Resolution No. 4624 - Laserfiche WebLink

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"Transfer Date" means the Business Day preceding each Payment Date. "Valuation Date" means June 30 of each year (or the first Business Day thereafter, if July 1 is not a Business Day) and any date on which amounts are withdrawn from the Bond Reserve Account pursuant to Section 3.3(A). 1.2 Rules of Construction. In determining the meaning of provisions of this Resolution, the following rules shall apply unless the context clearly requires application of a different meaning: (A) References to section numbers shall be construed as references to sections of this Master Resolution. (B) References to one gender shall include all genders. (C) References to the singular include the plural, and references to the plural include the singular. (D) Generally accepted accounting principles which apply to enterprises such as the Airport shall be applied to determine the meaning of the provisions of this Master Resolution whenever that is reasonable. Section 2. Deposit, Pledge and Use of Revenues 2.1 Deposit. All Gross Revenues shall be deposited to and maintained in the Municipal Airport Fund, and shall be used only as described in this Section as long as any Bonds remain Outstanding. All Gross Revenues in the Municipal Airport Fund (other than amounts credited to the Bond Reserve Account) shall be used on or before the following dates for the following purposes in the following order of priority: (A) At any time to pay Operating Expenses which are then due; (B) On each Transfer Date, the City shall deposit in the Airport Debt Service Fund an amount sufficient to pay all Bond principal, interest and premium which is due on the following Payment Date; (C) On each Transfer Date specified in Section 3.3(B) and Section 3.3(C), the City shall deposit in the Bond Reserve Account the amounts required by those sections; (D) On the day on which any rebates or penalties for Bonds are due to be paid to the United States pursuant to Section 148 of the Code, the City shall pay the amounts due from the Net Revenues; (E) After all transfers and payments having a higher priority under this section have been made, the City may transfer to the Subordinate Obligations Account the Net Revenues required by the proceedings authorizing the Subordinate Obligations; (F) After all transfers and payments having a higher priority under this section have been made, the City may transfer or spend Net Revenues for any other lawful purpose. Page 6 - Resolution March 23, 2000