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5 GCA § 5.04

Application of Bond Reserve Fund

Guam Code AnnotatedTitle 5 — Government Operations
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All amounts in the Bond Reserve Fund shall be used and withdrawn by the Trustee solely for the purpose of making up any deficiency in the Bond Fund in the manner and to the extent set forth in § 5.06. Upon the Request of the Government, any amount in the Bond Reserve Fund in excess of the Bond Reserve Fund Requirement may be transferred to the Revenue Fund on the fifth day after any Principal Payment Date. If and to the extent provided by a Supplemental Indenture authorizing the issuance of an additional Series of Bonds and with respect to the 1997 Series A Bonds, the portion of the Bond Reserve Fund Requirement allocable to such Series may be wholly or partially satisfied by a Credit Facility. Notwithstanding anything to the contrary contained hereinbefore in this Section or in Article IV, such Supplemental Indenture may also provide, and with respect to the 1997 Series A Bonds this Indenture hereby provides, that if a drawing or claim on such Credit Facility is honored, amounts available under § 5.02(C) for deposit in the Bond Reserve Fund shall be applied by the Trustee to reimburse, as soon as practicable, the amount of each payment honoring such drawing or claim, and the Trustee shall give any notice of such reimbursement required by the applicable Credit Agreement.

Reconstructed from the Guam Code Annotated. For the authoritative version, see the official PDF.