1988-06-17 Resolution 6 - Laserfiche WebLink

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in the Sinking Fund to the required amount. Such action by the Trustee shall not constitute a waiver of any other right or • remedy the Trustee may have under this Agreement. Incidental expenses shall be paid by the Trustee upon the presentation of an affidavit executed by any two (2) officers of the Authority, stating the character of the expenditure, the amount thereof, and to whom due, together with the statement of the creditor as to the amount owing. The Operation and Reserve Fund may also be used for purposes stated in Section 5..11. Sec. 3.04. (a) The Trustee shall establish and maintain a fund separate from any other fund established and maintained hereunder designated as the "South Bend Redevelopment Authority Parking Garage Facility Rebate Fund." Within the Rebate Fund, the Trustee shall maintain an Excess Account and an Earnings Account. There shall be deposited in the Rebate Fund such amounts as are required. to be deposited therein pursuant to the Letter of Instructions. Subject to the transfer provisions provided in paragraph (e) below, all money at any time deposited in the Rebate Fund shall be held by the Trustee in trust, to the extent required to satisfy the Rebate Amount (as defined in the Letter of Instructions), for payment to the federal government of the United States of America, and neither the Authority nor the owner of any Bonds shall have any rights in or claim to such money. All amounts deposited into or on deposit in the Rebate Fund shall be governed by this Section, by Section 5.08 and by the Letter of Instructions. The Trustee shall be deemed conclusively. to have complied with such provisions if it follows the directions of the Authority including supplying all necessary information in the manner provided in the Letter of Instructions, and shall have no liability or responsibility to enforce compliance by the Authority with the terms of the Letter of Instructions. (b) Upon the Authority's written direction, an amount shall be deposited to the Rebate Fund by the Trustee from deposits by the Authority or from available investment earnings on amounts held in the Sinking Fund,. the Construction Fund and the Operation and Reserve Fund, if and to the extent required, so that the balance of the Excess Account after such deposit shall equal the Excess Account Requirement for the Bond Year (as such term is defined in the Letter of Instructions) calculated as of the most recent Calculation Date (as defined in the Letter of Instructions). Computations of the Rebate Amount shall be furnished by or on behalf .of the Authority in accordance with the Letter of Instructions., (c) The Trustee shall have no obligation to rebate. any amounts required to be rebated pursuant to this Section, other than from moneys held in the funds and accounts created under this Agreement or from other moneys provided to it by the Authority. (d) .The Trustee shall invest all amounts held in the Rebate Fund in securities of, or securities guaranteed by, the . United States .Government, subject to the restrictions set forth in the Letter of-Instructions. The Trustee shall deposit all -14-