(a) Except as may be otherwise provided in this subpart, the principal of, premium,
if any, and interest on, the Bonds, and the payment of ongoing administrative expenses
related to the bond financing shall be payable solely from proceeds received from
the sale of the Bonds, income realized from the temporary investment of those proceeds,
receipts, and revenues realized by the District from the Bryant Street TIF Fund, income
realized from the temporary investment of those receipts and revenues prior to payment
to the bond owners, and other funds that, as provided in the Financing Documents,
may be made available to the District for payment of the Bonds from sources other
than the District, all as provided for in the Financing Documents.
(b) There is further allocated to the payment of debt service on the Bonds the Available
Increment, subordinate to the allocation of Available Increment to the Budgeted Reserve,
as defined in the Reserve Agreement, all as more fully described in the Reserve Agreement
and to the extent that the Reserve Agreement continues to apply to the Available Increment,
to be used for the payment of debt service on the Bonds to the extent that the revenues
allocated in subsection (a) of this section are inadequate to pay debt service on
the Bonds. The allocation of Available Increment authorized by this subsection shall be made
in compliance with all existing contractual obligations of the District with respect
to the Available Increment and shall terminate on the date on which all of the Bonds
are paid or provided for and are no longer outstanding pursuant to their terms.
(c) Payment of the Bonds shall be secured as provided in the Financing Documents and
by an assignment by the District for the benefit of the Bond owners of certain of
its rights under the Financing Documents and Closing Documents to the trustee for
the Bonds pursuant to the Financing Documents.
(d) The trustee or paying agent is authorized to deposit, invest, and disburse the
proceeds received from the sale of the Bonds pursuant to the Financing Documents.
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