1998-11-09-PEDC - Laserfiche WebLink

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407 to the purchasers thereof, and continuing for sixty months, the Issuer shall mmsfer or cause to be transferred Pledged Revenues on deposit in the Revenue Fund, and deposit to the credit of the Reserve Fund an amount equal to 1/60th of the difference determined as of such delivery date between the amount in the Reserve Fund and the Required Reserve Amount. When and if the Reserve Fund at any time contains less than the Required Reserve Amount due to any cause or condition other than the issuance of the Bonds or any Additional Bonds, then, subject and subordinate to making the required deposits to the credit of the Debt Service Fund, such deficiency shall be made up as soon as possible from the next available Pledged Revenues, or from any other sources available for such purpose. The Issuer may withdraw and use, for any purpose not inconsistent with the provisions of the Act, including deposits to the Debt Service Fund, all surplus in the Reserve Fund over the Required Reserve Amount. Section 17. TRANSFER. (a) Pursuant to the provisions of the Transfer Agreement, which is hereby approved in substantially the form attached hereto, 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 Gomptroller, and other matters with respect to the collection and mmsfer of the Sales Tax. The President and Secretary of the Board are hereby authorized to execute the Transfer Agreement on behalf of the Corporation. (b) The President and the Treasurer of the Board are hereby ordered to do any and all things necessary to accomplish the transfer of money to the Funds established hereby in ample time to pay the principal of and interest on the Bonds. Section 18. INVESTMENTS. Money in any Fund established by this Resolution may, at the option of the Board, be invested in eligible investment securities as described in the Investment Act that are direct' obligations of the United States of America, with maturities not to exceed five years; provided that all such deposits and investments shall have a par value (or market value when less than par) exclusive of accrued interest at all times at least equal to the amount of money credited to such Funds, and shall be made in such manner that the money required to be expended from any Fund will be available at the proper time or times. Money in the Reserve Fund shall not be invested in securities maturing later than the final maturity of the Bonds and any Additional Bonds. Such investments shall be valued in terms of current market value as of the last day of each Fiscal Year, except that direct obligations of the United States (State and Local Government Series) in book-entry form shall be continuously valued at their paror face principal amount. Such investments shall be sold promptly when necessary to prevent any default in eonnectiun with the Bonds, the Outstanding Bonds or any Additional Bonds. Section 19. PAYMENT. On or before March 1, 1999, and semiannually on or before each -- September 1 and March 1 thereafter while any of the Bonds are outstanding and unpaid, the Paying 18