Funds and Accounts. Section 7.1. Authorization to Create Funds and Accounts 20 Section 7.2. Investment of Funds 20 Section 7.3. Establishment of Funds 21 Section 7.4. Funding Loan Payment Fund 21 Section 7.5. Expense Fund 22 Section 7.6. Closing Costs 22 Section 7.7. Project Fund 22 Section 7.8. Rebate Fund 24
Funds and Accounts. The Authority shall establish and maintain such funds and accounts as may be required by Generally Accepted Accounting Principles, or by any provision of law or any resolution of the Authority. Books and records of the Authority shall be open to inspection at all reasonable times by authorized representatives of Members. Additionally, the Authority shall adhere to the standard of strict accountability for funds set forth in Government Code Section 6505.
Funds and Accounts.
(i) In each case in accordance with the provisions of the Bond Documents, including this Agreement, the Borrower shall maintain each of the Prior Reserve Account, the Parity Reserve Account and the TIFIA Reserve Account in an amount equal to the Prior Reserve Account Requirement, the Parity Reserve Account Requirement and the TIFIA Reserve Account Requirement, respectively. Amounts in each Reserve Account shall be applied to ensure the timely payment of the principal of and interest on the Bonds secured by such Reserve Account. The Borrower may replace all or a portion of the required balance on each such Reserve Account, if permitted by and in accordance with the terms of the Bond Documents, with an irrevocable letter of credit, insurance policy or similar instrument provided by a Qualified Financial Institution. With respect to the TIFIA Reserve Account, any letter of credit, insurance policy or similar instrument shall be issued by a Qualified Financial Institution and, in the case of any letter of credit, such letter of credit shall be an Acceptable Letter of Credit. If at any time the financial institution that has provided such letter of credit, insurance policy or similar instrument ceases to be a Qualified Financial Institution, the Borrower shall cause such instrument to be replaced by a new Acceptable Letter of Credit, insurance policy or similar instrument issued by a Qualified Financial Institution within thirty (30) Business Days after the date on which such financial institution ceased to be a Qualified Financial Institution or shall otherwise ensure that the TIFIA Reserve Account is funded with cash and/or Permitted Investments in an amount, together with any Acceptable Letter of Credit, insurance policy or similar instrument credited thereto and issued by a Qualified Financial Institution, not less than the then applicable TIFIA Reserve Account Requirement.
(ii) Upon the occurrence of a TIFIA Reserve Event, the Borrower shall transfer to the TIFIA Reserve Account on the first (1st) Business Day of each month thereafter the least of (x) the amount of Pledged Taxes available in that month after making the transfers described in paragraphs First through Seventh in Section 8(d) (Security and Priority; Flow of Funds); (y) one-twelfth (1/12th) of the TIFIA Reserve Account Requirement; and (z) the amount required to make the balance in the TIFIA Reserve Account equal to the TIFIA Reserve Account Requirement; provided, however, that the Borrower ...
Funds and Accounts. Any fund or account required by this Indenture to be established and maintained by the Authority or the Trustee may be established and maintained in the accounting records of the Authority or the Trustee, as the case may be, either as a fund or an account, and may, for the purpose of such records, any audits thereof and any reports or statements with respect thereto, be treated either as a fund or as an account. All such records with respect to all such funds and accounts held by the Authority shall at all times be maintained in accordance with generally accepted accounting principles and all such records with respect to all such funds and accounts held by the Trustee shall be at all times maintained in accordance with corporate trust industry practices; in each case with due regard for the protection of the security of the Bonds and the rights of every Owner thereof.
Funds and Accounts. The Auditor of PRISM shall establish and maintain such funds and accounts as may be required by good accounting practices and by the Board of Directors. Separate accounts shall be established and maintained for each insurance program under development or adopted and implemented by PRISM. Books and records of PRISM in the hands of the Auditor shall be open to inspection at all reasonable times by authorized representatives of members. PRISM shall adhere to the standard of strict accountability for funds set forth in Government Code Section 6505.
Funds and Accounts. The Treasurer-Auditor of the Authority shall establish and maintain such funds and accounts as required by the Board and as required by good accounting practice. Books and records of the Authority in the hands of the Treasurer-Auditor shall be open to inspection at all reasonable times by the Board and as otherwise required by law.
Funds and Accounts. (a) The Treasurer shall continue to maintain or cause to be maintained the following funds and accounts, heretofore created pursuant to Section 1210 of the City Charter, as provided for in the 1984 Bond Resolution, the 1986 Bond Resolution, the 1988 Bond Resolution, the 1990 Bond Resolution, the 1992 Bond Resolution, the 1993 Bond Resolution and the 2004 Bond Resolution so long as any Senior Bonds or Qualified Obligations remain Outstanding:
(1) Water Enterprise Fund (the “Water Enterprise Fund”), and the following accounts therein:
(A) Water System Revenue Account (the “Revenue Account”); and
(B) Water System Maintenance and Operating Account (the “M&O Account”); and
(C) Water System Renewal and Replacement Account (the “R&R Account”); and
(D) Water System Extension and Improvement Account (the “E&I Account”); and
(E) Water System Revenue Bond Reserve Fund (the “Reserve Fund”);
(b) The Treasurer shall continue to maintain or cause to be maintained the following accounts, heretofore created under the 1984 Bond Resolution, so long as any Senior Bonds or Qualified Obligations remain outstanding:
(1) Water System Revenue Bond and Interest Account (the “Bond Service Account”); and
(2) Water System Revenue Bond Sinking Account (the “Sinking Account”).
Funds and Accounts. Any fund or account required by this Bond Indenture to be established and maintained by the Trustee may be established and maintained in the accounting records of the Trustee, either as a fund or an account, and may, for the purposes of such records, any audits thereof and any reports or statements with respect thereto, be treated either as a fund or as an account; but all such records with respect to all such funds and accounts shall at all times be maintained in accordance with industry standards to the extent practicable, and with due regard for the requirements of Section 6.06 and for the protection of the security of the Bonds and the rights of every Holder thereof. The Trustee may establish such additional funds and accounts as it deems necessary to perform its obligations hereunder.
Funds and Accounts. Authorization to Create Funds and Accounts 21 7.2 Investment of Funds 21 7.3 Establishment of Funds 21
Funds and Accounts. The Auditor of the Authority shall establish and maintain such funds and accounts as may be required by good accounting practices and by the Board of Directors. Separate accounts shall be established and maintained for each insurance program under development or adopted and implemented by the Authority. Books and records of the Authority in the hands of the Auditor shall be open to inspection at all reasonable times by authorized representatives of members. The Authority shall adhere to the standard of strict accountability for funds set forth in Government Code Section 6505.
