Ordinance 1818-91 - Laserfiche WebLink

B. Deposits. There shall be deposited in the Lease Payment Fund all Lease Payments received by the Trustee from the City under the Lease pursuant to Exhibit B therein. C. Disbursements. The moneys deposited in the Lease Payment Fund shall be applied by the Trustee solely for the benefit of the Owners of the Certificates. The Trustee shall promptly distribute any Lease Payments in the Lease Payment Fund for payment to the Owners of the Certificates, pro rata in accordance with maturities of the principal components of Lease Payments evidenced by their Certificates and their respective percentages of ownership interest therein so that payment may be made to said Owners on the dates and as contemplated by Section 3 . 01 hereof. The moneys credited to the Lease Payment Fund shall not be commingled, except for investment purposes pursuant to Section 4 . 02 , with any other moneys held by the Trustee under this Agree- ment. Any amounts in the Lease Payment Fund remaining after all Certificates are fully paid shall be paid to the City after all fees and expenses of the Trustee have been paid. Section 4 . 02 . Deposits and Security Therefor. All money received by the Trustee under this Agreement shall, except as hereinafter provided, be deposited with the Trustee, until invested or deposited as provided in this Section 4. 02 . All deposits with the Trustee shall be held by it as required by applicable law for such trust deposits. The Trustee may deposit such money with any other depositary which is authorized to receive them and is a qualified public depository under RCW 39 .58 , as now or hereafter amended, subject to supervision by public authorities. All deposits in any other depositary in excess of the amount insured by the Federal Deposit Insurance Corporation or similar U.S. government insurer of deposits shall be deposited with a bank or trust company having a combined capital and surplus of not less than $50, 000, 000. Section 4 . 03 . Investment or Deposit of Funds. The Trustee shall invest money held in the Lease Payment Fund at the written direction of the City. In the absence of such written direction, the Trustee shall invest funds in investments described in paragraph (v) of the definition of Qualified Investments herein. All such investments shall mature not later than the date when the amounts will foreseeably be needed for timely payment of the Certificates or for purposes of this Agreement. The Trustee shall also, at the written direction of the City, sell any such investment and deposit the proceeds in the Lease Payment Fund. The investments permitted hereunder shall include only Qualified Investments. The Trustee shall not be held liable for any loss on any investment made pursuant to the Section. -14- D0T437 91/09/24