Laserfiche WebLink
required to be made pursuant to this subsection (2). Failure to <br />®� make any such application and allocation into the Bond <br />Amortization Fund on the due date thereof shall constitute an <br />®'m event of default under this Resolution. <br />Credit shall be allowed against the total interest, <br />Amortization Installments and principal due on the next interest <br />and principal payment dates, respectively, for any other funds on <br />• ® R hand and available for such purposes in the Sinking Fund and Bond <br />Amortization Fund. <br />Upon the sale of any series of Term Bonds, the Issuer <br />shall, by resolution, establish the amounts and maturities of such <br />Amortization Installments for each series, and if there shall be <br />more than one maturity of Term Bonds within a series, the Amortiza- <br />tion Installments for the Term Bonds of each maturity. <br />(3) Moneys remaining in the Revenue Fund shall next be <br />applied by the Issuer to maintain in a Reserve Account in the <br />Sinking Fund, which Reserve Account is hereby created and <br />established, a sum equal to the Maximum Debt Service Requirement <br />on the Bonds. Such sum may initially be deposited therein from the <br />proceeds of sale of the Bonds or the Issuer may deposit into such <br />Reserve Account, not later than the 25th day of each month, 1/12 of <br />20% of the Maximum Debt Service Requirement. No further application <br />or allocation of funds shall be required to be made into said <br />Reserve Account- as long as there shall remain on deposit therein <br />(including any Reserve Account insurance policy as described below) <br />a sum equal to the Maximum Debt Service Requirement on the Bonds. <br />The value of the Reserve Account, including investments on deposit <br />in the Reserve Account, shall be determined annually on the first <br />day of the Fiscal Year by an Independent Qualified Consultant, <br />who may be the Accountant, using the fair market method of <br />valuation. <br />Notwithstanding the foregoing provisions, in lieu of the <br />required deposits into the Reserve Account, the Issuer may cause to <br />be deposited into the Reserve Account either a municipal bond <br />-28- <br />