1990 RES R-07-90 - Laserfiche WebLink

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and August 15 of each year, beginning on the first such date following the filing with the Fiscal Agent of the written notification of completion; and (4) In the Debt Service Year in which the final maturity of the Outstanding Bonds is to be paid, whether at maturity or redemption, the amount then on deposit in the Bond Reserve Fund shall be transferred to the Bond Payment Fund and utilized to pay, in whole or part, the principal of and interest on such Bonds. The portion of the Reserve Fund Requirement allocable to any series of Bonds may be satisfied by crediting to the Bond Reserve Fund moneys, a letter of credit, a bond insurance policy, or any other comparable credit facility or any combination thereof, which in the aggregate make funds available in the Bond Reserve Fund in an amount equal to the Reserve Fund Requirement allocable to such series of Sonds; however, the long-term unsecured debt or claim-paying ability, as the case may be, of the provider of any such letter of credit, bond insurance policy or any other comparable credit facility, must have a rating of at least AA from Moody's Investors Service or AA from Standard & Poor's Corporation. (B) Bond Pavment Fund. Moneys received from the collection of Special Taxes during each Sond Year, in an amount equal to, but not exceeding, the amount of Annual Debt Service and any amount required to restore the Bond Reserve Fund to the Reserve Fund Requirement, shall be deposited, as received, by the Community Facilities District in the Holding Account of the Bond Payment Fund, which shall be held and administered by the Fiscal Agent for the benefit of the Owners and used as provided herein. Following the deposits of Special Taxes set forth in the preceding paragraph, all money in the Bond Payment Fund shall be set aside by the Fiscal Agent in the following respective accounts within the Bond Payment Fund (each of which is hereby created and each of which the Community Facilities District hereby covenants and agrees to cause to be maintained by the Fiscal Agent), in the following order of priority: (1) Interest Account, (2) Serial Bond Payment Account, (3) Term Bond Payment Account, and (4) Holding Account. All money in each of such accounts shall be held by the Fiscal Agent and shall be applied, used and withdrawn only for the purposes hereinafter authorized in this Section. -15-