund or Maintenance Reserve Fund, and there shall be insufficient moneys in the Clearing Fund to eliminate such deficiency, the Trustee, without further direction from the Authority, forthwith shall transfer a sufficient amount or amounts, in the order of priority above set forth, as moneys shall be avail- able, from the Bond Redemption and Improvement Fund to eliminate such deficiency or deficiencies; Provided, however, for the purpose of this Section 5.06, that the Debt Service Reserve Fund and/or the Maintenance Reserve Fund shall not be deemed to have a deficit merely by reason of the fact that either or both of said Funds shall not have reached the amount required pursuant to normal deposits thereinto, as provided in Sections 5.04 and 5.05, respectively, it being the intent that a deficit shall be deemed to exist in either or both of said Funds only when the same shall have reached the amounts required to be held therein and thereafter, for any reason, shall be less than said amount, except as so permitted under Section 5.04. If moneys in the Bond Redemption and Improvement Fund are not required to make good any deficits, as provided in the preceding paragraphs...
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Related to Bond Redemption and Improvement Fund

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