RES 87418 - Laserfiche WebLink

City to the Corporation on April 1, 1988, October 1, 1988, and April 1, 1989 and attributable to Capital Project I, for deposit with the Trustee in a separate special fund, to be held by the Trustee for and on behalf of the City, known as the "Facility Lease (Capital Projects I and II) Lease Fund" (herein called the "Lease Fund"). The City agrees to maintain the Lease Fund with the Trustee and to apply the moneys on deposit therein for payment of the portions of the Base Rental payments payable by the City on March 15, 1988, September 15, 1988 and March 15, 1989 and attributable to Capital Project I, as shown in the Rental Payment Schedule attached hereto as Exhibit B and made a part hereof. On April 1, 1988, October 1, 1988, and April 1, 1989 the Trustee shall transfer any earnings on investments of money in the Lease Fund to the Construction Fund established pursuant to Section 3.02(a)(5) of the Trust Agreement. The City hereby pledges and grants a lien on and a security interest in the Lease Fund to the Corporation in order to secure the City's obligation to pay the Base Rental payments as herein provided. (c) Certificate Reserve Fund. In further consideration for the agreements and covenants of the City herein, the Corporation further agrees to cause to be paid to the City upon the sale and delivery of the Certificates a sum equal to the Certificate Reserve Fund Requirement for deposit with the Trustee in a separate special fund, to be held by the Trustee for and on behalf of the City, known as the "Facility Lease (Capital Projects I and II) Certificate Reserve Fund" (the "Certificate Reserve Fund"). If on April 1 or October 1 of any year the amount in the Certificate Reserve Fund exceeds the Certificate Reserve Fund Requirement, the Trustee, if the City is not then in default hereunder and if the Corporation and the City are not then in default under the Trust Agreement, shall pay the amount of such excess to the City, unless any portion of such excess shall be needed to increase the balance in the Trust Administration Fund established pursuant to the Trust Agreement to the amount required to be on deposit in said fund, in which event the Trustee shall transfer such portion to the Trust Administration Fund, or unless any portion of such excess shall be needed to increase the balance in the Insurance Reserve Fund to the amount required to be on deposit in said Fund, in which event the Trustee shall transfer such portion to the Insurance Reserve Fund, or if prior to the completion of construction of Capital Project I, in which event the Trustee shall transfer such portion to the Construction Fund established pursuant to Section 3.02(a)(5) of the Trust Agreement. Except for such withdrawals, the City agrees to apply the moneys on deposit in the Certificate Reserve Fund solely for the payment of Base F-10 1456S