(A) There is hereby created and established with the Commission, to be held by the Commission separate and apart from all other funds or accounts of the Commission and from all other funds or accounts of the issuer, a Notes Payment Fund for each series of notes. Upon receipt of proceeds of any bonds or grants for the system (other than Infrastructure Fund grants, in the case of the Series 1998 A Notes), an amount of the proceeds of such bonds or grants sufficient to pay the entire outstanding principal of and interest, if any, accrued on the notes in full and the Infrastructure Administrative Fee shall be deposited in the respective Notes Payment Funds.
(2) In the event proceeds of such bonds or grants are not sufficient or available to pay the notes and the infrastructure administrative fee in full, any proceeds of such bonds or grants then available to pay a portion of the notes shall be deposited in the respective Notes Payment Fund on a pro rata basis, and then upon the subsequent issuance of any other revenue bonds, refunding bonds, or other obligations of the issuer, an amount of the proceeds of such revenue bonds, refunding bonds, or other obligations of the issuer sufficient to pay the entire outstanding principal of, and interest, if any, accrued on the notes and the infrastructure administrative fee in full (taking into account any previous pro rata partial payments pursuant to this sentence) shall be deposited in the respective Notes Payment Funds.
(3) Any and all moneys deposited in the respective Notes Payment Funds shall be paid by the Commission to the Authority (in the case of the Series 1998 A Notes) or the Series 1998 B Note original purchaser or any subsequent holder of the Series 1998 B Notes (in the case of the Series 1998 B Notes) on the respective maturity date of the notes, or such earlier date, if so directed by the issuer, in full or partial payment of all or a portion of the outstanding principal of and interest, if any, accrued on the notes and the infrastructure administrative fee, and then shall be paid by the Commission to the paying agent such charges, if any, as the paying agent has imposed for services rendered. Until payment in full of the entire outstanding principal of, and interest, if any, accrued on the notes, all moneys deposited in the respective Notes Payment Funds shall be held in trust for the Authority (in the case of the Series 1998 A Notes and the infrastructure administrative fee) or the Series 1998 B Note original purchaser or any subsequent holder of the Series 1998 B Notes (in the case of the Series 1998 B Notes), and the issuer shall have no rights with respect thereto except to receive the balance therein after payment of the notes in full and the charges, if any, of the paying agent.
(B) Any moneys remaining in the Notes Payment Funds, after the payment of the notes and the infrastructure administrative fee in full and all charges of the paying agent, shall be returned to the issuer to be used for any lawful purpose of the system.
(Ord. passed - -)