Transfer of Excess of Reserve Requirement. Whenever, on the Business Day before any Interest Payment Date, or on any other date at the request of an Authorized Officer, the amount in the Reserve Fund exceeds the then Reserve Requirement, the Fiscal Agent shall provide written notice to the School District and the Treasurer of the amount of the excess and shall transfer an amount equal to the excess from the Reserve Fund to the Bond Fund to be used for the payment of interest on the 2014 Bonds on the next Interest Payment Date in accordance with Section 4.04.
Transfer of Excess of Reserve Requirement. Whenever, on or before any Interest Payment Date, or on any other date at the request of the Finance Director, the amount in the Reserve Fund exceeds the Reserve Requirement, the Fiscal Agent shall provide written notice to the Finance Director of the amount of the excess and shall transfer an amount equal to the excess from the Reserve Fund to the Bond Fund, to be used to pay interest on the Bonds on the next Interest Payment Date.
Transfer of Excess of Reserve Requirement. Whenever, on any September 2, the amount in the Reserve Fund, and any sub-account therein, less Investment Earnings resulting from the investment of the funds therein which pursuant to Section 6.02 hereof must be rebated to the United States, as previously directed by the City, exceeds the Reserve Requirement, as calculated on such date by the City and provided in writing to the Fiscal Agent, the Fiscal Agent shall provide written notice to the City of the amount of the excess. Upon receiving written direction from an Authorized Officer (upon which the Fiscal Agent may conclusively rely), the Fiscal Agent shall, subject to the requirements of Section 6.02 hereof, transfer an amount from the Reserve Fund, and any sub-account therein, which will reduce the amount on deposit therein to an amount equal to the Reserve Requirement to the Interest Account and the Principal Account, in the priority specified in Section 4.02(B)(1), to be used for the payment of the interest on and principal of the Bond on the next succeeding Interest Payment Date in accordance with Section 4.02 hereof.
Transfer of Excess of Reserve Requirement. Whenever, on the Business Day prior to any Interest Payment Date, the amount in the Reserve Fund exceeds the then applicable Reserve Requirement, the Fiscal Agent shall provide written notice to the Treasurer and Finance Director of the amount of the excess. The Treasurer or Finance Director shall advise the Fiscal Agent in writing of the amount, if any, of any transfer required pursuant to Section 4.03(D) and 6.02 below, and otherwise direct the Fiscal Agent to transfer an amount equal to the excess from the Reserve Fund to the Bond Fund to be used for the payment of the principal of and interest on the Outstanding Bonds covered by the Reserve Fund in accordance with Section 4.02; provided, however, that to the extent that such excess results from the prepayment of Special Taxes and redemption of Bonds as provided in an Officer’s Certificate in accordance with Section 2.03(B), such amount shall be transferred to the Prepayment Account and applied to the corresponding redemption of Bonds.
Transfer of Excess of Reserve Requirement. Whenever, on or before any Interest Payment Date, or on any other date at the request of the Finance Officer, the amount in the 2013 Reserve Fund exceeds the Reserve Requirement, the Fiscal Agent shall provide written notice to the Finance Officer of the amount of the excess and shall transfer an amount equal to the excess from the 2013 Reserve Fund as follows:
(i) so long as the Improvement Fund is open, to the Improvement Fund to be used to pay costs of the Project; and
(ii) after the Improvement Fund is closed, to the Bond Fund, to be used to pay interest on the related Bonds, the Series 2006 Bonds, the Series 2012 Bonds and any other Parity Bonds on the next Interest Payment Date. Whenever transfer is made from the 2013 Reserve Fund to the Bond Fund due to a deficiency in the Bond Fund, the Fiscal Agent shall provide written notice thereof to the Finance Officer, specifying the amount withdrawn.
Transfer of Excess of Reserve Requirement. As to each respective Series of Bonds, whenever, on the Business Day prior to any Interest Payment Date, the amount in the Reserve Fund subaccount for such Series exceeds the then applicable Reserve Requirement, the Fiscal Agent shall provide written notice to the Treasurer and Finance Director of the amount of the excess. The Treasurer or Finance Director shall advise the Fiscal Agent in writing of the amount, if any, of any transfer required pursuant to Section 4.03(D) and 6.02 below, and otherwise direct the Fiscal Agent to transfer an amount equal to the excess from the Reserve Fund subaccount for such Series to the Improvement Fund, if the Project has not been completed as of the date of such transfer, or if the Project has been completed, to the Bond Fund to be used for the payment of the principal of and interest on the respective Series of Bonds to which the subaccount relates in accordance with Section 4.02; provided, however, that to the extent that such excess results from the prepayment of Special Taxes and redemption of Bonds as provided in an Officer’s Certificate in accordance with Section 2.03(B), such amount shall be transferred to the Prepayment Account and applied to the corresponding redemption of Bonds.
Transfer of Excess of Reserve Requirement. Whenever, on the Business Day prior to any Interest Payment Date, or on any other date at the request of the CFD Administrator, the amount in the Reserve Fund exceeds the Reserve Requirement, the Trustee shall provide written notice to the CFD Administrator of the amount of the excess and shall transfer an amount equal to the excess from the Reserve Fund to the Bond Fund to be used for the payment of interest on the Bonds on the next Interest Payment Date in accordance with Section 4.05.
Transfer of Excess of Reserve Requirement. On each September 2 prior to and in the year specified in the following table, if the
(i) first, amounts in the Grant Amounts Account shall be transferred to the City and (ii) second, amounts in the Bond Proceeds Account shall be transferred to the Bond Fund. Year (September 2,) Applicable Percentage of Principal Amount of Outstanding Bonds 20 % 20 and thereafter
Transfer of Excess of Reserve Requirement. Whenever, on the Business Day prior to any Interest Payment Date, the amount in any reserve account within the Reserve Fund exceeds the Reserve Requirement for the applicable series of Bonds covered by such reserve account, the Fiscal Agent shall provide written notice to the Finance Director of the amount of the excess. The Finance Director shall advise the Fiscal Agent in writing of the amount, if any, of any transfer required pursuant to Section 4.03(D) and 6.02 below, and otherwise direct the Fiscal Agent to transfer an amount equal to the excess to the Improvement Fund, if the Project has not been completed as of the date of such transfer, or if the Project has been completed, to the Bond Fund to be used for the payment of the principal of and interest on the Outstanding Bonds covered by the applicable reserve account in accordance with Section 4.02; provided, that to the extent that such excess results from the prepayment of Special Taxes and redemption of Bonds as provided in an Officer’s Certificate in accordance with Section 2.03(B), such amount shall be transferred to the Prepayment Account and applied to the corresponding redemption of Bonds.
Transfer of Excess of Reserve Requirement. Whenever, on the day prior to any Interest Payment Date, or on any other date at the request of the Treasurer (with a copy to the Executive Director), the amount in the Reserve Fund exceeds the Reserve Requirement, the Fiscal Agent shall provide written notice to the Treasurer (with a copy to the Executive Director) of the amount of the excess and shall transfer an amount equal to the excess from the Reserve Fund to
(i) so long as the Improvement Fund has not been closed pursuant to Section 4.01(D), to the Improvement Fund; and (ii) thereafter to the Bond Fund to be used for the payment of interest on the Bonds on the next Interest Payment Date in accordance with Section 4.02.
