52-91 Gen Provisions - Sanitary Sewer Spec Oblig Bonds

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All earnings and profits from investments shall be retained in the Debt Service Fund. No such investment shall be sold at a price less than one hundred percent (100%) of the par value thereof plus interest accrued to the date of sale. The Fiscal Agent shall follow the written instruction$ of the Fiscal Officer with respect to calculation and payment of any investment earnings which may be required to be rebated to the united states of America. section 13. Covenants. Aareements and Representations of Issuer. (a) In addition to other cOvenants of the Iss\,ler herein, the Issuer, by the issuance of Bonds and Notes, covenants and agrees with the Holders of Bonds and Notes that: (i) (ii) (iii) (iv) On or before 11:00 a.m. Ohio time on the fifteenth (15th) Business Day immediately preceding an Interest Payment Date the IS$uer will deposit with the Fiscal Agent the Pledged Receipts to be \,lsed to pay in full the Bond Service Charges on Bonds or Notes, as the case may be, due on such Interest Payment Date; provided, however, that in the event that the IS$uer prior to such fifteenth (15th) Business Day has passed Series Legislation authorizing the issuance and sale of Bonds, or renewal Notes, the proceeds of which are to be used to pay the principal of, or the principal of and interest on, outstanding Notes, the Issuer shall not be required to make the deposit provided for in this subsection with respect to such principal and/or interest to be paid from the proceeds of such Bonds, or renewal Notes, and in lieu of making such deposit, the Issuer shall, by the date when such deposit was otherwise required to be made, deliver to the Fiscal Agent a certified copy of such series Legislation together with a written certificate certifying that proceed$ of the issuance and sale of such Bonds or renewal Notes will be available and deposited with the Fiscal Agent in sufficient amount to pay when due all Bond service Charges on the outstanding Notes not provided for by deposit as required hereunder; provided, further, that any portion of the Bond Service Charges on such outstanding Notes that will not be provided for from the proceeds of such Bonds, or renewal Notes, shall be deposited with the Fiscal Agent in accordance with the provisions of this subsection. If on any Interest Payment Date the Issuer fails to pay, or provide for payment of, the Bond service Charges on Bonds or Notes, then until such Bond Service Charges have been paid in full, the Issuer will, pursuant to section 133.25(B) (2), Ohio Revised Code, provide for the transfer of Pledged Receipts or Additional Pledged Receipts, as the case may be, by the County Auditor of Cuyahoga County directly to the Fiscal Agent. During the years that the Bonds or Notes are outstanding the Issuer will annually levy the Levy. The Issuer will promptly pay, but only from the sources herein described, the Bond Service Charges on every gond and Note issued hereunder at the places, on the dates -14-