Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in the Reserve Fund, together with the balance in the Bond Fund, exceeds the amount required to redeem or pay the Outstanding Bonds covered by the Reserve Fund, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, the Fiscal Agent shall, upon the written request of the Administrative Services Director, transfer any cash or Permitted Investments in the Reserve Fund to the Bond Fund to be applied, on the redemption date to the payment and redemption, in accordance with Section 4.04 or 2.03, as applicable, of all of the Outstanding Bonds covered by the Reserve Fund. In the event that the amount so transferred from the Reserve Fund to the Bond Fund exceeds the amount required to pay and redeem the Outstanding Bonds covered by the Reserve Fund, the balance in the Reserve Fund shall be transferred to the Administrative Services Director to be used by the City for any lawful purpose. Notwithstanding the provisions of the first paragraph of this Section 4.03(E), no amounts shall be transferred from the Reserve Fund under this Section 4.03(E) until after: (i) the calculation of any amounts due to the federal government under Section 5.11 and withdrawal or set aside of any such amount under Section 4.03(D) for purposes of making such payment to the federal government; and (ii) payment of any fees and expenses due to the Fiscal Agent.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance of funds held in the Reserve Fund equals or exceeds the amount required to redeem or pay the Outstanding Bonds, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, the Fiscal Agent shall upon the written direction of the Treasurer transfer the funds in the Reserve Fund to the Bond Fund to be applied, on the next succeeding Interest Payment Date to the payment and redemption, in accordance with Section 2.03 and 4.05, as applicable, of all of the Outstanding Bonds. In the event that the amount so transferred from the Reserve Fund to the Bond Fund exceeds the amount required to pay and redeem the Outstanding Bonds, the balance in the Reserve Fund shall be transferred to the County to be used for any lawful purpose under the Act. Notwithstanding the foregoing, no amounts shall be transferred from the Reserve Fund pursuant to this Section 4.04(E) until after (i) the calculation of any amounts due to the federal government pursuant to Section 5.13 following payment of the Bonds and withdrawal of any such amount from the Reserve Fund for purposes of making such payment to the federal government, (ii) payment of any fees and expenses due to the Fiscal Agent.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in the Reserve Fund equals or exceeds the amount required to redeem or pay the Outstanding Bonds, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, the Fiscal Agent shall notify the Treasurer (with a copy to the Executive Director) of such situation and, upon the written direction of the Treasurer (with a copy to the Executive Director), either (i) transfer the amount in the Reserve Fund to the Bond Fund to be applied, on the next succeeding Interest Payment Date, to the payment and redemption, in accordance with Section 2.03(A)(i) and 4.02(B), as applicable, of all of the Outstanding Bonds; or (ii) retain the amount then in the Reserve Fund to be disposed of once the Bonds have been paid in full as provided in Section 9.03 hereof. In the event that the amount so transferred from the Reserve Fund to the Bond Fund exceeds the amount required to pay and redeem the Outstanding Bonds, the balance in the Reserve Fund shall be transferred to the Agency to be used for any lawful purpose of the Agency related to the Assessment District. Notwithstanding the foregoing, no amounts shall be transferred from the Reserve Fund pursuant to this Section 4.03(E) until after (i) the calculation of any amounts due to the federal government pursuant to Section 5.15 following payment of the Bonds and withdrawal of any such amount from the Reserve Fund for purposes of making such payment to the federal government, and (ii) payment of any fees and expenses due to the Fiscal Agent.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in the Bond Proceeds Account of the Reserve Fund exceeds the amount required to redeem or pay the related Outstanding Bonds, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, the City may (but shall not be obligated to) direct the Fiscal Agent in an Officer’s Certificate (i) if redemption prior to maturity is permitted, to transfer cash or Permitted Investments in the Bond Proceeds Account of the Reserve Fund to the Bond Fund in the amount required to pay and redeem such Outstanding Bonds, or (ii) if redemption prior to maturity is not permitted, to transfer any cash or Permitted Investments in the Bond Proceeds Account of the Reserve Fund to the Bond Fund in the amount required to pay principal of and interest on such Outstanding Bonds through maturity. In the event that any amounts remain in the Reserve Fund after any transfer described in the previous paragraph, then the City, in its sole discretion, shall instruct the Fiscal Agent pursuant to an Officer’s Certificate to transfer the remaining balance to one or more of the following: (i) the City’s General Fund (but only to the extent the City deposited General Fund moneys into the Reserve Fund), (ii) the State, to the extent it is required to do so by State law or an agreement with the State, (iii) the Administrative Expense Fund or (iv) another fund or account. Notwithstanding the provisions of the first paragraph of this Section 4.03(D), no amounts shall be transferred from the Reserve Fund under this Section 4.03(D) until after payment of any fees and expenses due to the Fiscal Agent.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in the Reserve Fund exceeds the amount required on any Interest Payment Date to pay the remaining principal of Outstanding 2014 Bonds on such Interest Payment Date, the Fiscal Agent shall transfer the amount in the Reserve Fund to the Bond Fund to be applied, on such Interest Payment Date to the payment, in accordance with Section 4.04, of the principal due on such date on Outstanding 2014 Bonds. In the event that the amount so transferred from the Reserve Fund to the Bond Fund exceeds the amount required to pay the principal due on the such date on Outstanding 2014 Bonds, the balance in the Reserve Fund shall be transferred to the Treasurer for deposit by the Treasurer in the Community Facilities Fund. Notwithstanding the foregoing, no amounts shall be transferred from the Reserve Fund pursuant to this Section 4.03(E) until after the calculation, pursuant to Section 6.02, of any amounts due to the federal government following payment of the 2014 Bonds and withdrawal of any such amount under Section 4.03(D) for purposes of making such payment to the federal government.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in the Reserve Fund exceeds the amount required to redeem or pay the Outstanding Bonds, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, the Fiscal Agent shall transfer the amount in the Reserve Fund to the Bond Fund to be applied, on the next succeeding Interest Payment Date to the payment, in accordance with Section 4.042, of all of the Outstanding Bonds. In the event that the amount so transferred from the Reserve Fund to the Bond Fund exceeds the amount required to pay and redeem the Outstanding Bonds, the balance in the Reserve Fund shall be transferred to the County to be used for any lawful purpose under the Act. Notwithstanding the foregoing, no amounts shall be transferred from the Reserve Fund pursuant to this Section 4.03(E) until after (i) the calculation, pursuant to Section 6.02, of any amounts due to the federal government following payment of the Bonds and withdrawal of any such amount under Section 4.03(D) for purposes of making such payment to the federal government, and (ii) payment of any fees and expenses due to the Fiscal Agent.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in a reserve account of the Reserve Fund exceeds the amount required to redeem or pay the Outstanding Bonds covered by such reserve account, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, and after making any transfer required under Section 4.03(D) above and upon receipt of an Officer’s Certificate directing it to do so, the Fiscal Agent shall transfer the amount in the applicable reserve account of the Reserve Fund to the Bond Fund to be applied, on the next succeeding Interest Payment Date to the payment and redemption, in accordance with Section 4.02 or 2.03 as applicable, of all such Outstanding Bonds. In the event that the amount so transferred to the Bond Fund exceeds the amount required to pay and redeem the Outstanding Bonds covered by the applicable reserve account, the balance in such reserve account shall be transferred to the City, after payment of any amounts due the Fiscal Agent hereunder, to be used for any lawful purpose of the City. Notwithstanding the foregoing, no amounts shall be transferred from a reserve account of the Reserve Fund pursuant to this Section 4.03(E) until after the calculation, pursuant to Section 6.02, of any amounts due to the federal government following payment of the respective series of Bonds and withdrawal of any such amount under Section 4.03(D) for purposes of making such payment to the federal government, and payment of any fees and expenses due to the Fiscal Agent.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in the Reserve Fund equals or exceeds the amount required to redeem or pay the Outstanding Bonds, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, the Trustee shall notify the CFD Administrator of such situation, and, upon the written direction of the CFD Administrator, the Trustee shall transfer the amount in the Reserve Fund to the Bond Fund to be applied, on the next succeeding Interest Payment Date to the payment and redemption, in accordance with Section 2.03 and 4.05, as applicable, of all of the Outstanding Bonds. In the event that the amount so transferred from the Reserve Fund to the Bond Fund exceeds the amount required to pay and redeem the Outstanding Bonds, the balance in the Reserve Fund shall be transferred to the City to be used for any lawful purpose of the City consistent with the provisions of the Act. Notwithstanding the foregoing, no amounts shall be transferred from the Reserve Fund pursuant to this Section 4.04(e) until after payment of any fees and expenses due to the Trustee.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in the 2013 Reserve Fund exceeds the amount required to redeem or pay the Outstanding related Bonds, including interest accrued to the date of payment or redemption and premium, if any, due upon redemption, the Fiscal Agent shall, upon the written request of the Finance Officer, transfer any cash or Permitted Investments in the 2013 Reserve Fund to the Bond Fund to be applied, on the redemption date to the payment and redemption, in accordance with Section 4.04 of the Original Fiscal Agent Agreement or Section 16.03 of this Third Supplemental Fiscal Agent Agreement, as applicable, of all of the Outstanding related Bonds. In the event that the amount so transferred from the 2013 Reserve Fund to the Bond Fund exceeds the amount required to pay and redeem the Outstanding related Bonds, the balance in the 2013 Reserve Fund shall be used to redeem or pay the Outstanding Series 2006 Bonds, the Outstanding Series 2012 Bonds and any other Parity Bonds and thereafter transferred to the Finance Officer to be used by the District for any lawful purpose. Notwithstanding the foregoing, no amounts shall be transferred from the 2013 Reserve Fund under this Section 17.04(E) until after: (i) the calculation of any amounts due to the federal government under Section 5.11 and withdrawal of any such amount under Section 17.03(D) for purposes of making such payment to the federal government; and (ii) payment of any fees and expenses due to the Fiscal Agent.
Transfer When Balance Exceeds Outstanding Bonds. Whenever the balance in the Reserve Fund is sufficient to retire all the Outstanding Bonds, whether by advance retirement or otherwise, collection of the principal and interest on the Assessments shall be discontinued and the Reserve Fund liquidated by the Finance Director in retirement of the Outstanding Bonds. In the event that the balance in the Reserve Fund at the time of liquidation exceeds the amount required to retire all of the Outstanding Bonds, the excess shall after payment of amounts due to the Fiscal Agent, be transferred to the City to be used in accordance with the Bond Law. Notwithstanding the foregoing, no amounts shall be transferred from the Reserve Fund pursuant to this Section 4.03(E) until after (i) the calculation of any amounts due to the federal government pursuant to Section 5.15 following payment of the Bonds and withdrawal of any such amount from the Reserve Fund for purposes of making such payment to the federal government, and (ii) payment of any fees and expenses due to the Fiscal Agent.
