Agenda - 11-16-2010 - 4k - Laserfiche WebLink

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(g) The Trustee will hold amounts transferred to the Prepayment Account from • the Net Proceeds Fund pursuant to Section 4.04(b) and apply such amounts to the prepayment of Bonds pursuant to Section 3.01(b) as directed by a County Representative. The Trustee will transfer any amounts not so used within 12 months of their deposit in the Prepayment Account to the Interest Account in the Payment Fund for use on the next Payment Date to pay interest with respect to the Bonds, and pending such use will invest such funds in Permitted Investments having a yield not in excess of the Restricted Yield. Subject to retaining moneys necessary to pay Bonds that have been called for prepayment but not yet presented for payment, the Trustee will use amounts in the Prepayment Account as directed by a County Representative to make transfers to the Interest Account or the Principal Account to the extent the balances therein may be insufficient for the purposes thereof. Section 4.04. Net Proceeds Fund. (a) The Trustee will deposit in the Net Proceeds Fund (i) Net Proceeds as provided in Section 5.2(c) of the Financing Contract and (ii} any other amounts paid to it for deposit in that fund. The County will direct the investment and reinvestment of all amounts on deposit in the Net Proceeds Fund only in Permitted Investments having a yield not in excess of the Restricted Yield, to the extent • such amounts are on deposit therein on any date following the later of (A) the third anniversary of the Closing Date or (B) 30 days from the payment of such Net Proceeds to the County or the Trustee, as applicable. (b) The Trustee will disburse Net Proceeds for replacement or repair as provided in Section 5.3(c) of the Financing Contract, or transfer such proceeds to the Prepayment Account in the Payment Fund for application as provided in Section 4.03(g), in either case as directed by a County Representative as provided in Section 5.3 of the Financing Contract. (c) If the County directs the Trustee to apply amounts on deposit in the Net Proceeds Fund to the prepayment of Bonds pursuant to Section 5.3(a) or 5.3(b) of the Financing Contract, the Trustee will provide for such prepayment pursuant to Section 3.01(b) at the earliest practicable date. (d) After all principal and interest with respect to the Bonds has been paid in full, and all the Trustee's fees and expenses have been paid, or provision has been made for the payment thereof satisfactory to the Trustee, the Trustee will pay any moneys remaining in the Net Proceeds Fund to the County. • ARTICLE V SECURITY PROVISIONS Section 5.01. Security Provisions. 14