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1'11o Dcbl. Dcrvicc I"und and ])cbt Scl'vice H(:serve l,'und <br />rained in the custody of the ", ...... <br /> ].~t .... ce~ and shall be used :;o!cly fo <br />of thc principal of and interest on the Bonds, and to the eztcnt <br />this !cgislation, for the redemption of bonds includSnz any <br />The S~plus Fund shall be maSntained in the custo~y of thu TI'ustc( <br />co.,p~.cu!on of thc l'ro~ect at which time iL shall be transferred <br /> <br />ur: t :i. i <br /> <br />maintained in the custody of the Issuer. Until requirc~ for such <br />moneys in tL~e Debt Scl:vice Fund shall be invested in direct obli6ations <br />the United States designated by the Fiscal. Officer and maturing, or <br />by the holder, not later than thc nest interest payment date as to money:; hcla <br />for interest and not later than %he principal payment or mandatory <br />date as to moneys held for retirement of principal. Until required for thc <br />pua'poscs for which held, moneys in the Debt Service Reserve Fund and Surplus <br />Fund shall be invested in such Eligible Investments as may be designated by <br />the Fiscal Officer. Investments in the Debt Service Fund, Debt Service <br />Reserve Fund and Su_vplus Fund may, when and as directed by the Fiscal Officer: <br />~e sold, surrendered, exchanged or otherwise disposed of, and, in computing <br />the amount of each such Fund, the investments therein shall be valued at cost <br />or current market whichever is lower. If at any time th% Trustee shall be <br />provided with moneys sufficient, together with moneys and investments then <br />in the Debt Service Fund and Debt Service Reserve Fund, to retire on the <br />next available redemption date any outstanding Bonds, without thereby reducing <br />the balance thereafter remaining in the Debt Service Fund or Debt Service <br />Reserve Fund below the amount whict~ on such call date would be required by <br />this Section to be on hand therein with respect to Bonds not so to be retired, <br />the Trustee shall make available out of the Debt Service Fund or Debt Service <br />Reserve Fund the ~mount required, together with the other moneys provided, to <br />accomplish such retirement. <br /> <br /> Any Bonds purchased for cancellation shall be purchased at a <br />price not exceeding their fair market value 6r their then prevailing call <br />price, or if not the%~callable, then the price at which the Bonds are first <br />callable. Interest earned on any of the Funds shall be credited to the Debt <br />Service Reserve ~nd until the balance therein has reached the ~mount re- <br />quired by paragraph THIRD above to be therein accmuulated and thereafter <br />shall be credited to the Surplus Fund unless otherwise provided in legi- <br />slation authorizing issuance of Additional Bonds] Any moneys or investments <br />in each Fund shall be credited to such Fund. <br /> <br /> Section 7. MandatorM~ Re<~emotion -- To effect the retirement <br />of principal in the years from 1993.to 1998, both inclusive, provided <br />for in Section 2 of this legislation, there shall be redeemed at 100 percent <br />of the par walue thereof on June i in each of the years from 1990 to 1997, both <br />inclusive, Improvement Bonds in the principal amounts stated below: <br /> <br />-7- <br /> <br /> <br />