Agenda - 03-02-2006-8bOS - Laserfiche WebLink

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Uses of Funds: Construction and Acquisition of the Facilities Costs of Issuances Total Uses $ Includes legal, rating agency and trustee fees, cost of printing, CJndenvriters' discount, fees of the Local Govenunent Commission and other costs. ~EC~URITY AND ~OURC'E~ OF PAYl~--TENT General The 20D6A Certificates are payable solely from Installment Payments to be made by the County pursuant to the Financing Contract, proceeds from the issuance of the 2006A Certificates (and investment earnings thereon), net proceeds of insurance and condemnation awards, moneys in the funds and accounts held by the Trustee under the Trust Agreement and proceeds from any sale of the Mortgaged Property, which payments and other funds have been pledged to such payment as provided in the Trust Agreement. Installment Pa3~ments and Additional Payments The Financing Contract provides for the County to make payments directly to the Trustee sufficient in times and amounts to make payments of principal and interest with respect to the 2006A Certificates ("Installment Payments") when due. Installment Payments are due on the fifth Business Day prior to the corresponding Certificate Payment Date. Installment Payments payable on any date will be reduced by certain investment earnings subsequent to completion of the Facilities and other amounts on deposit and available for such payments under the Trust Agreement. In addition to the Installment Payments, the County will also make payments ("Additional Payments") to pay all fees and expenses of the Trustee and the Company or otherwise associated with the Facilities or the 2006A Certificates, as provided in the Financing Contract. The County will pay Additional Payments directly to the person or entity to which such Additional Payments are o~~ved. In connection with both Installment Payments and Additional Payments, the appropriation of fiends therefor is within the sole discretion of the Board of Commissioners for the County. In the Financing Contract, the County agrees to cause the Budget Oflicer to include the Installment Payments and estimated Additional Payments coming due during the Fiscal Year in the initial proposal for the annual budget for such Fiscal Year. If within 15 days after the beginning of any Fiscal Year the County has not appropriated an amount equal to the Installment Payments and estimated Additional Payments coming due during such Fiscal Year then the County must send a notice to such effect to the Trustee and the LGC. C'-883836v~1 13361.000''2