10B Action 2009 1221 - Laserfiche WebLink

Home

ARTICLE III DEPOSIT AND APPLICATION; ADDITIONAL DEBT Section 3.01. Issuance of Bonds. Upon the execution and delivery of this Indenture, the Agency shall execute and deliver to the Trustee the Series 2010 Bonds in the aggregate principal amount of Dollars ($ )and the Trustee shall authenticate and deliver the Series 2010 Bonds upon the Written Request of the Agency. Section 3.02. Application of Proceeds of Sale and Certain Other Amounts. On the Closing Date with respect to the Series 2010 Bonds, the proceeds of sale of the Series 2010 Bonds [, including the good faith deposit of $ 1, shall be paid to the Trustee and applied as follows: (a) The Trustee shall deposit in the Reserve Account the amount of $ ,which amount equals the Reserve Requirement. (b) The Trustee shall deposit the amount of $ in the Costs of Issuance Fund. (c) The Trustee shall transfer the remaining $ ,being the remaining amount of proceeds of the Series 2010 Bonds, to the Agency for deposit in its Low and Moderate Income Housing Fund. The Trustee may establish a temporary account to facilitate such deposits and transfer. Section 3.03. Costs of Issuance Fund. There is hereby established a separate fund to be known as the "Costs of Issuance Fund", which shall be held by the Trustee in trust. The moneys in the Costs of Issuance Fund shall be used and withdrawn by the Trustee from time to time to pay the Costs of Issuance with respect to the Series 2010 Bonds upon submission of a Written Request of the Agency stating the person to whom payment is to be made, the amount to be paid, the purpose for which the obligation was incurred and that such payment is a proper charge against said fund. On the date which is six (6) months following the Closing Date with respect to the Series 2010 Bonds, or upon the earlier Written Request of the Agency, all amounts (if any) remaining in the Costs of Issuance Fund shall be withdrawn therefrom by the Trustee and transferred to Agency for deposit in the Low and Moderate Income Housing Fund. Section 3.04. Low and Moderate Income Housing Fund. The proceeds of the Series 2010 Bonds deposited by the Agency in the Agency's Low and Moderate Income Housing Fund shall be maintained separate and apart from other moneys of the Agency, and shall be used in the manner provided by the Law solely for the purpose of aiding in financing and refinancing low- and moderate- income housing or of benefit to the Redevelopment Project, including, without limitation, the payment of any unpaid Costs of Issuance. The Agency covenants that no funds on deposit in the Low and Moderate Income Housing Fund, including the proceeds of the Series 2010 Bonds, shall be applied for any purpose not authorized by the Law. Section 3.05. Issuance of Parity Debt. In addition to the Series 2010 Bonds, the Agency may, by Supplemental Indenture, issue additional bonds or incur other loans, advances or indebtedness payable from Housing Tax Revenues on a parity with the Series 2010 Bonds to finance low- and moderate income housing activities with respect to the Redevelopment Project in such principal amount as shall be determined by the Agency. The Agency may issue and 22