O-1988-1595 - Laserfiche WebLink

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e e the Reserve Fund shall be resumed and continued until such time as the Reserve Fund has been restored to said aggregate arnount. The Reserve Fund shall be used to pay the principal of, or interest on, the Bonds and any Additional Bonds, at any time when there is not sufficient rnoney available in the Bond Fund for such purpose. Any obligation in which money in the Reserve Fund is invested shall be kept and held in an official depository bank of the Authority in escrow and in trust for the benefit of the holders of the Bonds and any Additional Bonds, and shall be promptly sold and the proceeds of sale applied to the making of all payments required to be made from the Reserve Fund. 7.05. Rebate Fund. The Rebate Fund is hereby established by the Authority for the benefit of the United States of America and the Authority, as their interests may appear pursuant to this Resolution. There are hereby established within the Rebate Fund two separate accounts to be known as the Deposit Account and the Earnings Account. (a) Earnings Account. As of each annual anniver- sary date of the issuance of the Bonds, the Authority shall pay into the Earnings Account of the Rebate Fund out of legally available funds an arnount equal to the aggregate income (deterrnined in accordance with federal incorne tax accounting principles) attributable to the amounts in the Deposit Account of the Rebate Fund for the period ending on such annual anniversary date of the issuance of the Bonds and beginning on the immedi- ately preceding annual anniversary date of the issuance of the Bonds. Such amount is to be withdrawn from the Deposit Account or may, at the election of the Authority, be paid from other funds legally available therefor. An annual anniversary date for the Bonds shall include the first date on which all of the Bonds have been retired. (b) PaYments into the Deposit Account. The Authority shall pay, as of each annual anniversary date of the issuance of the Bonds and immediately after the payment to the Earnings Account of the Rebate Fund on such date, into the Deposit Account of the Rebate Fund out of funds legally available therefor the amount, if any, which is required to increase the amount on deposit in the Deposit Account to the Tentative Rebate Amount as of such annual anniversary date. On such annual anniversary date, any amount on deposit in the Deposit Account in excess of the Tentative Rebate Amount shall be withdrawn from the Deposit Account and 022DESAO/024C04 -2l-