1988-06-17 Resolution 6 - Laserfiche WebLink

Home Browse Search

earnings (calculated by taking into account net gains or losses on sales or exchanges and taking into account amortized discount . or premium as a gain or loss, respectively) on investments held in the Excess Account into the Earnings Account. All earnings on investments in the Earnings Account shall be retained in the Earnings Account. Money shall not be transferred from the Earnings Account except as provided in paragraph (e) below. (e) Upon receipt of the Authority's written directions, the Trustee shall remit part or all of the balances in the Excess Account and the Earnings Account to the United States, as so directed. In addition, if the Authority so directs, the Trustee will deposit moneys into or transfer moneys out of the Excess Account and the Earnings Account from or into such accounts or funds as directed by the Authority's written directions. Any funds remaining in the Rebate Fund after redemption and payment of all of the Bonds and payment and satisfaction of any Rebate Amount and all other amounts due hereunder,. or provisions made therefor satisfactory to the Trustee shall be withdrawn and remitted to the Authority. (f) Notwithstanding any other provision of this Agreement, including in particular Article VIII hereof, the obligation to remit the Rebate Amounts to the United States and to comply with all other requirements of this Section, Section 5.08 and the Letter of Instructions shall survive the defeasance or payment in full of the Bonds. Sec. 3.05. The Trustee shall, at the direction of the Authority, and subject to Section 5.14, invest all .or so much of the funds as is practicable in Qualified Securities, to the extent and in the manner permitted by law. Investment earnings shall be deposited into the Construction Fund until receipt by the Trustee of an Affidavit of Completion as provided in Article III, and thereafter, shall be credited to the fund from which the investments were made; provided, however., that the treatment of investment earnings on any money at any time deposited in the Rebate Fund shall be governed exclusively by the provisions of Section 3.04. The Trustee is authorized to sell any securities so acquired from time to time in order to make the payments authorized in this Agreement. Investment of the Sinking Fund and Rebate Fund shall- mature prior to the .time the funds invested will be needed-for payment of principal of and interest on the Bonds and to make rebate payments to the United States Government, respectively. Sec. 3.06. Whenever the amounts contained in the Sinking Fund and the Operation and Reserve Fund are sufficient, together with any other funds deposited with the Trustee by the Authority (other than deposits to the Rebate Fund), to redeem, upon the next redemption date, all Bonds secured hereby then outstanding, the Trustee shall apply the amounts in such Funds to the redemption of such Bonds pursuant to Article IV .hereof. . Sec. 3.07.. At the request of the Authority, expressed by a resolution of the Board of Directors, or a copy thereof -15-