Official Statement Airport Commission City and County of San ...

Construction Fund
The 1991 Master Resolution creates the Construction Fund as a separate fund to be maintained and
accounted for by the Treasurer of the City. Moneys in the Construction Fund will be used for the purposes for which
Bonds are authorized to be issued, including but not limited to the payment of principal and purchase price of and
interest and redemption premium on the Bonds and the costs of issuance and sale thereof. A separate account will be
created within the Construction Fund with respect to each Series of Bonds. Amounts in the Construction Fund may be
invested in any Permitted Investment, in accordance with the policies and procedures of the Treasurer.
Costs of Issuance Fund
The 1991 Master Resolution creates the Costs of Issuance Fund as a separate fund to be maintained
and accounted for by the Trustee. A separate account will be created within the Costs of Issuance Fund with respect to
each Series of Bonds. Monies deposited in each Costs of Issuance Account shall be used only for the authorized costs
of issuing such Series of Bonds. Any balance remaining in any Costs of Issuance Account is to be transferred to the
appropriate account in the Construction Fund, no later than one year following the date of issuance of each such Series
of Bonds. Amounts in the Costs of Issuance Fund may be invested in any Permitted Investment.
Debt Service Holding Fund
The 1991 Master Resolution creates the Debt Service Holding Fund as a separate fund to be
maintained and accounted for by the Trustee, which is not pledged to the payment of the Bonds, but is established for
the convenience of the Commission in the administration and investment of monies delivered to the Trustee prior to the
time the Commission is required to make deposits into the Debt Service Fund and the series principal and interest
accounts therein as required by the 1991 Master Resolution. The Commission may at any time, deliver to the Trustee
monies for deposit in the Debt Service Holding Fund, to be held and invested therein as directed by the Commission.
Upon the order of the Commission, monies in the Debt Service Holding Fund and investment earnings thereon may be
invested in any Permitted Investment, transferred to the Debt Service Fund and the series principal and interest
accounts therein, or returned to the Commission.
Debt Service and Reserve Funds
The 1991 Master Resolution establishes the following funds and accounts to be held by the Trustee:
Debt Service Fund
Reserve Fund
The Commission will establish separate accounts within the Debt Service Fund with respect to any
or all of the Bonds of one or more Series. Moneys in the Debt Service Fund and the accounts therein will be held in
trust and applied to pay principal and purchase price of and interest and redemption premium on such Bonds, in the
amounts, at the times and in the manner set forth in the 1991 Master Resolution and in the Supplemental Resolutions
with respect thereto; provided, however, that each Supplemental Resolution must require to the extent practicable that
amounts be accumulated in the applicable accounts in the Debt Service Fund so that moneys sufficient to make any
regularly scheduled payment of principal of or interest on the Bonds are on deposit therein at least one month prior
thereto. Moneys in the accounts in the Debt Service Fund may also be applied to pay or reimburse a Credit Provider
for Repayment Obligations to the extent provided in the 1991 Master Resolution or in the Supplemental Resolutions
with respect thereto.
The Commission may establish a separate account or accounts in the Reserve Fund with respect to
any or all of the Bonds of one or more Series. Moneys in the Reserve Fund and the accounts therein will be held in
trust for the benefit and security of the Holders of the Bonds to which such accounts are pledged, and will not be
available to pay or secure the payment of any other Bonds. Each account in the Reserve Fund will be funded and
replenished in the amounts, at the times and in the manner provided in the 1991 Master Resolution or in the
Supplemental Resolutions with respect thereto, including without limitation through the use of a Credit Facility.
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