R-1999-26 - Laserfiche WebLink

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e Revenue Fund. All Gross Revenues are and shall be credited to e Revenue Fund immediately upon receipt. Payments from the Revenue Fund shall be made with the priorities specified belo Bond Fund. The Bond Fund is created for the sole pwpose of paying e principal of, redemption premiwn, if any, and interest on the Bonds, as the same come due. Payments into the Bond Fund hall be made in substantially equal monthly payments (commencing with respect to the Bonds and any additional Bonds on the date of delivery to the initial purchaser thereof) during each year in which any of the Bonds are outstanding in an aggr ate amount equal to 100% of the amounts required to meet the interest and principal payments falling due on or before the ext maturity date or mandatory redemption date of the Bonds. The Authority shall, at least five days prior to March IS, , and each September 15 and March 15 thereafter, deposit in the Bond Fund any additional Pledged Revenues available in the Revenue Fund which may be necessary to pay in full the interest on an principal, ifany, coming due on such March 15 or September 15. In no event shall any amount in excess of the amounts stated above be retained in the Bond Fund, and any such excess amount may be withdrawn by the Authority and replaced in the Revenue Fund. Reserve Fund. The Reserve Fund shall be used to pay the principal of and interest on the Bonds when and to the extent the amounts in the Bond Fund available for such payment are insufficient for such purpose, and may be used for the purpose of finally retiring the last of the Bonds. The Reserve Fund presently contains $824,253. Notwithstanding any provision hereof to the contrary, no deposits shall be made into the Reserve Fund at a time when there is a deficiency in the amount on deposit in the Bond Fund nor shall any deposits be made into the Reserve Fund at any time it contains an amount equal to or greater than the Reserve Requirement. If and whenever the balance in the Reserve Fund is reduced below the Reserve Requirement, the Authority shall, from the f1I'St available and unallocated Pledged Revenues of the following month or months, cause amounts equal in the aggregate to any such deficiency to be set apart and transferred into the Reserve Fund from the Revenue Fund; provided, however, that in any event the Reserve Requirement shall be restored to the Reserve Requirement within 24 months of such reduction. If at the end of any fiscal year, surplus funds remain in the Reserve Fund resulting from any reduction of the Reserve Requirement or otherwise, they shall be promptly transferred from the Reserve Fund into the Bond Fund and payments into the Bond Fund from the Revenue Fund shall be reduced accordingly. Deficiencies. If in any month the Authority shall fail to deposit into any Fund provided for by this Resolution the full amounts required, amounts equivalent to such deficiencies shall be set apart and paid into said Funds from the first available and unallocated Revenues of the following month or months, and such payment shall be in addition to the amounts otherwise required to be paid into said Funds during such month or months. To the extent necessary, the authority shall increase the rates and charges for its services to make up for any such deficiencies. Surolus Funds. Net Revenues in excess of those necessary to establish and maintain the Funds required in this Resolution may be used for any purpose now or hereafter authorized by law. Prioritv of Deoosits and Payments from Revenue Fund. The Board shall make the deposits and payments from Pledged Revenues in the Revenue Fund when and as required by the Bonds or any Bonds Resolution or any resolution authorizing subordinate lien bonds, and, after payment of Operating Expenses, such deposits shall be made in the following order and with the foll,owing irrevocable priorities, respectively: First to the Bond Fund, when and in the amounts required by any Bonds Resolution: Second: to the Reserve Fund, when and in the amounts required by any Bond Resolution; Third: to the payment of principal, interest and reserve fund requirements for any obligations which hereafter may be issued by the Board that are payable from and secured by a lien on and pledge of the Pledged Revenues which is subordinate to the liens of the Bonds, when and in the amounts required by any resolution authorizing the issuance of such subordinate lien obligations; and Fourth: for any lawful pwpose. ADDmONAL BONDS. In addition to inferior lien bonds permitted to be issued hereunder, the Autho:rity expressly reserves the right hereafter to issue Additional Bonds, and the Additional Bonds, when issued, may be secured by and payable from a lien on and pledge of the Pledged Revenues in the same manner and to the same extent as the outstandblg Bonds but subject to the remaining provisions hereof, and the Bonds and the Additional Bonds may be in all respects of equal dignity. The Additional Bonds may be issued to provide funds for Capital Acquisitions, Capital Additions, and Capital hnprovements, and for any other lawful pwpose. It is provided, however; that no Additional Bonds shall be issued unless such Additional Bonds are made to mature on March 15 in each of the years in which they are scheduled to mature, and the following req"Uirements are met 13 3Lf