2001-072 - Laserfiche WebLink

Home Browse Search

Government Half-Cent Sales Tax Account, respectively, in the Revenue Fund. Such Revenue Fund shall constitute a trust fund for the purposes herein provided and shall be kept separate and distinct from all other funds of the Issuer and used only for the purposes and in the manner herein provided. B. DISPOSITION OF REVENUES. All amounts in the Revenue Fund shall be disposed of monthly in the following order of priority, as needed: (1) amounts in the State Payments Account, (2) amounts in the Fourth Cent Tourist Development Tax Account and (3) amounts in the Local Government Half-Cent Sales Tax Account. Such amounts shall be disposed of monthly, but not later than the eighth(8th)day of each month commencing in the month immediately following the delivery of the Bonds only in the following manner and the following order of priority: (1) The Issuer shall first deposit into the Debt Service Fund and credit to the following accounts, in the following order(except that payments into the Principal Account and the Bond Amortization Account shall be on a parity with each other), the following identified sums: (a) Interest Account: Such sum as will be sufficient to pay one-sixth (1/6th) of all interest coming due on all Bonds on the next interest payment date, together with any fees and charges of the Paying Agent and Registrar therefor, provided that with respect to the initial Interest Payment Date for the bonds, the monthly amount shall be calculated by deducting from the amount due on such Interest Payment Date the amount of any accrued interest on deposit in the Interest Account and dividing the result by the number of months between the date of issuance of the Bonds and such initial Interest Payment Date. The moneys in the Interest Account shall be withdrawn and deposited with the Paying Agent for the Bonds on or before each interest payment date in an amount sufficient to pay the interest due on such date and the fees of the Paying Agent and Registrar. (b) Principal Account: Such sum as will be sufficient to pay one-twelfth (1/12th) of the principal amount of the Bonds which will mature and become due on such annual maturity dates beginning in the month which is twelve (12) months prior to the first principal maturity date. The moneys on deposit in the Principal Account shall be withdrawn and deposited with the Paying Agent for such Bonds on or before each principal maturity date in an amount sufficient to pay the principal maturing on such date and the fees and charges of the Paying Agent and Registrar. (c) Bond Amortization Account: Such sum as will be sufficient to pay any Amortization Installment established for the Term Bonds established by any subsequent resolution of the Issuer. (2) To the extent that the amounts on deposit in the Reserve Account are less than the Reserve Account Requirement, the Issuer shall next make deposits into the Reserve Account in the manner described below from moneys remaining in the Revenue Fund. Any withdrawals from the Reserve Account shall be subsequently restored from the first moneys available in the Revenue Fund, after all current applications and allocations to the Debt Service Fund, including all deficiencies for prior payments that have been made in full. The Issuer may provide that the difference between 14