Laserfiche WebLink
SECTION 4.06 Investments. The Construction Fund, the Restricted Revenue <br /> Account and the Debt Service Fund shall be continuously secured in the manner by which the <br /> deposit of public funds is authorized to be secured by the laws of the State and the investment <br /> policy of the Issuer. Moneys on deposit in the Construction Fund, the Restricted Revenue <br /> Account and the Debt Service Fund may be invested and reinvested in Permitted Investments <br /> maturing no later than the date on which the moneys therein will be needed. Any and all <br /> income received by the Issuer from the investment of moneys in each of the Construction Fund, <br /> the Interest Account, the Principal Account, the Bond Amortization Account, the Reserve <br /> Account or any subaccounts therein (but only to the extent that the amount therein is less than <br /> the applicable Reserve Account Requirement) and the Restricted Revenue Account shall be <br /> retained in such respective Fund or Account unless otherwise required by applicable law. To <br /> the extent that the amount in the Reserve Account or any subaccounts therein is equal to or <br /> greater than the applicable Reserve Account Requirement, any and all income received by the <br /> Issuer from the investment of moneys therein shall be transferred, upon receipt, and deposited <br /> into the Interest Account. <br /> Nothing contained in this Resolution shall prevent any Permitted Investments acquired <br /> as investments of or security for funds held under this Resolution from being issued or held in <br /> book-entry form on the books of the Department of the Treasury of the United States. <br /> SECTION 4.07 Separate Accounts. The moneys required to be accounted for in <br /> each of the foregoing funds and accounts established herein may be deposited in a single bank <br /> account, and funds allocated to the various funds and accounts established herein may be <br /> invested in a common investment pool, provided that adequate accounting records are <br /> maintained to reflect and control the restricted allocation of the moneys on deposit therein and <br /> such investments for the various purposes of such funds and accounts as herein provided. <br /> The designation and establishment of the various funds and accounts in and by this <br /> Resolution shall not be construed to require the establishment of any completely independent, <br /> self-balancing funds as such term is commonly defined and used in governmental accounting, <br /> but rather is intended solely to constitute an earmarking of certain revenues for certain <br /> purposes and to establish certain priorities for application of such revenues as herein provided. <br /> ARTICLE V <br /> SUBORDINATED INDEBTEDNESS, <br /> ADDITIONAL BONDS,AND COVENANTS OF ISSUER <br /> SECTION 5.01 Subordinated Indebtedness. The Issuer will not issue any other <br /> obligations, except under the conditions and in the manner provided herein, payable from the <br /> Pledged Funds or voluntarily create or cause to be created any debt, lien, pledge, assignment, <br /> encumbrance or other charge having priority to or being on a parity with the lien thereon in <br /> favor of the Bonds and the interest thereon. The Issuer may at any time or from time to time <br /> issue evidences of indebtedness payable in whole or in part out of the Pledged Funds and <br /> which may be secured by a pledge of the Pledged Funds; provided, however, that such pledge <br /> shall be, and shall be expressed to be, subordinated in all respects to the pledge of the Pledged <br /> Funds created by this Resolution. The Issuer shall have the right to covenant with the holders <br /> from time to time of any Subordinated Indebtedness to add to the conditions, limitations and <br /> restrictions under which any Additional Bonds may be issued pursuant to Section 5.02 hereof. <br /> The Issuer agrees to pay promptly any Subordinated Indebtedness as the same shall become <br /> due. <br /> SECTION 5.02 Issuance of Additional Bonds. No Additional Bonds, payable on <br /> a parity with the Bonds then Outstanding pursuant to this Resolution, shall be issued except <br /> upon the conditions and in the manner herein provided. The Issuer may issue one or more <br /> Series of Additional Bonds for any one or more of the following purposes: financing or <br /> refinancing the Cost of an Additional Project, or the completion thereof or of the Initial Project <br /> of the Issuer, or refinancing Subordinate Indebtedness. <br /> 21 <br />