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1994-05-17 Resolution 91
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1994-05-17 Resolution 91
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Reserve Fund. The Reserve Fund is required to be maintained in an amount at least equal to the Reserve <br />• Fund Requirement. The Reserve Fund will be used solely for the purpose of paying the principal of and interest <br />on the Bonds if any deficiencies occur in the Sinking Fund, provided, amounts in the Reserve Fund in excess of <br />the Reserve Fund Requirement may be transferred from time to time to the Sinking Fund. <br />Operation and Reserve Fund. The Operation and Reserve Fund will be used only to pay necessary <br />incidental expenses of the Authority, the payment of principal of and interest on the Bonds upon redemption or the <br />purchase price of Bonds purchased in the open market, and if the amount in the Sinking Fund at any time is less <br />than the required amount, the Trustee will transfer funds from the operation and Reserve Fund to the Sinking Fund <br />in an amount sufficient to raise the amount in the Sinking Fund to the required amount. <br />Funds to Pay Arbitrage Rebate. Pursuant to the written instructions of the Authority, the Trustee shall <br />establish and maintain such fund or funds and take such other actions as may be necessary to enable the Authority <br />to satisfy the requirements of Section 148(f) of the Internal Revenue Code of 1986, as amended, and the applicable <br />arbitrage regulations; provided, however, that the Trustee shall be under no obligation to make computations of the <br />amount of arbitrage required to be rebated to the federal government of the United States of America. <br />Investment of Funds. Funds will be invested by the Trustee, at the written direction of the Authority, in <br />Qualified Securities, defined in the Trust Agreement as (i) bonds, notes, certificates of indebtedness, treasury bills <br />or other securities constituting direct obligations of, or obligations the timely payment of the principal of and the <br />interest on which are fully and unconditionally guaranteed by, the United States of America or any agency or <br />instrumentality thereof when such obligations are backed by the full faith and credit of the United States of America; <br />(ii) certificates of deposit issued by banks and mutual savings banks incorporated under the laws of the State of <br />Indiana and in national banking associations having their principal banking offices in the State of Indiana, including <br />the Trustee, provided such certificates of deposit do not exceed in the aggregate ten percent (10%) of the combined <br />capital, surplus and undivided profits of any such bank or association and that each such bank or association has <br />a combined capital and surplus of at least $25,000,000; and provided further that such certificates of deposit are <br />• insured by the Federal Deposit Insurance Corporation or, to the extent not so insured, collateralized by interest - <br />bearing obligations described in clause (i) above in which the Trustee has a perfected security interest; or (iii) <br />repurchase agreements, entered into with banks and mutual savings banks incorporated under the laws of the State <br />of Indiana and in national banking associations having their principal banking offices in the State of Indiana, <br />including the Trustee, that are fully collateralized by interest- bearing obligations described in clause (i) above based <br />upon the market value of such obligations on the day such agreement becomes effective, in which the Trustee has <br />a perfected security interest. <br />Redemption of Bonds. Whenever the amounts contained in the Sinking Fund and Operation and Reserve <br />Fund are sufficient, together with any other funds deposited with the Trustee by the Authority to redeem all Bonds <br />then outstanding, the Trustee will apply the amounts in such funds to the redemption of the Bonds as soon as they <br />may be redeemed. <br />Purchase of Bonds. At the request of the Authority, the Trustee may remove funds from the Operation <br />and Reserve Fund to be used for the redemption of Bonds or for the purchase of Bonds. <br />Additional Bonds <br />The Authority covenants in the Trust Agreement that it will not incur any indebtedness secured by the Trust <br />Agreement other than the Bonds unless either (i) the financed improvements cannot be completed without <br />unreasonable delay which would threaten a default in the payment of principal of or interest on the Bonds without <br />such additional indebtedness, and such additional indebtedness is payable only from the Operation and Reserve Fund <br />(to the extent that such Fund is not needed to pay necessary incidental expenses of the Authority) and from property <br />and income of the Authority remaining or received after all Bonds have become due and payable and sufficient funds <br />C-4 <br />
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