1990 RES R-07-90 - Laserfiche WebLink

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(1) Interest Account. On or before February 15 and August 15 of each year, beginning on August 15, 1990, the Fiscal Agent shall transfer from the Holding Account and deposit in the Interest Account an amount of money which, together with any money contained therein, is equal to the aggregate amount of the interest becoming due and payable on all Outstanding Bonds on the next succeeding Interest Payment Date. No deposit need be made into the Interest Account if the amount contained therein is at least equal to the aggre- gate amount of the interest becoming due and payable on all Outstanding Bonds on the next succeeding Interest Payment Date. All such money in the Interest Account shall be used and withdrawn by the Fiscal Agent solely for the purpose of paying the interest on the Bonds as it shall become due and payable (including accrued interest on any Bonds purchased or redeemed prior to maturity). (2) Serial Bond Pavment Account. On or before August 15 of each year, beginning August 15, 1993, the Fiscal Agent shall transfer from the Holding Account and deposit in the Serial Bond Payment Account an amount of money which, together with any money contained therein, including all earnings thereon, is equal to the aggregate amount of the principal becoming due and payable on all Outstanding Serial Bonds on the next succeeding Principal Payment Date. No deposit need be made into the Serial Bond Payment Account if the amount contained therein is at least equal to the aggregate principal amount of all Outstanding Serial Bonds becoming due and payable by their terms on the next suc- ceeding Principal Payment Date. All money in the Serial Bond Payment Account shall be used by the Fiscal Agent solely for the purpose of paying the principal of the Serial Bonds as they shall become due and payable. (3) Term Bond Payment Account. On or before August 15 of each year while the Bonds are Outstanding, the Fiscal Agent shall transfer from the Holding Account to the Term Bond Payment Account, an amount of money equal to, but not greater than, the aggregate mandatory sinking fund redemption required to be made on the succeeding Principal Payment Date, if any, as may be provided in any mandatory sinking fund redemption schedule in any resolution supplemental hereto for Term Bonds issued pursuant thereto. No deposit need be made into the Term Hond Payment Account if the amount contained therein is at least equal to the aggregate amount of mandatory sinking fund redemptions required to be made in the Debt Service Year ending on the next succeeding Principal Payment Date. The Community Facilities District hereby covenants and agrees with the Owners of the Term Bonds to call and redeem Term Bonds (without premium) in the amounts and at the -16-