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issued. Said net revenues may be adjusted by the consulting engineers to reflect <br />revenues which would have been realized from a change in the rate structure or <br />changes in revenues which would have been realized from facilities acquired or <br />disposed of prior to the issuance of the additional bonds or from facilities <br />which will be acquired from bond proceeds. <br />5. Flow of Funds: The bond resolution to be adopted by the County shall contain <br />a flow of funds section which will provide for.the monthly disposition of the <br />solid waste system gross revenues and the Guaranteed Entitlement Funds in order <br />priority as follows: <br />A. All gross revenues of the system, as received, shall be placed into <br />the Revenue Fund. <br />B. Revenues shall next be placed into the "Solid Waste Disposal System <br />Operating Account" and used for payment of operating and maintenance costs which <br />shall next become due. <br />C. The County shall next deposit into the Sinking Fund an amount equal to <br />1/6 of the interest and 1/12 of the principal next becoming due. <br />D. To the extent necessary, revenues shall next be deposited into the <br />Reserve Account in an amount equal to 1/12 of 20/ of maximum amount of principal <br />and interest becoming due in any ensuing fiscal year until the Reserve Account <br />equals the said maximum requirement. The sum of $100,000 shall initially be <br />deposited into the Reserve Account from bond proceeds. <br />E. System revenues shall next be deposited into a Renewal and Replacement <br />Fund in an amount equal to 1/12 of 10% of the gross revenues of the immediatel,v <br />preceding fiscal year until there is on deposit therein an amount recommended <br />by the Consulting Engineers and approved by the County. <br />F. System revenues shall next be used to pay debt service on any junior <br />lien obligations which may hereafter be issued. <br />G. The County will annually as part of its procedure for developing its <br />budget for the ensuing fiscal year estimate the amount of Guaranteed Entitlement <br />Funds which will be required for any deficiency in the amount anticipated to be <br />available in the Sinking Fund and Reserve Account therein and shall budget and <br />appropriate into the Sinking Fund and Reserve.Account such sums as will be <br />necessary to meet the required payments. <br />H. The balance of any remaining solid waste system revenues and Guaranteed - <br />Entitlement Funds remaining after all of the above requirements have been met <br />may be used by the County for any lawful purpose. <br />6. Disposition of Bond Proceeds: The Resolution which will authorize the Bonds <br />will provide that the Bond proceeds will be applied by the County as follows: <br />A. The County shall deposit into a "Tax Anticipation Note Redemption Fund" <br />a sum sufficient to redeem the outstanding notes heretofore issued for the <br />project. <br />B. All accrued interest and an amount equal to twelve months interest on <br />the Bonds will be deposited to the Sinking Fund. <br />C. An amount equal to One Hundred Thousand Dollars ($100,000) will be <br />deposited to the Reserve Account in the Sinking Fund. <br />D. A sum equal to Two Hundred Sixty Thousand Dollars ($260,000) shall be <br />deposited into the Operating Reserve Fund in the Solid Waste Disposal System <br />Operating Account and shall be used as an "Operating Reserve Fund" for funding <br />required start-up costs, operation and administrative expenses of the system <br />for the first full year following the sale of the Bonds to the extent that <br />system operating revenues are insufficient for such purposes. Bond proceeds <br />SEP 2 J 1977 <br />