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2012-06-01
CITY-OF-BATESVILLE
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2012-06-01
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C (6) balance -the Redemption Account in the Bond Fund. <br /> The deposits made into the Debt Service Account in the Bond Fund shall be <br /> reduced in order to take into account as a credit (i) interest earnings, (ii) accrued interest <br /> deposited therein from bond proceeds and(iii) transfers from the Debt Service Reserve Account. <br /> (c) Moneys in the Permanent Account in the Revenue Fund shall be applied <br /> by the Trustee within five (5) days of receipt by the Trustee in the following order of priority: <br /> (1) in the event moneys in the Bond Account are insufficient to <br /> make the deposits required by clauses (1) through (5) of(b) above, moneys in the <br /> Permanent Account shall be used for such purpose in the order of priority listed <br /> above; and <br /> (2) the balance shall be transferred to the City for Permanent <br /> Tax Uses. <br /> Section 8. (a) There is hereby created a special fund of the City in the Trustee <br /> which is designated "Sales and Use Tax Bond Fund, Series 2012" (the "Bond Fund"), for the <br /> purpose of providing funds for the payment of principal of and interest on the bonds as they <br /> become due at maturity or at redemption prior to maturity, any arbitrage rebate due the United <br /> States under Section 148(f) of the Code and the Trustee's fees and expenses and other <br /> administrative charges. There shall be established in the Bond Fund the following accounts into <br /> • which moneys shall be deposited: (i) Debt Service Account; (ii) Redemption Account; and (iii) <br /> Expense Account. Moneys in the following Bond Fund accounts shall be used on each interest <br /> payment date in the following order of priority as and when necessary: <br /> (1) to pay the Trustee's fees and expenses and other administrative <br /> charges then due - Expense Account; and <br /> (2) to pay the interest on the bonds then due - Debt Service Account; <br /> and <br /> (3) to pay the principal of the bonds then due at maturity or upon <br /> mandatory sinking fund redemption - Debt Service Account; and <br /> (4) to redeem bonds prior to maturity- Redemption Account. <br /> In addition, moneys in the Expense Account in the Bond Fund shall be used to <br /> pay, when due, any arbitrage rebate under Section 148(f) of the Code. <br /> The Bond Fund (excluding those moneys in the Debt Service Reserve Account) <br /> shall, except as provided in this Section, be depleted once a year except for a carryover amount <br /> not to exceed the greater of(i) one year's earnings on the Bond Fund or (ii) 1/12 of the annual <br /> debt service on the bonds. Any moneys in the Bond Fund shall, except as provided in this <br /> Section, be spent for one of the above purposes within a thirteen-month period beginning on the <br /> 13 <br />
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