1985-05-04-R - Laserfiche WebLink

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-7- The Trust Agreement shall provide for the payment of all revenues from the Project into an account with the Trustee with provisions for the payment of current expenses there- from and the transfer of the net remaining funds into appropriate additional accounts for the purpose of provid- ing a maintenance reserve, funds for current bond and/or note service, reserves for bond and/or note service and bond and/or note redemption , all in a manner and form acceptable to the Government. The funds in all such accounts shall be held in trust and shall be secured as required by law for deposit of Government funds. j . In the event a Trust Agreement is not required by the Government, the Grantee/Borrower may be required by the Govern- ment to establish such accounts, perform such duties and comply with such terms and conditions as the Government might ordinarily require of a Trustee in a Trust Agreement. k. The Grantee/Borrower shall establish such accounts and maintain such accounting procedures as may be necessary or helpful in the accurate accounting for and segregation of Project revenues and for the allocation of expenses, costs of maintenance and overhead. 1 . Moneys on deposit to the credit of accounts and funds established and maintained in conformity with the provisions of this Agreement or to fund payments from net revenues may be invested upon request by the Borrower, in direct obligations of, or obligations , the principal of and the interest on which are guaranteed by the U. S. Government. Any interest earned on deposits of grant funds in advance of costs incurred shall inure to the benefit of the Government. m. So long as the Government holds any of the Bonds and/or Notes , it will waive for such Bonds and/or Notes the noncallable provisions, redemption premiums , and publications and notice of call applicable thereto with respect to the Bonds and/or Notes held by the Government, n. This Agreement is not for the benefit of third parties, including the holders in due course from time to time of any of the Bonds and/or Notes, and the Government shall be under no obligation to any such parties , whether or not indirectly interested in said Agreement, to pay any charges or expenses incident to compliance by the Borrower with any of its duties or obligations thereunder. o. As long as the Bonds and/or Notes are held by the Government, the Grantee/Borrower shall not dispose of its title to the Pro- ject or to any useful part thereof without first obtaining the written consent of the Government.