1988-06-14 Minutes - Laserfiche WebLink

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Bond Interest Account. The Trustee shall- deposit into this Account the accrued interest, unused discount, and an amount from the Bond proceeds when added thereto which is equal to the interest on the Bonds through August I, 1989. The Trustee shall pay-from this Account the interest accruing on all obligations of the Authority until the filing of the Affidavit of Completion. Upon the filing of such Affidavit, the Trustee may transfer to the Sinking Fund the amount needed to pay principal and interest on the Bonds to the extent lease rental is insufficient. The balance remaining in the Bond lnterest Account will be transferred to the Construction Account. Construction Account. All Bond proceeds not required to be deposited in another account shall be deposited in the Construction Account to pay all direct and related costs of construction, costs of real estate acquisition and equipment acquisition, the required audit expense, and all costs relating to issuance of the Bonds. Until one year after the filing of the Affidavit of Completion, the Trustee shall hold in this Account 150% of the amount of any disputed claims of contractors and work to be repaired. Any balance remaining after payment of all disputed claims shall be transferred to the Sinking Fund. South Bend Redevelopment Authority Parking Garage Facility Sinking Fund. The Trustee shall deposit into the Sinking from each rental payment received an amount equal to the lesser of i) al I of such rental payment received; or i i) an amount when added to the amount in the Sinking Fund equal to the sum of the unpaid interest on the Bonds due on, before, or within 45 days after the rental payment becomes due, and the unpaid principal on the Bonds due within 8 months from the. date the rental payment becomes due. Any portion of a rental payment remaining after such deposit, shall be deposited in the Operation and Reserve Fund. The Trustee shall, from time to time,- withdraw sufficient money from the Sinking Fund or other Funds to pay principal and interest on the Bonds when due. South Bend Redevelopment Authority Parking Garage Facility Operation and Reserve Fund. This fund is established to pay necessary incidental expenses of the Authority audits, appraisals, and reports); to pay premiums, if any; and to contribute money to the Sinking Fund if it should ever be deficient. South Bend Redevelopment Authority Parking Garage Facility Rebate Fund. This Fund shall be established and maintained separately from any other fund. There shall be deposited into the Rebate Fund such amount required to satisfy the Rebate Amount as defined in the Letter of Instructions for payment to the U.S. goverment. Within the Rebate Fund, will be an Excess Account which will contain a balance equal to the Excess Account Requirement for the Bond Year per the Letter of Instructions; and an Earnings Account into which will be deposited all earnings on investments on funds held in the Excess Account. The Trustee shall remit all or part of the balances in the Excess and Earnings Accounts to the United States as directed by the Authority in writing. Any funds remaining in the Rebate Fund after redemption and payment of all Bonds and satisfaction of the Rebate Amount, shat) be remitted to the Authority. The Trustee shall invest all funds, or so much as is practicable in Qualified Securities as permitted by law. Whenever the amounts contained in the Funds are sufficient to redeem all outstanding Bonds, the Trustee shall apply the amounts in the Funds, except the Rebate Fund, to the redemption of the Bonds. Funds and Accounts of the Commission Per Resolution No. 847 The Commission has established certain funds and accounts for the payment of the rentals owed by the Commission as set forth in Resolution No. 847, summarized as -6 -