Payment of Refunded Bonds. From the maturing principal of the Defeasance Securities held in the Escrow Fund and the investment income and other earnings thereon and any uninvested money then held in the Escrow Fund, the Escrow Bank shall:
(a) (i) on each Interest Payment Date to February 1, 2023, pay interest on the Refunded 2013 Refunding Bonds then due and payable in accordance with the terms of the 2013 Paying Agent Agreement, and (ii) on the 2013 Refunding Redemption Date, pay the 2013 Refunding Redemption Price in accordance with the terms of the 2013 Paying Agent Agreement;
(b) (i) on each Interest Payment Date to February 1, 2023, pay interest on the Refunded 2013 New Money Bonds then due and payable in accordance with the terms of the 2013 New Money Resolution, and (ii) on the 2013 New Money Redemption Date, pay the 2013 New Money Redemption Price in accordance with the terms of the 2013 New Money Resolution; and
(c) (i) on each Interest Payment Date to February 1, 2025, pay interest on the Refunded 2015 Bonds then due and payable in accordance with the terms of the 2015 New Money Resolution, and (ii) on the 2015 Redemption Date, pay the 2015 Redemption Price in accordance with the terms of the 2015 New Money Resolution. To the extent that the amount on deposit in the Escrow Fund on the 2015 Redemption Date is in excess of the amount necessary to make the required payments with respect to the Refunded Bonds, as shown in the escrow verification of the nationally recognized firm of independent certified public accountants, such excess shall be transferred to the County Treasurer for deposit in the District’s interest and sinking fund established for the Refunding Bonds.
Payment of Refunded Bonds. (a) As the principal of the Investment Securities set forth in Schedule A hereof and the investment income and earnings thereon are paid, and together with other monies on deposit in the Escrow Fund, the Escrow Agent shall transfer from the Escrow Fund to U.S. Bank National Association, as the paying agent for the Refunded Bonds (the “Paying Agent”), amounts sufficient to (i) pay the interest on the Refunded 2012 Refunding Bonds due on and before July 1, 2022, and to redeem on such date the outstanding principal of the Refunded 2012 Refunding Bonds at a redemption price equal to 100% of the principal amount thereof, (ii) pay the interest on the Refunded 2014 Refunding Bonds due on and before July 1, 2024, and to redeem on such date the outstanding principal of the Refunded 2014 Refunding Bonds at a redemption price equal to 100% of the principal amount thereof, (iii) pay the interest on the Refunded 2015 Refunding Bonds due on and before August 1, 2025, and to redeem on such date the outstanding principal of the Refunded 2015 Refunding Bonds at a redemption price equal to 100% of the principal amount thereof, (iv) pay the interest on the Refunded Series 2018E Bonds due on and before August 1, 2026, and to redeem on such date the outstanding principal of the Refunded Series 2018E Bonds at a redemption price equal to 100% of the principal amount thereof, and (v) pay the interest on the Refunded Series 2018A Bonds due on and before August 1, 2026, and to redeem on such date the outstanding principal of the Refunded Series 2018A Bonds at a redemption price equal to 100% of the principal amount thereof. Such transfers shall constitute the respective payments of the principal of and interest on the Refunded Bonds due from the District.
Payment of Refunded Bonds. (a) The Escrow Agent is hereby irrevocably instructed to transfer to the Paying Agent for the Refunded Bonds from the cash balance from time to time on deposit in the Escrow Fund the amounts required to pay the principal of and interest on the Refunded Bonds on the redemption date or, as applicable, as the same become due and payable, all as provided in the Report.
(b) The District has irrevocably exercised its option to call for redemption certain portions of the Refunded Bonds in the amounts and on the date set forth in the Report. The Escrow Agent is hereby authorized to provide funds therefor, as set forth in Section 3.02(a) above. Any such optional redemption shall be carried out in accordance with the provisions of the Refunded Bond Orders. The Escrow Agent agrees to apply all funds transferred to it pursuant to Section 3.02(a) above, solely for the purpose of paying the principal of and interest on the Refunded Bonds in the manner provided herein. Except for the amounts transferred to the Paying Agent for the Refunded Bonds pursuant to Section 3.02(a) above, and except as provided in the last sentence of Section 3.01 above, the Escrow Agent agrees that it shall never make any withdrawals from the Escrow Fund or assert any claims, liens or charges against the Escrow Fund.
Payment of Refunded Bonds. From the maturing principal of the Defeasance Securities held in the Escrow Fund and the investment income and other earnings thereon and any uninvested money then held in the Escrow Fund, the Escrow Bank shall, on the Redemption Date, pay the Redemption Price in accordance with the terms of the Resolution. To the extent that the amount on deposit in the Escrow Fund on the Redemption Date is in excess of the amount necessary to make the required payments with respect to the Refunded Bonds, as shown in the escrow verification of the nationally recognized firm of independent certified public accountants, such excess shall be transferred to the County Treasurer for deposit in the District’s interest and sinking fund established for the Refunding Bonds.
Payment of Refunded Bonds. On or before the payment dates for the Refunded Bonds, the Escrow Trustee shall transfer to the Prior Trustee funds sufficient to pay interest on, premium, if any, on and principal of the Refunded Bonds as more specifically described on Exhibit B hereto.
Payment of Refunded Bonds. The Escrow Agent shall receive the matured principal of and the interest on the Escrow Obligations as the same are payable. On or before each interest payment date on the Refunded Bonds, the Escrow Agent shall transmit to the Issuer or the paying agent for the Refunded Bonds in immediately available funds, sufficient amounts for the payment of the interest on the Refunded Bonds due on said date and any principal of and redemption premiums on the Refunded Bonds due on said date by reason of the redemption of Refunded Bonds, in accordance with Schedule C attached hereto.
Payment of Refunded Bonds
