86-064 Ordinance - Laserfiche WebLink

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?: There is hereby created by the Issuer and orderea maintained, as a separate deposit account (except when invested as hereinatter provided) in the custody of the Trustee, a trust tuna to be designated "City of North Olmsted, Ohio - Jack and Jacqueline Boss Bond Funa". There are also hereby created two separate subaccounts in the Bond Fund, to be designated the "Principal Account" and the "Interest Account". Subject to the provisions of the Agreement, the Bond Fund and the moneys therein are hereby pledged to and snall be used solely and exclusively for the payment of Bond Service Charqes as they fall due at stated maturity or by amortization or- redemption, all as provided herein and in tne Indenture and the Aqreement, with Bond Service Charqes representing repayment of principal on the Bonds, whether at maturity, acceleration or by mandatory or optional redemption, beinq paid only from the Principal Account and with Bond Service Charqes representing all other amounts being paid only from the Interest Account, exCept as provided in Section 8.02 of the Trust Indenture relatinq to defeasance ot the Bonas. Except as otherwise provided in the Agreement, the Mortgaqe or this Bond Legislation, and except for payments to be deposited into tne Reserve Fund, there shall be deposited into the Bond Fund, as and when received, all Pledqed Receipts, as follows: all portions of the Note Payments representing a payment ot principal, all moneys from the Reserve Fund or investment ot Reserve Fund moneys transferred from the Reserve Fund or otherwise credited to the Bond Fund and any other payments receivea by tne Trustee to be used to repay principal on the Bonds, shall be deposited into the Principal Account, and accrued interest, if any, receivect upon the sale of the Bonds to the Original Purchaser and all other Pledged Receipts shall be aeposited into the Interest Account. The Issuer covenants and agrees that, until Payment in Full of the Bonds, it will deposit or cause to be deposited in the Bond Fund Pledged Receipts sufticient in time and amount to pay the Bond Service Charqes as the same become due and payable, and to this end the Issuer covenants and agrees that it will diligently and promptly proceed in good faith and use its best etforts to entorce the Aqreement and that, should there be an event of detault under the Aqreement, the Issuer shall tully cooperate with the Trustee and with the Bondholders to fully protect the rights and security of the Bondholders hereunder. Notning herein shall be construed as requiring the Issuer to use or apply to the payment of Bond Service Charges any tunds other than the Bond Fund, the Reserve Fund and the Project Fund or revenues trom any source otrier than Pledged Receipts. -16-