Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
Official Statement Airport Commission City and County of San ...
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The Trustee or the Paying Agent, as the case may be, may commingle any moneys held by it<br />
under the 1991 Master Resolution for any Series <strong>of</strong> Variable Rate Bonds, except moneys derived from a Draw under<br />
a Credit Facility or Liquidity Facility <strong>and</strong> amounts held in a Series Remarketing Proceeds Account, <strong>and</strong> Series<br />
Credit Facility or Liquidity Facility Purchase Account, each <strong>of</strong> which shall be held separate <strong>and</strong> apart <strong>of</strong> all other<br />
Funds <strong>and</strong> Accounts <strong>and</strong> not commingled with any other Funds or Accounts or investments <strong>of</strong> moneys therein.<br />
Deposits <strong>of</strong> Net Revenues in Series 2010A Debt Service Accounts<br />
The Supplemental Resolutions require the Treasurer to allocate <strong>and</strong> transfer to the Trustee for deposit<br />
in the Series 2010A Debt Service Accounts amounts from Net Revenues, as follows:<br />
Series 2010A Purchase Account<br />
(a) With respect to 2010A Bonds in a Weekly Mode, <strong>and</strong> any Interest Rate Swaps payable<br />
from a Series Interest Account with forty (40) days or less between regularly scheduled<br />
payment dates, Net Revenues <strong>and</strong> any Swap Receipts shall be deposited into the applicable<br />
Series Interest Accounts on or before the Interest Payment Dates for 2010A Bonds in such<br />
Mode <strong>and</strong> the regularly scheduled payment dates for any such Interest Rate Swaps.<br />
(b) In the Series 2010A Principal Account, in approximately equal monthly installments,<br />
commencing on the second Business Day <strong>of</strong> the month determined pursuant to a Series Sale<br />
Resolution or Bond Purchase Contract, an amount equal to at least one twelfth (1/12) <strong>of</strong> the<br />
aggregate Principal Amount becoming due <strong>and</strong> payable on any Outst<strong>and</strong>ing serial 2010A<br />
Bonds <strong>of</strong> such Series on the next succeeding Principal Payment Date, until there shall have<br />
been accumulated in the Series 2010A Principal Account for such 2010A Bonds an amount<br />
sufficient to pay the Principal Amount <strong>of</strong> all serial 2010A Bonds <strong>of</strong> such Series maturing by<br />
their terms on the next Principal Payment Date.<br />
(c) The Treasurer shall also transfer to the Trustee for deposit in the Series 2010A Principal<br />
Account for each Series, in approximately equal monthly installments, commencing on or<br />
before the second Business Day <strong>of</strong> the month determined pursuant to a Series Sale<br />
Resolution or Bond Purchase Contract, prior to the first M<strong>and</strong>atory Sinking Fund<br />
Redemption Date, an amount equal to at least one twelfth (1/12) <strong>of</strong> the M<strong>and</strong>atory Sinking<br />
Fund Payment required to be made pursuant to a Series Sale Resolution for such Series on<br />
the next succeeding M<strong>and</strong>atory Sinking Fund Redemption Date, as such M<strong>and</strong>atory<br />
Sinking Fund Payments <strong>and</strong> M<strong>and</strong>atory Sinking Fund Redemption Dates may be set forth<br />
in a Series Sale Resolution or Bond Purchase Contract for such Series.<br />
The Supplemental Resolutions further require the Trustee to establish <strong>and</strong> hold separate accounts<br />
within the Purchase Fund designated as the Series 2010A Remarketing Proceeds Account <strong>and</strong> the Series 2010A<br />
Credit Facility Purchase Account.<br />
Upon receipt <strong>of</strong> the proceeds <strong>of</strong> a remarketing <strong>of</strong> 2010A Bonds, the Paying Agent shall deposit<br />
such proceeds in the Series 2010A Remarketing Proceeds Account for application to the Purchase Price <strong>of</strong> such<br />
2010A Bonds. Notwithst<strong>and</strong>ing the foregoing, upon the receipt <strong>of</strong> the proceeds <strong>of</strong> a remarketing <strong>of</strong> Credit Provider<br />
Bonds, the Paying Agent shall immediately pay such proceeds to the Credit Provider, as the case may be, to the<br />
extent <strong>of</strong> any amount owing to such Credit Provider.<br />
Credit Provider Bonds shall remain Outst<strong>and</strong>ing in the h<strong>and</strong>s <strong>of</strong> the Credit Provider until the<br />
Credit Provider is paid all amounts due with respect to such 2010A Bonds in accordance with the Credit Facility.<br />
Furthermore, 2010A Bonds, the principal <strong>of</strong> which was paid with proceeds <strong>of</strong> a Draw on a Credit Facility, which<br />
Draw has not been reimbursed, shall remain Outst<strong>and</strong>ing until the Credit Provider is reimbursed in full for such<br />
Draw.<br />
C-29