1988-013SWDD - Laserfiche WebLink

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( 10 % ) of the Gross Revenues will be derived directly or indirectly from payments from any nongovernmental user , other than payments by a nongovernmental user as a member of the general public . SECTION 17 . APPLICATION OF SERIES 1988 BOND PROCEEDS . All moneys received from the sale of the Series 1988 Bonds shall be deposited and applied by the District as follows : A . All accrued interest plus , at the option of the District , an amount which equals the amount of interest on the Series 1988 Bonds for a reasonable period of time from the date of issuance thereof shall be deposited into the Sinking Fund and applied exclusively for the payment of interest becoming due on the Series 1988 Bonds . Be A sum , if any , specified by subsequent resolution of the District shall be deposited into the Reserve Account in the Sinking Fund . C . A sum , if any , specified by subsequent resolution of the District shall be deposited into the Initial Operating Subaccount . D . Next , all engineering fees , legal fees , fees of financial advisors , costs of the issuance of the Series 1988 Bonds , and all other similar costs incurred in connection with the acquisition and construction of the 1988 Project and the issuance of the Series 1988 Bonds shall be paid or provided for . E . A fund is hereby created and established to be known as the 111988 Project Construction Fund " ( herein the 111988 Construction Fund " ) . There shall be deposited into the 1988 Construction Fund the balance of the moneys remaining after making all the deposits and payments provided for above . The moneys on deposit in the 1988 Construction Fund shall be withdrawn , used and applied by the District , as and when necessary , solely for the payment of the costs of the 1988 Project and purposes incidental thereto , as hereinabove described and set forth . If for any reason any moneys in the 1988 Construction Fund are not necessary for or are not applied to the payment of such ' costs , then such moneys shall be deposited by the District into the Sinking Fund and used only to pay the principal of and interest on the Bonds . Anything to the contrary contained herein notwithstanding , the 1988 Construction Fund shall be and constitute a trust fund for the purposes provided herein therefor and shall be Pledged Funds . Any moneys in the 1988 Construction Fund which , in the opinion of the District , acting upon the recommendation of the Consulting Engineers , are not immediately necessary for expenditure , as hereinabove provided , may be invested in Authorized 25