COM 1109.000 2020-2022 - Laserfiche WebLink

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Tax Receipts Account) without priority for number, date of the Bonds, date of sale, date of execution, or date of delivery, and payment of the principal of(including Sinking Fund Payments) and interest and premium (if any) on the Bonds shall be exclusively paid from the Special Taxes and other amounts in the Special Tax Fund (exclusive of the Administrative Expense Account) and the Project Fund (exclusive of the Tax Receipts Account), which are hereby pledged to the payment of the principal of and interest and premium (if any) on the Bonds. Such pledge shall constitute a first lien on such assets. Amounts in the Special Tax Fund (other than the Administrative Expense Account therein) and the Project Fund (exclusive of the Tax Receipts Account) shall constitute trust funds held for the benefit of the Owners to be applied to the payment of the principal of and interest and premium (if any) on the Bonds and so long as any of the Bonds or any premium or interest thereon remain Outstanding, such amounts shall not be used for any other purpose, except as permitted by this Indenture or any Supplemental Indenture. Notwithstanding any provision contained in this Indenture to the contrary, Special Taxes deposited in the Administrative Expense Account of the Special Tax Fund, the Rebate Fund, the Tax Receipts Account of the Project Fund and the Surplus Fund shall no longer be considered to be pledged to the Bonds; and none of the Rebate Fund, the Tax Receipts Account, the Administrative Expense Account nor the Surplus Fund shall be construed as a trust fund held for the benefit of the Owners. Section 2.4. Description of 2022 Bonds; Interest Rates. The 2022 Bonds shall be issued in the aggregate principal amount of$ , shall be in fully registered form in denominations of $100,000 or any integral multiple of $5,000 in excess thereof, and shall be numbered R-1 and consecutively upwards. The 2022 Bonds shall be designated "Hawai`i County Community Facilities District No. 1-2021 (Kaloko Heights Project), Special Tax Revenue Bonds, Series 2022." The 2022 Bonds shall be dated as of their Delivery Date and shall mature and be payable on May 15 in the years and in the aggregate principal amounts and shall be subject to and shall bear interest at the rates set forth in the table below payable on each Interest Payment Date: Maturity Date (May 15) Principal Amount Interest Rate Interest shall be payable on each 2022 Bond from the date established in accordance with Section 2.5 hereof on each Interest Payment Date thereafter until the principal sum of that 2022 Bond has been paid; provided, however, that if at the maturity date of any 2022 Bond (or if the same is redeemable and shall be duly called for redemption, then at the date fixed for redemption) funds are available for the payment or redemption thereof in full, in accordance with the terms of this Indenture, such 2022 Bonds shall then cease to bear interest. Interest due on the 2022 Bonds shall be calculated on the basis of a 360-day year comprised of twelve 30-day months. Section 2.5. Place and Form of Payment. The Bonds shall be payable both as to principal and interest, and as to any premiums upon the redemption thereof, in lawful money of the United States of America. The principal of the Bonds and any premiums due upon the redemption 15