COM 1109.000 2020-2022 - Laserfiche WebLink

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30, 20 ) shall not exceed the Administrative Expense Budget Amount for such Fiscal Year until such time as there has been deposited (a) to the Interest Account and the Principal Account an amount, together with any amounts already on deposit therein, that is sufficient to pay the interest and principal on all Bonds due in such Fiscal Year, and (b) to the Reserve Account an amount sufficient, together with amounts then on deposit therein, to restore the Reserve Account to the Reserve Requirement. Notwithstanding the foregoing, amounts in excess of the Administrative Expense Budget Amount may be transferred to the Administrative Expense Account to pay Administrative Expenses incurred by the County in collecting delinquent Special Taxes (other than such Administrative Expenses paid from the proceeds of foreclosure sales) if and to the extent that such Administrative Expenses exceed the sum of(i) the amount included in the Administrative Expense Budget Amount for such purpose and (ii) the amount of unencumbered funds in the Administrative Expense Account available for such purpose. In addition to the foregoing, the Trustee shall also deposit in the Administrative Expense Account the portion of any Prepayment directed to be deposited in such Account in accordance with the Certificate of the Special Tax Administrator delivered to the Trustee in connection with such Prepayment. The Trustee shall apply amounts on deposit in the Administrative Expense Account to pay or reimburse the County for Administrative Expenses pursuant to an original or copy of an original received via e-mail or facsimile transmission of a requisition signed by an Authorized County Representative in substantially the form attached as Exhibit B-1 hereto. Section 3.4. Interest Account and Principal Account of the Special Tax Fund. The principal of and interest due on the Bonds until maturity, other than principal due upon optional or extraordinary redemption, shall be paid by the Trustee from the Principal Account and the Interest Account, respectively. For the purpose of assuring that the payment of principal of and interest on the Bonds will be made when due, the Trustee shall make the transfers described below from the Special Tax Fund on each Interest Payment Date first to the Interest Account and then to the Principal Account; provided, however, that to the extent that deposits have been made in the Interest Account or the Principal Account from the proceeds of the sale of an issue of the Bonds, the transfer from the Special Tax Fund need not be made; and provided, further, that, if amounts in the Special Tax Fund (exclusive of the Administrative Expense Account and the Reserve Account) are inadequate to make the foregoing transfers then any deficiency shall be made up by an immediate transfer from the Reserve Account: (a) To the Interest Account, an amount such that the balance in the Interest Account shall be equal to the installment of interest due on the Bonds on said Interest Payment Date (including interest due on Bonds called for optional redemption, mandatory sinking fund redemption or special mandatory redemption on such date) and any installment of interest due on a previous Interest Payment Date which remains unpaid. Moneys in the Interest Account shall be used for the payment of interest on the Bonds as the same become due; provided that moneys in the Capitalized Interest Subaccount shall be used for the payment of interest before application of any other moneys in the Interest Account for such purpose. (b) To the Principal Account, an amount such that the balance in the Principal Account on May 15 of each year, commencing May 15, 20_, shall equal the sum of(i)the principal payment due on the Bonds maturing on such May 15, (ii)the Sinking Fund Payment due on any Outstanding Bonds upon mandatory sinking fund redemption on such May 15, and (iii) any principal payment due on a previous May 15 which remains unpaid. Moneys in the Principal Account shall be used for the payment of the principal of such Bonds as the same become due at maturity or pursuant to the 24