1991-11-01 - Laserfiche WebLink

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R (including such amount with respect to any Additional Bond) issued or (2) the maximum annual debt service on all Bonds outstanding or (3) 1. 25 times the average annual debt service and all Bonds (including any additional bonds) outstanding (the "Required Level") . If the Debt Service Reserve is ever reduced below the Required Level, the monthly payments into the Bond Fund shall be increased by depositing therein all available System Revenues after required deposits into the Bond Fund, until the Debt Service Reserve is restored to the Required Level. The Debt Service Reserve shall be maintained as two subaccounts. Any Sales Tax Revenues transferred thereto from the Bond Fund, and all earnings thereon, shall be deposited into the "Sales Tax Revenue Subaccount. " All Operating Revenues deposited therein, and all earnings thereon, shall be deposited in the "Operating Revenues Subaccount. " In the event that the Debt Service Reserve shall exceed the Required Level, (a) funds held in the Sales Tax Revenues Subaccount may be withdrawn and applied to the redemption or defeasance of Bonds prior to maturity and (b) funds held in the Operating Revenues Subaccount may be withdrawn and (i) applied to the redemption or defeasance of Bonds prior to maturity or (ii) deposited in the Revenue Fund. (d) If the System Revenues are insufficient to make the required payment on the first business day of any month into the Bond Fund, the amount of any such deficiency in the payment made shall be added to the amount otherwise required to be paid into the Bond Fund on the first business day of the next month. If for any reason there shall be a deficiency in the payments made into the Bond Fund so that there are unavailable sufficient moneys therein to pay the principal of, interest on, and Trustee's and Paying Agent's fees in connection with the Bonds as the same become due, any sums then held in the Debt Service Reserve shall be used to the extent necessary to pay such principal, interest, and Trustee's and Paying Agent's fees. The Debt Service Reserve shall be used solely as herein provided, but the moneys therein may be invested as set forth below. (e) If a surplus shall exist in the Bond Fund (exclusive of the Debt Service Reserve) over and above current monthly requirements thereof, such surplus shall be deposited into the Debt Service Reserve, as set forth in (c) , above. Moneys in the Bond Fund shall be used solely for the payment of principal, premium, if any, and interest on the Bonds and Trustee's and Paying Agent's fees. (f) The Trustee shall withdraw from the Bond Fund on or before the due date of any Bond or interest payable therefrom, at maturity or redemption prior to maturity, and deposit with the Paying Agent, an amount equal to the amount of such Bond or interest payment for the sole purpose of paying the same, together Iwith the Paying Agent's fee. tcgmY%mLc1.od2 -17-