COM 1109.000 2020-2022 - Laserfiche WebLink

Home

(v) A Certificate from an Independent Financial Consultant verifying that the Annual Debt Service on the Parity Bonds to be issued does not exceed the Annual Debt Service on the Bonds to be refunded in any Fiscal Year during which the Parity Bonds are Outstanding; and (vi) Such further documents, money and securities as are required in order to comply with applicable provisions for the issuance of such Parity Bonds pursuant to this Indenture and the Supplemental Indenture authorizing the issuance of such Parity Bonds. ARTICLE III CREATION OF FUNDS AND APPLICATION OF REVENUES AND GROSS TAXES Section 3.1. Creation of Funds; Application of Proceeds. (a) There is hereby created and established and shall be maintained by the Trustee the following funds and accounts and subaccounts within such funds: (i) The Hawai`i County Community Facilities District No. 1-2021 (Kaloko Heights Project) Special Tax Fund (the "Special Tax Fund") and, within such Fund, (A) an Interest Account, which shall include a Capitalized Interest Subaccount, (B) a Principal Account, (C) a Redemption Account, (D) a Prepayment Account, (E) a Reserve Account, and(F)an Administrative Expense Account; (ii) The Hawaii County Community Facilities District No. 1-2021 (Kaloko Heights Project) Rebate Fund (the "Rebate Fund") and, within such Fund, (A) a Rebate Account and(B)an Alternative Penalty Account; (iii) The Hawai`i County Community Facilities District No. 1-2021 (Kaloko Heights Project) Surplus Fund (the "Surplus Fund"); and (iv) The Hawaii County Community Facilities District No. 1-2021 (Kaloko Heights Project) Project Fund (the "Project Fund") and, within such Fund, (A) a Costs of Issuance Account, (B)A Construction Account, (C) a Contingency Account and (D) a Tax Receipts Account. The amounts on deposit in the foregoing funds, accounts and subaccounts shall be held by the Trustee and the Trustee shall invest and disburse the amounts in such funds, accounts and subaccounts in accordance with the provisions of this Article III and shall disburse investment earnings thereon in accordance with the provisions of Section 3.11 hereof. (b) In connection with the issuance of the 2022 Bonds, proceeds of the sale of the 2022 Bonds received by the Trustee on behalf of the County shall be deposited and transferred as follows: (i) $ shall be deposited in the Costs of Issuance Account of the Project Fund for disbursement in accordance with Section 3.9 hereof; (ii) $ , representing Capitalized Interest on the 2022 Bonds, shall be deposited in the Capitalized Interest Subaccount within the Interest Account of the Special Tax Fund for disbursement in accordance with Section 3.4 hereof; 22