RES 02047 - Laserfiche WebLink

insufficiency of such money ratably without any discrimination or preference. in accordance with the applicable resolution. ordinance or agreement. Section 3.02. Depositing of Proceeds of Bonds and Other Amounts. On the Closing Date the Trustee shall receive $ as the purchase price of the Bonds. The Trustee shall transfer $ of the proceeds of the Bonds to the 1989 Trustee for deposit in the Prepayment Fund. The remaining proceeds shall be deposited by the Trustee as follows: $ in the Reserve Fund and $ to the Delivery Costs Fund. which funds are hereby established and shall be held hereunder. The Trustee may establish a temporary fund or account in its records to facilitate such deposits or transfers, Section 3.03. Deposit of Debt Service Payments, All Debt Service Payments shall be paid directly by the City to the Trustee on the applicable Due Date, Such payments received by the Trustee shall be held in trust by the Trustee under the terms hereof and shall be deposited by it as and when received in the Payment Fund. which fund the Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding. Section 3,04. Payment Fund, Within the Pa)ment Fund the Trustee shall establish a Debt Service Account and a Redemption Account. Debt Service Payments made by the City shall be deposited by the Trustee in the Debt Service Account. Such payments shall be net of amounts already on deposit therein that are in excess of the amount required to accumulate therein pursuant to Section 3,01, The Trustee shall transfer the money contained in the Debt Service Account and the Redemption Account at the following respective times in the following respective accounts in the following order of priority in the manner hereinafter provided. each of which accounts the Trustee hereby agrees to establish and maintain so long as any Bonds are Outstanding. and the money in each of such accounts shall be disbursed only for the purposes and uses hereinafter authorized: (a) Debt Service Account. All rnoneys in the Debt Service Account shall be used and withdrawn by the Trustee solely for the purpose of paying principal of and interest on the Bonds on each Interest Payment Date or mandatory redemption dates. as applicable, (b) Redemption Account. The Trustee. on the optional redernption date specified in the Certificate of the City filed with the Trustee at the time that any moneys to accomplish any such optional redemption are paid to the Trustee. shall deposit in the Redemption Account the amount of such payment. All money in the Redemption Account shall be used and withdrawn by the Trustee solely for the purpose of paying the interest and principal on the Bonds to be optionally redeemed on their respective redernption dates. Section 3.05, Use of Monev in the Deliverv Costs Fund. (a) The Trustee shall disburse funds from the Delivery Costs Fund to pay Delivery Costs only upon receipt of a signed certificate (stating the amount to be disbursed and the party or parties being paid) approved by the Authorized Officer of the City and accornpanied by an invoice or statement for each such arnount. -19- Pleasanton Cross Town Indenture (2).DOC