COM 1109.000 2020-2022 - Laserfiche WebLink

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(a) After making the transfers required by Sections 3.3 through 3.9 hereof, inclusive, as soon as practicable after each May 15, and in any event prior to each August 1, the Trustee shall transfer all remaining amounts in the Special Tax Fund, if any, to the Surplus Fund, other than amounts in the Special Tax Fund which the County has deemed available in calculating the amount of the levy of Special Taxes for such Fiscal Year pursuant to Section 5.2(b) hereof. On the written direction of an Authorized County Representative, moneys deposited in the Surplus Fund shall be transferred by the Trustee, (i)to the Principal Account or the Interest Account to pay the principal of, including Sinking Fund Payments, and interest, respectively, on the Bonds when due in the event that moneys in the Special Tax Fund and the Reserve Account are insufficient therefor, (ii)to the Reserve Account in order to replenish the Reserve Account to the Reserve Requirement, and (iii) to the Administrative Expense Account to pay Administrative Expenses to the extent that the amounts on deposit in the Administrative Expense Account are insufficient to pay Administrative Expenses. In the event unexpended amounts remain on deposit in the Surplus Fund after the foregoing transfers, if any, such unexpended amounts shall be applied, in the sole discretion of the County as directed by an Authorized County Representative, (i) to pay unpaid Actual Costs of the Improvements (in which case such unexpended amounts shall be transferred to the Construction Account of the Project Fund as directed by the Authorized County Representative), (ii) to reduce the next Fiscal Year's Special Tax levy by depositing such amount in the Special Tax Fund, (iii) to redeem Bonds upon optional redemption, or(iii)to reimburse the County for advances made pursuant to Section 3.7(a)hereof. (b) The amounts in the Surplus Fund are not pledged to the repayment of the Bonds and may be used by the County for any lawful purpose in the manner described in this Section. In the event that the County reasonably expects to use any portion of the moneys in the Surplus Fund to pay debt service on any Outstanding Bonds, upon the written direction of an Authorized County Representative,the Trustee will segregate such amount into a separate subaccount and the moneys on deposit in such subaccount of the Surplus Fund shall be invested in Authorized Investments the interest on which is excludable from gross income under Section 103 of the Tax Code (other than bonds the interest on which is a tax preference item for purposes of computing the alternative minimum tax of individuals and corporations under the Tax Code) or in Authorized Investments at a yield not in excess of the yield on the Bonds unless, in the opinion of Bond Counsel, investment at a higher yield will not adversely affect the exclusion from gross income for federal income tax purposes of interest on the Bonds. Section 3.11. Investments. Moneys held in any of the funds, accounts and subaccounts under this Indenture shall be invested at the written direction of an Authorized County Representative in accordance with the limitations set forth below and in the Tax Certificates only in Authorized Investments which shall be deemed at all times to be a part of such funds, accounts and subaccounts. Any investment earnings, gains or losses resulting from such Authorized Investments shall be credited or charged to the fund, account or subaccount from which such investment was made. Moneys in the funds, accounts and subaccounts held under this Indenture may be invested by the Trustee on the written direction of an Authorized County Representative, from time to time, in Authorized Investments subject to the following: (a) Moneys in the Interest Account, the Principal Account, the Prepayment Account and the Redemption Account shall be invested only in Authorized Investments which will by their terms mature, or in the case of an Investment Agreement are available for withdrawal without penalty, on such dates so as to ensure the payment of principal of, premium, if any, and interest on the Bonds as the same become due. 31