Orange County NC Website
Browse       Search
Section 5.04. Operating and Maintenance Fund. There will be deposited in the Operating and <br /> Maintenance Fund all amounts required to be deposited therein pursuant to this Indenture and any other <br /> amounts available therefor and designated by the Corporation to be deposited therein. Amounts in the <br /> Operating and Maintenance Fund will be(i) applied to the payment of Operating Expenses, as from time <br /> to time requested by the Company in writing, consistent with the Operating Budget, and (ii) transferred <br /> to the Debt Service Fund to make up any deficiency therein in accordance with the order of priorities <br /> established in Section 5.02. In no event will the aggregate disbursements from the Operating and <br /> Maintenance Fund in each Fiscal Year, excluding any amounts transferred to the Debt Service Fund as <br /> provided in Section 5.02, exceed the amount provided therefor in the Operating Budget. If a payment <br /> from the Operating and Maintenance Fund to the Bond Fund is required in accordance with the priorities <br /> established in Section 5.02, the amount of such payment will be added to the amount otherwise required <br /> to be paid to the Operating and Maintenance Fund. <br /> Section 5.05. Reserve Fund. The Trustee shall deposit in the Reserve Fund all amounts required <br /> to be deposited therein pursuant to this Indenture, any other amount available therefor and designated by <br /> the Corporation to be deposited therein and any other amounts deposited with the Trustee for deposit in <br /> the Reserve Fund. Trust Moneys deposited in the Reserve Fund shall be used and withdrawn by the <br /> Trustee for the purpose of paying the last maturing principal of and the interest on the Bonds, whether <br /> at the stated payment date or by redemption of the Bonds; provided, however, that whenever and to the <br /> extent that moneys in the Bond Fund are insufficient for the purpose of paying principal of and interest <br /> on the Bonds, whether or not at the redemption date therefor, moneys on deposit in the Reserve Fund <br /> shall be withdrawn by the Trustee and used for such purposes in accordance with the order of priorities <br /> set forth in Section 5.02. If at any time the amount on deposit in the Reserve Fund shall exceed the <br /> Reserve Requirement, such excess shall be transferred to the Revenue Fund. <br /> [End of Article V] <br /> 22 <br />