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Agenda - 03-02-2006-8bTA
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Agenda - 03-02-2006-8bTA
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Last modified
9/2/2008 1:38:17 AM
Creation date
8/29/2008 9:13:06 AM
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BOCC
Date
3/2/2006
Document Type
Agenda
Agenda Item
8bTA
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Minutes - 20060302
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\Board of County Commissioners\Minutes - Approved\2000's\2006
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referenced in Section 1.04{e), and will deposit in the proper account all other <br />amounts paid to it for deposit in the Payment Fund. <br />(b) The Trustee ~~~ill pay the principal and interest with respect to <br />Certificates from the Principal Account and the Interest Account, respectively, as <br />the same become due. <br />(c) The TrLtstee will determine whether any amounts are on deposit with <br />the Trustee that are to be credited against the amount of the County's Installment <br />Payments at the times and in the manner provided for in [Section 2.1(b)] of the <br />Financing Contract. <br />(d} On the second Business Day preceding each Certificate Payment <br />Date, the Trustee will first set aside an amount sufficient to pay the interest with <br />respect to the Certificates becoming due and pa}cable on such Certificate Payment <br />Date, and then an amount sufficient to pay the principal ~~•ith respect to the <br />Certificates becoming due and payable on such Payment Date, and v~Till transfer on <br />the Certificate Payment Date the amounts due to DTC as registered owner of the <br />Certificates. <br />(e} If the amount on deposit in the Principal Account or the Interest <br />Account is insufficient for the purposes thereof t~vo Business Days before any <br />Certificate Payment Date, the Trustee ~~rill notify the County of the amount of such <br />insufficiency and the Trustee will transfer to such Accounts such amounts as may <br />be necessary therefor from the Prepayment Account. <br />If the amount on deposit in the Interest Account on any Certificate Payment <br />Date exceeds the amount payable on account of interest on the Certificates on such <br />date, the Trustee will, as directed by a County Representative, retain such excess in <br />the Interest Account or transfer such excess to the Principal Account to be credited <br />against subsequent required deposits thereto. <br />If the amount on deposit in the Principal Account on any [September 1] <br />exceeds the amount required on such date to pay principal of Certificates coming <br />due on such date (whether by reason of maturity or mandatory redemption}, then <br />the Trustee will, as directed by a County Representati~Te, retain such excess in the <br />Principal Account or transfer such excess to the Interest Account to be credited <br />against subsequent required deposits thereto. <br />(f} The Trustee will deposit in the Prepayment Account of the Payment <br />Fund all amounts paid to it for deposit therein, and, except as provided in <br />subsection {g) below, will use such amounts within 12 months of their deposit <br />therein as directed by a County Representative (1) to pay Certificates called for <br />93 362v2 16 <br />
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