205
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8 revisions | Phil at Jul 04, 2023 05:27 PM | |
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205Special Meeting the State of Nebraska and shall be sed and paid out as follows: FIRST: For payment of all reasonable operating and maintenance costs. The cost of the annual audit, Trustee's fees and insurance premiums as provided in this Agreement shall be considered as an operating cost. SECOND: At least 15 days before each payment of interest or principal shall become due, transfer to the Trustee sufficient money to meet such interest and principal. This Fund shall be designated as the "Bond Fund". THIRD: To pay periodically to the Trustee to be held by the Trustee in a fund known as "Bond Reserve Fund" a sufficient amount so that by July 1, 1964, there will be in said Fund not less than $27,500 principal and interest requirements. In case any funds pledged under this Agreement for any period are insufficient to meet the payment of principal and interest on the bond or bonds as the same become due, the moneys in the Bond Reserve Fund may be used to make said payments and all moneys so used must be resotred to the Bond Reserve Fund as soon as the pledged revenues permit so that the Bond Reserve Fund will be continuously maintained after July 1, 1964, at $27,500 or the principal amount of bonds remaining outstanding, whichever is lesser, untill all said Revenue Bonds have been paid in full. The money in the Bond Reserve Fund may be invested by the Trustee on written instructions from the Board of Regents or its designated agent in United States Government Bonds, Notes, Certificates, or Bills having a maturity of not more than five years after date of purchase. FOURTH: As of June 30th of each year all funds remaining in the "Continuing Education Center Account" shall be transferred to one of the following accounts: | 205Special Meeting the State of Nebraska and shall be sed and paid out as follows: |