1990 RES R-07-90 - Laserfiche WebLink

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(ii) The Fiscal Agent shall deposit in the Bond Reserve Fund an amount which is equal to the Reserve Fund Requirement. (iii) The Fiscal Agent shall transfer the balance of the proceeds of the Bonds of Series A to the Community Facilities Improvement Fund. Section 3.02 Special Funds. There are hereby created and established the following funds for the deposit and allocation of moneys held by the Fiscal Agent: Bond Reserve Fund, Hond Payment Fund, Community Facilities Improvement Fund and Bond Redemption Fund. So long as any of the Bonds herein authorized, or any interest thereon, remain unpaid, the moneys in the foregoing funds shall be used for no purpose other than those required or permitted by this Resolution and the Act. (A) Bond Reserve Fund. An amount equal to the Reserve Fund Requirement shall be maintained in the Bond Reserve Fund, which Fund shall be held and administered by the Fiscal Agent for the benefit of the Owners. If the amount in the Bond Reserve Fund is less than the Reserve Fund Requirement, then the Bond Reserve Fund shall be restored to the Reserve Fund Requirement by the Community Facilities District from any available funds or, to the extent such funds are insufficient, by increasing the Special Tax rate for the next annual Special Tax levy so as to generate Special Taxes in an amount sufficient to replenish the Bond Reserve Fund, provided that such rate shall not exceed the maximum authorized Special Tax rate. Except as otherwise provided herein, including Section 8.09 hereof, the moneys in the Bond Reserve Fund shall be used only for payment of the principal of and interest on the Bonds, and more specifically as follows: (1) For transfer to the Bond Payment Fund from time to time such amounts as are needed to pay the principal of and interest on the Bonds when due; (2) To redeem Bonds in accordance with the provi- sions of this Resolution; (3) The amount in the Bond Reserve Fund in excess of the Reserve Fund Requirement shall be transferred by the Fiscal Agent (i) to the Community Facilities Improvement Fund on February 15 and August 15 of each year prior to the filing with the Fiscal Agent of the written notice of completion of the Public Facilities pursuant to Section 3.02, and (ii) to the Interest Account of the Bond Payment Fund on February 15 -14-