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1994-06-21 Minutes
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1994-06-21 Minutes
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• date on which Bonds are redeemed from amounts on deposit in the <br />Redemption Fund, after payment in full of the redemption price of <br />all Bonds redeemed on such date from amounts on deposit in the <br />Redemption Fund, funds remaining on deposit in the Redemption Fund <br />(exclusive of the LOC Redemption Account) shall be transferred by <br />the Trustee to the Credit Facility Issuer in the amount necessary <br />to reimburse the Credit Facility Issuer for the draw made on the <br />Credit Facility to pay such redemption price. No redemption price <br />of Pledged Bonds. shall be paid unless and until the redemption <br />price of all other Bonds due on such date shall be paid and the <br />Credit Facility Issuer shall be reimbursed for the draw made on the <br />Credit Facility to pay such redemption price. <br />Section 408. Investment of Funds. (a) Subject to the <br />limitations provided in-this Section 408, upon verbal direction <br />promptly followed by a Written Request of the Authority filed with <br />the Trustee, moneys on deposit hereunder shall only be invested in <br />Qualified Investments that mature so as to mature on or prior to <br />the date or dates that moneys therefrom are reasonably anticipated <br />to be required provided that moneys in the Reserve Fund may be <br />invested in investments not in excess of five (5) years. As and <br />when any amounts invested pursuant to this Indenture may be needed <br />for disbursements from the Sinking Fund, the Trustee shall cause <br />a sufficient amount of such investments to be sold or otherwise <br />converted into cash to the credit of such Fund. The Trustee, may <br />trade with itself in the purchase and sale of securities for such <br />• investment; provided, however, that in no case shall any investment <br />be otherwise than in accordance with the investment limitations <br />contained herein. The Trustee shall not be liable or responsible <br />for any loss resulting from any such investments. Gains from <br />investments shall be credited to and held in and losses shall be <br />charged to the fund or account from which the investment is made. <br />(b) Investment income from the funds and accounts and <br />subaccounts therein specified in subsection (a) of this Section <br />which was derived either from the proceedsof Bonds issued to <br />finance the Project or from moneys otherwise deposited in such <br />funds in connection with the issuance of such Bonds shall be <br />credited to the fund and accounts and subaccounts therein from <br />which the investments were made; provided however, that investment <br />income from the Reserve Fund shall be deposited into the <br />Capitalized Interest Account of the Sinking Fund until May 31, <br />1996. Thereafter, such investment income from the Reserve Fund <br />shall be credited to the Principal and~Interest Account of the <br />Sinking Fund. <br />Section 409. Non-Presentment of Tendered Bonds. In the <br />event any Tendered Bonds shall not be presented for purchase and <br />moneys sufficient to pay the purchase price of such Tendered Bonds <br />are held in the Bond Purchase Fund, the Tender Agent shall <br />segregate and hold such moneys in trust (but shall not invest such <br />moneys), without liability for interest thereon, for the benefit <br />• <br />40 <br />
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