Ordinance No. 19551 - Laserfiche WebLink

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4.3, The Bond Fund; A ointment of Trustee to Administer the Same, 4.3.1. There is hereby established a special trust fund of the~City to be known as the "City of Eugene Airport Revenue Bond Fund" the "Bond Fund"~, which shall be held and administered by the Trustee. The City shall set aside and pay into the Bond Fund the Net Revenues pledged hereunder to the extent necessary to provide for the punctual payment of the principal of and interest and premium, if any, on the Bonds as and when the same become due, whether by reason of stated maturity or by redemption ar by declaration as hereinafter provided, or otherwise. The moneys in the Bond Fund shall be used solely for the payment of principal and interest and premium, if any, due upon the Bonds. Until so used and applied, the moneys in the Bond Fund and the securities in which such moneys may from time to time be invested shall be held in trust hereunder for the equal and ratable benefit and security of the Owners of all the Bonds and shall be subject to the liens and pledges created by Section 2,2 hereof, Whenever all Bonds and expenses therefor have been paid so that no charge remains upon the .Bond Fund, the City may use any balance remaining in the Bond Fund for any lawful purpose, and dissolve the Bond Fund, 4.3.2. There shall be deposited in the Band Fund the moneys required by Sections 4, 5.2.7 and 5.2.11 hereof to be paid into the Bond Fund; and the Net Revenues, in the amounts and at the times provided in the following subsections of this Section 4.3,2, 4.3.2.1, Debt Service Account. The Trustee shall establish a separate account in the Bond Fund to be known as the "Debt Service Account." In order to provide for the payment of the principal of, and interest and premium on, the Bonds, not later than 15 days preceding each Bond interest payment date, so lung as any Bonds are Gutstanding,.the City shall pay the amount, if any, that is scheduled tv be paid from the Airport Construction Fund under a Capitalized Interest Certificate has described in Section 4.1.3 hereof, plus an amount from the Operating Account has described in Section 4,2 hereof}, to the Trustee far deposit in the Debt Service Account, so that the amount on credit to the Debt Service Account will, on each Bond interest, grincipal or premium payment date, be equal to the Bond interest, principal and premium due on that date. on the fifteenth day preceding each Series 1985 Band interest ar principal payment date, the Trustee shall notify BIG of any deficiency in the Debt Service Account. 4,3.2.2. Debt Service Reserve Account. The Trustee shall establish a separate account in the Bond Fund, to be known as the "Debt Service Reserve Account," the moneys on credit to which shall constitute a reserve for the payment of the principal Page 28 - Ordinance