2003-075 - Laserfiche WebLink

Home Browse Search

for the purposes and in the manner provided herein. Moneys on deposit in the Revenue Fund and the Sinking Fund, (except the Reserve Account therein) may be invested and reinvested only in Authorized Investments maturing not later than the date on which the moneys therein will be needed for the purposes of such funds. Moneys in the Reserve Account may be invested and reinvested in Authorized Investments maturing not later than [ten (10) years] from the date of purchase. Except as may be provided in a resolution adopted in connection with the issuance of Additional Parity Bonds, any and all income received by the County from such investments shall be deposited into the Revenue Fund. D. OPERATION AND MAINTENANCE. The County will maintain the Recreational Facilities and all parts thereof in good condition and will operate the same in an efficient and economical manner, making such expenditures for equipment and for renewals, repairs and replacements as may be proper for the economical operation and maintenance thereof. E. RATE COVENANT. The County shall, to the extent practicable, fix, establish, revise from time to time whenever necessary, maintain and collect such fees, rates, rentals and other charges for the use of the services of the Recreational Facilities so as to provide Net Revenues in each Fiscal Year sufficient to pay (a) one hundred percent (100%) of all required deposits into the Reserve Account, and (b) one hundred percent (100%) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding. For purposes of this subsection, any amounts owed by the County to the issuer of a Reserve Account Credit Instrument as a result of a draw thereon, as appropriate, shall be added to the principal and interest payable on the Bonds to determine compliance with this rate covenant. F. BOOKS AND RECORDS. The County shall keep proper books, records and accounts, showing correct and complete entries of all transactions of the County relating to the Recreational Facilities and the Pledged Funds. Registered Owners of the Bonds shall have the right at all reasonable times to inspect all books, records and accounts of the County relating to the Recreational Facilities and the Pledged Funds. G. ANNUAL AUDIT. The County shall also, at least once a year, within 180 days after the close of its Fiscal Year, cause the books, records and accounts relating to the Recreational Facilities and the Pledged Funds to be audited by an independent firm of certified public accountants. H. NO MORTGAGE OR SALE OF THE RECREATIONAL FACILITIES. The County shall not mortgage, pledge or otherwise encumber the Recreational Facilities or any part thereof, or any Gross Revenues to be derived therefrom, and will not sell, lease or otherwise dispose of any substantial portion of the Recreational Facilities, except as provided herein. The County may sell, lease or otherwise dispose . of a substantial portion of the 13