106-83 Bonds for Hospial - Laserfiche WebLink

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and each Bond shall contain on the face thereof a statement to that effect; provided, however, that nothing herein, in any Series Bond Legislation or in the Indenture shall be deemed to prohibit the Issuer, of its own volition, from using, to the extent it is lawfully authorized to do so, any other resources or revenues for the fulfillment of any of the terms, conditions, or obligations of the Issuer set forth in the Bond Legislation, any Series Bond Legislation, the Indenture or any of the Bonds. Section 8. Source of Payment - Debt Service Fund and Applica- tion Thereof. (a) There is hereby established with the Trustee and ordered to be maintained in a separate deposit account "The City of Lakewood Medical Office Building Debt Service Fund" (the "Debt Service Fund"). Said Fund shall be in the custody of the Trustee, and together with the earnings and investments therein shall be held in trust for the Bond- holders, and except as otherwise herein or in the Indenture provided, shall be used and applied solely for the payment of Bond Service Charges and, to the extent provided in this Bond Legislation, for the redemption and purchase of Bonds including any premium thereon. There is hereby established a separate "Series 1983 Bonds Account" within said Debt Service Fund. Three business days prior to each date on which Bond Service Charges on the Series 19S3 Bonds are due, the Trustee shall draw on the Letter of Credit and deposit, upon receipt, in the Series 19S3 Account in the Debt Service Fund moneys which are sufficient to pay the Bond Service Charges as they come due. Notwithstanding any other provision to the contrary in this Bond Legislation or the Indenture, the Trustee shall pay the principal of and interest on the Series 1983 Bonds first from moneys drawn by the Trustee under the Letter of Credit and then from moneys deposited by the Issuer from Available Net Revenues or from other sources into the Debt Service Fund. The proceeds of any bonds issued by the Issuer to redeem the Series 19S3 Bonds shall be deposited in the Reimbursement Fund under the Payment, Purchase and Remarketing Agreement and shall be used to reimburse the Bank for the amount drawn under the Letter of Credit for such redemption. Any accrued interest on the Series 19S3 Bonds deposited in the Debt Service Fund at the time of the delivery of and payment for the Series 1983 Bonds shall be used, on the first Interest Payment Date, to reimburse the Bank for the draw on the Letter of Credit to pay Bond Service Charges on such date. (b) On or before each date when Bond Service Charges are due and payable, the Trustee shall transmit from moneys in the Debt Service Fund applicable thereto to any other Paying Agents, as appropriate, amounts sufficient to meet payments to be made by them of Bond Service Charges to be then due and payable; provided that to the extent that the amount needed by any other Paying Agent is not sufficiently predictable, -23-