Resolution No. 4624 - Laserfiche WebLink

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(C) If the value of cash, Permitted Investments and any Reserve Credit Facility is less than the Reserve Requirement on a Valuation Date for reasons other than a transfer pursuant to Section 3.3(A), the City shall transfer Net Revenues to the Bond Reserve Account in an amount equal to the deficiency, not later than the first Transfer Date which occurs at least four months after the Valuation Date. (D) If the value of the investments in the Bond Reserve Account on a Valuation Date exceeds the Reserve Requirement, the City may transfer the excess to any account of the Municipal Airport Fund. (E) Transfers to the Bond Reserve Account pursuant to Section 2.1 (C) shall be applied first, to reimburse the Providers of any Reserve Credit Facilities pro rata for amounts advanced under the Reserve Credit Facility; second, to replenish the balance in the Bond Reserve Account with cash or Permitted Investments; and third to pay any other amounts owed under a Reserve Credit Facility (including any interest, fees and penalties associated with any draw under a Reserve Credit Facility). (F) Amounts in the Bond Reserve Account shall be invested in Permitted Investments which mature no later than the final maturity date of the Bonds. (G) Earnings on the Bond Reserve Account shall be credited to the Bond Reserve Account whenever the balance in that account is less than the Reserve Requirement. Otherwise earnings may be credited to any account of the Municipal Airport Fund specified by the City. (H) Permitted Investments in the Bond Reserve Account shall be valued on each Valuation Date in the following manner: (1) Cash and investments in demand deposits, deposits in the City's common investment pool, and the Oregon Short Term Fund (the Oregon Local Government Investment Pool) shall be valued at their face amount, plus accrued interest; (2) Permitted Investments which mature in two years or less after the Valuation Date shall be valued at their purchase price, less any portion of the purchase price which is allocable to accrued interest; (3) Reserve Credit Facilities shall be valued at the amount which is available to be drawn or paid under them; (4) Permitted Investments which mature more than two years after the Valuation Date and for which bid and asked prices are published on a regular basis in the Wall Street Journal (or, ifnot there, then in the New York Times) shall be valued at the average of their most recently published bid and asked prices; (5) Investments which mature more than two years after the Valuation Date and for which the bid and asked prices are not published on a regular basis in the Wall Street Journal or the New York Times shall be valued at the average bid price quoted by any two nationally recognized government securities dealers (selected Page 8 - Resolution March 23, 2000