Laserfiche WebLink
1 • <br />remaining in the Operating Reserve Fund which are unused at the end of the <br />first full year shall be deposited into the Reserve Account in the Sinking Fund <br />until the Reserve Account is equal to the maximum future annual debt service <br />on the Bonds. Any unused Bond proceeds remaining in the Operating Reserve Fund <br />after the Reserve Account in the Sinking Fund is fully funded shall be deposited <br />into the Renewal and Replacement Fund. <br />E. Remaining proceeds after making all of the payments provided for above <br />shall be placed into the Construction Fund and used for the payment of legal <br />and administrative costs, cost of issuing the bonds and for any remaining <br />unpaid costs of construction and acquisition of the project. <br />F. Any bond proceeds remaining in the Construction Fund after all of the <br />above requirements have been met shall be deposited into the Sinking Fund and <br />used for the payment of principal and interest on the Bonds. <br />SEP 211977 <br />