1993-080 - Laserfiche WebLink

Home Browse Search

that to be utilized in determining the interest rate for the Variable Rate Bonds then proposed to be issued. SECTION 18. SERIES 1993 FUNDS AND ACCOUNT. There is hereby created and established the "Series 1993 Sinking Fund" within the Sinking Fund, the "Series 1993 Bond Amortization Fund" within the Bond Amortization Fund and the "Series 1993 Reserve Account" within the Reserve Account. The Series 1993 Sinking Fund, the Series 1993 Bond Amortization Fund and the Series 1993 Reserve Account shall not in any manner whatsoever affect the parity of the Bonds and are established solely for the accounting convenience of the County. Revenues and other amounts deposited in the Sinking Fund allocable to the Series 1993 Bonds shall be held in the Series 1993 Sinking Fund. Revenues and other amounts deposited in the Bond Amortization Fund allocable to the Series 1993 Bonds shall be held in the Series 1993 Bond Amortization Fund. Revenues and other amounts deposited in the Reserve Account allocable to the Series 1993 Bonds shall be held in the Series 1993 Reserve Account. SECTION 19. PROCEDURE FOR PAYMENT OF SERIES 1993 BONDS PURSUANT TO THE SERIES 1993 BOND INSURANCE POLICY. The following provisions shall govern payment of Series 1993 Bonds pursuant to the Series 1993 Bond Insurance Policy: (i) If on the third day preceding any interest payment date for the Series 1993 Bonds there is not on deposit with the Paying Agent sufficient moneys available to pay all principal of and interest on the Series 1993 Bonds due on such date, the Paying Agent shall immediately notify the Series 1993 Bond Insurer and Citibank, N.A., New York, New York, or its successor, as its Fiscal Agent (the "Series 1993 Fiscal Agent") of the amount of such deficiency. If by said interest payment date the County has not provided the amount of such deficiency, the Bond Registrar shall simultaneously make available to the Series 1993 Bond Insurer and to the Series 1993 Fiscal Agent the registration books for the Series 1993 Bonds maintained by the Bond Registrar, In addition: (A) The Paying Agent shall provide the Series 1993 Bond Insurer with a list of the Bondholders entitled to receive principal or interest payments from the Series 1993 Bond Insurer under the terms of the Series 1993 Bond Insurance Policy and shall make arrangements for the Series 1993 Bond Insurer and the Series 1993 Fiscal Agent (1) to mail checks or drafts to Bondholders entitled to receive full or partial interest payments from the Series 1993 Bond Insurer and (2) to pay principal of the Series 1993 Bonds surrendered to the Series 1993 Fiscal Agent by the Bondholders entitled to receive full or partial principal payments from the Series 1993 Bond Insurer; and (B) The Paying Agent shall, at the time the registration books are made available to the Series 1993 Bond Insurer pursuant to (A) above, notify Bondholders entitled to receive the payment of principal of or interest on the Series 1993 Bonds from the Series 1993 Bond Insurer (I) as to the fact of such entitlement, (2) that the Series 1993 Bond Insurer will remit to them all or part of the interest payments coming due, (3) that, except as provided in paragraph (ii) below, in the event that any Bondholder is entitled to receive full payment of principal from the Series 1993 Bond Insurer, such Bondholder must tender his bond with the instrument of transfer in the form provided on the bond executed in the name of the Series 1993 Bond Insurer, and (4) that, except as provided in paragraph (ii) below, in the event that such Bondholder is entitled to receive partial payment of principal from the Series 1993 Bond Insurer, 31