1985-078 - Laserfiche WebLink

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0 (3) Third, on a parity with the payments into the 40 = Sinking Fund, from the money on deposit in the Revenue Fund, the Issuer shall next deposit into the "Bond Amortization Account" in the Sinking Fund, hereby created and established, if and to Solthe extent required, a sum equal to the amount of any annual Amortization Installment for Term Bonds which shall become due and payable during the current Bond Year. (4) Fourth, to maintain in the Reserve Account in the Sinking Fund, which Reserve Account is hereby created and established, a sum equal to the Reserve Account Requirement on the Bonds. The Issuer shall deposit into the Reserve Account, on or prior to the 15th day of each month, 1/12 of 20% of the dif- ference between the amount deposited into the Reserve Account from the proceeds of the sale of the Bonds and the Reserve Account Requirement, and no further deposits shall be required to be made into the Reserve Account as long as the amount on deposit therein (including any Reserve Account insurance policy or letter of credit as described below) shall be equal to the Reserve Account Requirement. The value of the Reserve Account, including investments on deposit therein, shall be determined annually on the first day of the Fiscal Year by a Qualified Independent Consultant, using the fair market method of valuation, and any amount on deposit therein in excess of the Reserve Account Requirement shall, to the extent practicable, be paid to the Issuer. Any withdrawals from the Reserve Account shall be sub- sequently restored from the first money available in the Revenue Fund after all required current payments for the Sinking Fund, Bond Amortization Account, Operation and Maintenance Fund (including all deficiencies in prior payments to those funds and account) and Reserve Account have been made in full. Any excess -21-