1998-11-09-PEDC - Laserfiche WebLink

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4O5 Section 10. RESERVE FUND. There has been created and established on the books of the Issuer a separate fund entitled the "Paris Economic Development Corporation Sales Tax Revenue Bonds Reserve Fund" (hereinafter called the "Reserve Fund"). Monies in said Fund shall be used solely for the purpose of retiring the last of any Bonds and Additional Bonds as they become due or paying principal of and interest on any Bonds when and to the extent the mounts .in the Debt Service Fund are insufficient for such purpose. Monies in said Fund shall be maintained by the Issuer's Depository Bank. Section 11. DEVELOPMENT FLrND. (a) There shall be created and established on the books of the Issuer a separate fund entitled the "Paris Economic Development Corporation Series 1998 Development Fund" (hereinafter called the "Development Fund"). The Development Fund shall be held by the Depository for the Issuer and shall be subject to and charged with a lien in favor of the registered owners of the Bonds until said monies on deposit therein are paid out as herein provided. The proceeds from the sale of the Bonds, other than any accrued interest and capitalized interest (which shall be deposited to the credit of the Debt Service Fund) and any proceeds identified in Section 29 hereof to be deposited to the credit of the Reserve Fund, or used to prepay the Note, shall be credited to the Development Fund together with such amounts required to fund the cost of the Project alter making required monthly deposits to the Debt Service Fund and Reserve Fund. All interest and profits from investments made with moneys in the Development Fund shall remain on deposit in the Development Fund and as part thereof. (b) Money in the Development Fund shall be subject to disbursement by the Issuer for the payment to Liberty National Bank, as the owner of the Note, which shall be prepaid on the date of delivery of the Bonds together with other moneys of the Issuer may be used as part of the cost of the Project. Section 12. TRANSFER. (a) Pursuant to the provisions of the Transfer Agreement, the City has agreed to do any and all things necessary to accomplish the transfer of the Sales Tax collected for the benefit of the Issuer to the Revenue Fund on a monthly basis. The Transfer Agreement shall govern matters with respect to the collection of Sales Taxes from the Comptroller, credits and refunds due and owing to the Comptroller, and other matters with respect to the collection and transfer of the Sales Tax. The City shall maintain the proceeds from the collection of the Sales Tax in a trust account separate from all other funds of the City, with such trust account to be maintained at an official depository bank of the City. (b) The President and the Treasurer of the Board are hereby ordered to do any and all things necessary to accomplish the transfer of monies to the Debt Service Fund in ample time to pay the principal of and interest on the Bonds and any Additional Bonds. Section 13. DEPOSITS OF PLEDGED REVENUES; INVESTMENTS. (a) The Pledged __ Revenues shall be deposited in the Debt Service Fund, Reserve Fund and Development Fund as required by this Resolution. 16