2002 AGN JUL 02 I04 - Laserfiche WebLink

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2 3 5 8 9 10 11 13 14 17 18 19 20 21 Purchase Agreement, the Indenture of Trust relating to the 2002 Bonds (the "2002 Indenture"), between the Authority and the Trustee named therein, or as otherwise provided herein. Such capitalized terms and the meanings ascribed thereto shall survive the termination, cancellation or expiration of the 2002 Installment Purchase Agreement, the 2002 Indenture or any other applicable agreement. Section 2. Fund and Accounts (a) The following fund and accounts are hereby created or continued, as applicable, each of which is to be held by the Treasurer separate and apart from all other funds and accounts held by the Treasurer: Electric System Revenue Fund and the following accounts therein: (i) Electric System Revenue Account (the "Revenue Account"); (ii) Electric System Maintenance and Operation Account (the "M&O Account'); (iii) Electric System Qualified Obligations Account (the "Qualified Obligations Account'); (iv) Electric System Surplus Revenue Account (the "Surplus Revenue Account") and the Subordinate Qualified Obligations Sub -account (the "Subordinate Qualified Obligations Sub -account") therein; and (v) Operating Reserve Account. (b) The Treasurer shall maintain the Electric System Revenue Fund and the accounts therein so long as any of the Qualified Obligations or Subordinate Qualified Obligations remain Outstanding. Section 3. Flow of Gross Revenues The Treasurer shall deposit the Gross Revenues of the Electric System as received in the Revenue Account into a bank account separate and apart from other accounts of the City. On or before the 20th day of each calendar month, the Treasurer shall withdraw the entire amount on deposit in the Revenue Account and shall allocate and deposit such amount in the indicated priority to the following accounts, sub -account and fund: (i) First, there shall be transferred to the M&O Account an amount sufficient for the payment of Maintenance and Operation Expenses for the following month; (ii) Second, there shall be transferred to the Qualified Obligations Account the amount of Qualified Obligation Service necessary to be deposited (assuming equal monthly deposits) such that all Qualified Obligations may be made as scheduled (to the extent not already transferred to such Account in such month or not otherwise on deposit in such Account) or, if less, the entire amount of Gross Revenues then available for transfer, to such Account; and (iii) Third, all moneys remaining in the Revenue Account after the above transfers have been made shall be transferred to the Surplus Revenue Account. Moneys in the Surplus Revenue Account at any time shall be used in the following order of priority: (a) for the payment of all Additional Installment Payments (as defined in the 1997 Installment Sale Agreement) that have accrued or been incurred or that are then due and payable; 45180839.4 -3-