Ordinance 3405-14 - Laserfiche WebLink

that the amount of such excess is the amount payable by the City to the Tender Agent not later than 2:30 p.m., New York City time, on such Purchase Date for purposes of causing the Tender Agent to purchase, on behalf of the City, Bonds having a Purchase Price equal to such excess (and, thereby, for the Tender Agent to have sufficient funds to pay the Purchase Price of all Bonds subject to purchase on such Purchase Date), and (B) not later than 2:30 p.m., New York City time, on such Purchase Date, the Tender Agent shall deposit the amount received by the Tender Agent from the City for such purpose in the City Purchase Account of the Purchase Fund. (d) Not later than 3:00 p.m., New York City time, on each Purchase Date, the Tender Agent shall disburse the Purchase Price of Bonds to be purchased on such Purchase Date to the Registered Owners thereof (upon surrender thereof for payment of such Purchase Price), from the following sources and in the following order of priority: (1) Moneys on deposit in the Remarketing Account of the Purchase Fund (representing the proceeds of the remarketing by the Remarketing Agent); (2) If a Liquidity Facility is in effect on such Purchase Date, moneys on deposit in the Liquidity Account of the Purchase Fund (representing the proceeds of a Liquidity Facility Request under the Liquidity Facility); and (3) If a Liquidity Facility is not in effect on such Purchase Date, moneys on deposit in the City Purchase Account of the Purchase Fund (representing amounts paid by the City to the Tender Agent for the purchase of such Bonds). (e) Any moneys remaining in the Remarketing Account, the Liquidity Account or the City Purchase Account of the Purchase Fund and representing (but not exceeding) the Purchase Price of Bonds subject to purchase on the applicable Purchase Date but not tendered and -67- P 120287 CM1M20287 AMT 10/14/14