2024-01-18-AGENDA-Special - Laserfiche WebLink

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(1) 1 /6 of the interest on the bonds next due — Debt Service Account in the Bond Fund (hereinafter identified); and (2) 1/12 of the principal of the bonds next due at maturity or upon mandatory sinking fund redemption — Debt Service Account in the Bond Fund; and (3) the Trustee's and Insurer's fees and expenses and other administrative charges next due — Expense Account in the Bond Fund; and (4) the amount which may be necessary to increase the Debt Service Reserve Account to the required level — Debt Service Reserve Account in the Bond Fund; and (5) the amount necessary to pay any arbitrage rebate due under Section 148(f) of the Code — Expense Account in the Bond Fund; and (6) balance — Redemption Account in the Bond Fund. The deposits made into the Debt Service Account in the Bond Fund shall be reduced in order to take into account as a credit (a) interest earning, (b) transfers from the Debt Service Reserve Account in the Bond Fund and (c) transfers of moneys held in connection with the Bonds Refunded. Monthly deposits into the Debt Service Account in the Bond Fund shall be adjusted as necessary so that there are sufficient funds to make the payments due on the bonds through February 1, 2025. (c) Moneys in the Permanent Account in the Revenue Fund shall be applied by the Trustee within five (5) days of receipt by the Trustee in the following order of priority: (1) in the event moneys in the Bond Account are insufficient to make the deposits required by clauses (1) through (5) of (b) above, moneys in the Permanent Account shall be used for such purpose in the order of priority listed above; and (2) the balance shall be transferred to the City for Permanent Tax Uses. Section 9. (a) There is hereby created a special fund of the City in the Trustee which is designated "Sales and Use Tax Bond Fund, Series 2024" (the "Bond Fund"), for the purpose of providing funds for the payment of principal of and interest on the bonds as they become due at maturity or at redemption prior to maturity, the Trustee's fees and expenses and other administrative charges, any amounts due the Insurer with respect to the Insurance Policy and any arbitrage rebate due the United States under Section 148(f) of the Code. There shall be established in the Bond Fund the following accounts into which moneys shall be deposited: (i) Debt Service Account; (ii) Redemption Account; and (iii) Expense Account. Moneys in the following Bond Fund accounts shall be used on each interest payment date (or in the case of 19