34-70 Revenue bonds to improve hospital

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TIle ])cbt Service Fund and ])cbt Service Re:nerve Fund ::hal l~ tained in the cu:;tody of thc ", .... ~' 1.t ....ce~ and shall be used :;o!~ly for the of thc principal of and intel'cst on the !~onds, and to the entcnt ~rorJ. dud ~:~ this legislation, for the redemption of bonds inclu0in'i any prc:~xu;.% 'l'he S~plus Fund shall be I::a~nta~.ne:l in the custo~iy of the 'i'rustcc until co.np~.cu~.on of thc Project at which ti:.:e iL shall be transferred to and maintained in the custo6y of the is;;uer. Until required for such moneys in tl:o Debt Service Fund shall be invested in direct obligations the United ~ ~t,~uas designate~[ by the rlsc~l Officer and maturing, or by the holder, not later than the next interest payncnt date as to mcr]ey:~ hc!a for interest and not later than ~he principal paymun% or mandatory ......... date as to moneys held for retirement of principal Until required '~ ~- p~'poscs for which held, moneys in the Debt Service Reserve Fund and Sur~!us Fund shall be invested in such Eligible Investments as nay bemeo~gn=~u~ ~' ' ..... by the Fiscml Officer. Investments in the Debt Service Fund, Debt Service Reserve Fund and S~'plus Fund may, %zhen and as directed by the Fiscal Officer: ~e sold, s~rendered, exchanged or otherwise disposed of~ and, in computing the ~.ount of each such Fund, the investments therein sh~l be v~ued at cost or C~rent n~mrket %~hichever is lo~.zer, If at any tine th% Truste~ .shall be provided %~ith moneys sufficient, together with moneys and investments then in the Debt Service Fund ~d Debt Service Reserve Fund~ to retire on the next available redemption date a~ outstanding Bonds, %~,ithout therebj' reducing %he balance thereafter remaining in the Debt Service Fund or Debt Service Reserve Fund below the amount which on such c~! date would be required by %his Section to be on hand therein %~ith respect to Bonds not so to be retired, %he Trustee shall make available out of the Debt Service F~d or Debt Service Reserve ~nd the ~moun't required: together with the other moneys provided, to accomplish such retirement. Any Bonds purchased for cancellation shall be purchased at a price not exceeding their fair market Value 6r their then prevailing call price, or if not the~.~ callable, then the price at which the Bonds are first callable. Interest earned on any of the Funds shall be credited to the Debt Service Reserve }h~nd until the balance the:rein has reached the ~mount re- quired by paragu'aph THIRD above to be therein acctunulated and thereafter shall be credited to the Surplus Fund unless otherwise provided in legi- slation authorizing issuance of Additional Bonds'. Any moneys or investments in each Fund shall be credited to such Fund. Section 7. Mandatory _Re.'SemDtion -- To effect the retirement of principal in the years from 1990 ~to 1998, both inclusive, provided for in Section 2 of this legislation, there shall be redeemed at 100 percent of the p~r value thereof on June 1 in each of the years from 1990 to 1997, both inclusive, Improvement Bonds in the principal 82r. ounts stated below: