1990 RES R-07-90 - Laserfiche WebLink

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times set forth in Section 5.01(B) and as provided in any mandatory sinking fund redemption schedule in any resolution supplemental hereto for Term Bonds issued pursuant thereto. All money in the Term Bond Payment Account shall be used and withdrawn by the Fiscal Agent only to redeem Term Bonds. (4) Holding Account. After the payment of Annual Debt Service on each September 1, commencing September 2, 1991, the Fiscal Agent shall make the following disposition (listed in order of priority) of the amounts then remaining on deposit in the Holding Account of the Bond Payment Fund: (a) Upon written direction of an Authorized Representative, transfer to the Excess Earnings Tracking Account established pursuant to Section 8.09, arbitrage profits (as directed in said written direction) then remaining in such account, if any. (b) Transfer to the Bond Reserve Fund the amount, if any, necessary to increase the Bond Reserve Fund to an amount equal to the Reserve Fund Requirement. (c) Retain in the Holding Account the amount, if any, by which Annual Debt Service for the Debt Service Year ending on the next succeeding September 1, exceeds the estimated Special Tax receipts to be received prior to such date. For the purpose of estimating such Special Tax receipts, the Fiscal Agent may rely upon a certificate signed by an Authorized Representative which shall be filed with the Fiscal Agent on or before September 2 of each year commencing September 2, 1991. Said estimate of the Special Tax receipts shall be based upon the amount of the Special Taxes to be collected in said Debt Service Year, as levied by resolution of the Legislative Body. An allowance shall be made for delinquent Special Taxes in an amount equal to the actual rate of delinquent Special Taxes in the most recent Debt Service Year for which such data is available or, if such data shall be unavailable, at a rate equal to the delinquency rate on secured ad valorem taxes on property within the Community Facilities District for the most recent Debt Service Year for which such data are available. (d) Upon receipt of a certificate of an Authorized Representative that the amounts remaining after the above transfers will not be necessary to pay Annual Debt Service for the next Debt Service Year, such amounts shall be transferred to the General Fund of the Community Facilities District held by the Treasurer or his authorized representative and may be used by the Community Facilities District for any authorized purpose, including without -17-