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Agenda 05-20-25; 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various Capital Investment Plan Projects
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Agenda 05-20-25; 6-a - Adoption of the Final Financing Resolution Authorizing the Issuance of Installment Purchase Financing for Various Capital Investment Plan Projects
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5/15/2025 10:58:23 AM
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5/15/2025 11:45:28 AM
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BOCC
Date
5/20/2025
Meeting Type
Business
Document Type
Agenda
Agenda Item
6-a
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40 <br /> time to time. Any electronic notice to the Trustee is subject to the provisions of <br /> Section 9.02 of the 2021 Agreement. <br /> Section 3.03. Transfer of Unexpended Proceeds. When the County <br /> determines there are no more 2025 Project Costs to be paid from the 2025 Project <br /> Fund, the County will send a County Certificate to that effect to the Trustee. The <br /> Trustee will then withdraw all remaining moneys in the 2025 Project Fund and <br /> deposit those moneys in a separate account within the Payment Fund. The Trustee <br /> will then apply those moneys to Bond payments as directed by a County <br /> Representative. In the absence of any direction from the County, the Trustee will <br /> deposit those moneys in the Interest Account and use them to pay interest on the <br /> 2025 Bonds as the same becomes due. <br /> Section 3.04. Creation of Accounts in Payment Fund. (a) The Trustee shall <br /> establish, in the 2021 Bond Payment Fund established under the 2021 Agreement, <br /> three special accounts to be designated as the "2025 Interest Account," the "2025 <br /> Principal Account" and the "2025 Redemption Account." The Trustee shall keep <br /> these accounts separate and apart from all other funds and moneys held by it, and <br /> must hold and administer the same as provided below. The Trustee must deposit in <br /> the proper account in the Payment Fund all amounts paid to it for deposit in the <br /> Payment Fund, including all amounts paid to it by the County for payments on <br /> Bonds. <br /> (b) Not less than 15 days prior to each Payment Date for the 2025 Bonds, <br /> the Trustee must determine the amounts on deposit and available to make the <br /> payments due on that Payment Date with respect to the 2025 Bonds, whether in (i) <br /> the 2025 Interest Account or the 2025 Principal Account of the Payment Fund, or <br /> (ii) any special trust fund established pursuant to Section 11.01 of the 2021 <br /> Agreement. The Trustee must notify the County of the available amounts not less <br /> than 10 days prior to the applicable Payment Date. The County's obligation to make <br /> payments with respect to any Payment Date is reduced by the available amounts the <br /> Trustee determines. <br /> (c) The Trustee must pay the principal of the 2025 Bonds from the 2025 <br /> Principal Account and the interest on the 2025 Bonds from the 2025 Interest <br /> Account, as the same become due. On or before each Payment Date, the Trustee <br /> must first determine if it has on hand amounts sufficient to pay the principal and <br /> interest coming due on the 2025 Bonds on the Payment Date. Then, the Trustee <br /> 11 <br />
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