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e
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<br />B. The payment of the principal of and interest on the Obligations shall be further secured forthwith
<br />equally and ratably by an irrevocable lien on the Revenue Sharing Trust Funds, as herein defined, prior and
<br />superior to all other liens and encumbrances on such Revenue Sharing Trust Funds, and the Issuer does hereby
<br />irrevocably pledge such Revenue Sharing Trust Funds to the payment of the principal of and interest on, and
<br />reserves for, the Obligations.
<br />SECTION 15. COVENANTS OF THE ISSUER. For as long as any of the principal of and interest on any of
<br />the Obligations shall be outstanding and unpaid or until there shall have been set apart in the Sinking Fund,
<br />herein established, including the Reserve Account therein, a sum sufficient to pay when due the entire principal
<br />of the Obligations remaining unpaid, together with interest accrued or to accrue thereon, the Issuer covenants
<br />with the holders of any and all obligations as follows:
<br />A. REVENUE FUND. The entire Gross Revenues derived from the Operation of the Facilities shall upon•
<br />receipt thereof be deposited in the "Solid Waste Disposal System Revenue Fund" (hereinafter called "Revenue
<br />Fund"), hereby created and established. Such Revenue Fund shall constitute a trust fund for the purposes herein
<br />provided, and shall be kept separate and distinct from all other funds of the Issuer and used only for the purposes
<br />and in the manner herein provided.
<br />B. DISPOSITION OF REVENUES. All revenues at any time remaining on deposit in the Revenue Fund
<br />shall be disposed of as they are received by the Issuer, commencing in the month immediately following the
<br />delivery of the Obligations only in the following manner and in the following order of priority:
<br />(1) Revenues shall first be used for deposit into a fund to be known as the "Solid Waste Disposal System
<br />Operating Account" (hereinafter called "Operating Account"), which is hereby established and created, such
<br />sums as are necessary for the cost of operating and maintaining the System during the current Fiscal Year in
<br />accordance with the budget to be adopted as hereinafter .provided. There shall initially be deposited into a
<br />separate special fund in said Account, to be known as the "Operating Reserve Fund" which is hereby created and
<br />established, from the proceeds derived from the sale of the Obligations, the sum of Two Hundred Sixty Thousand
<br />Dollars ($260,000). Moneys on deposit in said Operating Reserve Fund shall be used for the payment of initial
<br />operating and administrative costs of the System during the first full year following the delivery of the
<br />Obligations to the extent that Revenues of the System are insufficient for such purposes. Any moneys remaining
<br />in the Operating Reserve Fund at the end of the first full year following the delivery of the Obligations, which
<br />shall not have beer, used for ,he purposes set forth above, shall be transferred and deposited into the Reserve
<br />Account in the Sinking Fund until the Reserve Account shall br at least equal to the largest amount of principal
<br />and interest becoming due on the Obligations in any ensuing Fiscal Year. When the moneys on deposit in the
<br />Reserve Account shall be at least equal to the maximum annual principal and interest .on the Obligations
<br />becoming due in any ensuing Fiscal Year, the balance remaining in the Operating Reserve Fund which is not
<br />necessary for or which has not been used for deposit into the Reserve Account shall be deposited into the
<br />Renewal and Replacement Fund.
<br />(2) From the moneys remaining in the Revenue Fund, the Issuer shall next deposit into a separate fund
<br />which is hereby created and designated "Solid Waste Disposal System Revenue Bonds Sinking Fund" (hereinafter
<br />called "Sinking Fund"), such sums as will be sufficient to meet the payments of principal of and interest on the
<br />Obligations becoming due during the current Fiscal Year. All such payments, as provided above, shall include an
<br />amount sufficient to pay.the fees and charges of the paying agents. Such payments shall be increased or reduced
<br />proportionately to tip: extent required to pay such interest becoming due, after making allowance for the
<br />amounts of money which will be deposited in the Sinking Fund out of proceeds from the sale of the Obligations
<br />to pay interest on the Obligations.
<br />(3) Moneys remaining in the Revenue Fund shall next be applied by the Issuer for the establishment and
<br />maintenance of a Reserve Account in the Sinking Fund in a sum at least ' equal to and sufficient to, pay the
<br />maximum amount of principal and interest on all outstanding Obligations becoming due in any ensuing Fiscal
<br />Year. The sum of One Hundred Thousand Dollars ($100,000) shall be initially deposited into the Reserve
<br />Account from a portion of the proceeds of the sale of the Obligations.
<br />is
<br />1
<br />JAN 18 19708 8CO 1) FAGt.31 /
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<br />B. The payment of the principal of and interest on the Obligations shall be further secured forthwith
<br />equally and ratably by an irrevocable lien on the Revenue Sharing Trust Funds, as herein defined, prior and
<br />superior to all other liens and encumbrances on such Revenue Sharing Trust Funds, and the Issuer does hereby
<br />irrevocably pledge such Revenue Sharing Trust Funds to the payment of the principal of and interest on, and
<br />reserves for, the Obligations.
<br />SECTION 15. COVENANTS OF THE ISSUER. For as long as any of the principal of and interest on any of
<br />the Obligations shall be outstanding and unpaid or until there shall have been set apart in the Sinking Fund,
<br />herein established, including the Reserve Account therein, a sum sufficient to pay when due the entire principal
<br />of the Obligations remaining unpaid, together with interest accrued or to accrue thereon, the Issuer covenants
<br />with the holders of any and all obligations as follows:
<br />A. REVENUE FUND. The entire Gross Revenues derived from the Operation of the Facilities shall upon•
<br />receipt thereof be deposited in the "Solid Waste Disposal System Revenue Fund" (hereinafter called "Revenue
<br />Fund"), hereby created and established. Such Revenue Fund shall constitute a trust fund for the purposes herein
<br />provided, and shall be kept separate and distinct from all other funds of the Issuer and used only for the purposes
<br />and in the manner herein provided.
<br />B. DISPOSITION OF REVENUES. All revenues at any time remaining on deposit in the Revenue Fund
<br />shall be disposed of as they are received by the Issuer, commencing in the month immediately following the
<br />delivery of the Obligations only in the following manner and in the following order of priority:
<br />(1) Revenues shall first be used for deposit into a fund to be known as the "Solid Waste Disposal System
<br />Operating Account" (hereinafter called "Operating Account"), which is hereby established and created, such
<br />sums as are necessary for the cost of operating and maintaining the System during the current Fiscal Year in
<br />accordance with the budget to be adopted as hereinafter .provided. There shall initially be deposited into a
<br />separate special fund in said Account, to be known as the "Operating Reserve Fund" which is hereby created and
<br />established, from the proceeds derived from the sale of the Obligations, the sum of Two Hundred Sixty Thousand
<br />Dollars ($260,000). Moneys on deposit in said Operating Reserve Fund shall be used for the payment of initial
<br />operating and administrative costs of the System during the first full year following the delivery of the
<br />Obligations to the extent that Revenues of the System are insufficient for such purposes. Any moneys remaining
<br />in the Operating Reserve Fund at the end of the first full year following the delivery of the Obligations, which
<br />shall not have beer, used for ,he purposes set forth above, shall be transferred and deposited into the Reserve
<br />Account in the Sinking Fund until the Reserve Account shall br at least equal to the largest amount of principal
<br />and interest becoming due on the Obligations in any ensuing Fiscal Year. When the moneys on deposit in the
<br />Reserve Account shall be at least equal to the maximum annual principal and interest .on the Obligations
<br />becoming due in any ensuing Fiscal Year, the balance remaining in the Operating Reserve Fund which is not
<br />necessary for or which has not been used for deposit into the Reserve Account shall be deposited into the
<br />Renewal and Replacement Fund.
<br />(2) From the moneys remaining in the Revenue Fund, the Issuer shall next deposit into a separate fund
<br />which is hereby created and designated "Solid Waste Disposal System Revenue Bonds Sinking Fund" (hereinafter
<br />called "Sinking Fund"), such sums as will be sufficient to meet the payments of principal of and interest on the
<br />Obligations becoming due during the current Fiscal Year. All such payments, as provided above, shall include an
<br />amount sufficient to pay.the fees and charges of the paying agents. Such payments shall be increased or reduced
<br />proportionately to tip: extent required to pay such interest becoming due, after making allowance for the
<br />amounts of money which will be deposited in the Sinking Fund out of proceeds from the sale of the Obligations
<br />to pay interest on the Obligations.
<br />(3) Moneys remaining in the Revenue Fund shall next be applied by the Issuer for the establishment and
<br />maintenance of a Reserve Account in the Sinking Fund in a sum at least ' equal to and sufficient to, pay the
<br />maximum amount of principal and interest on all outstanding Obligations becoming due in any ensuing Fiscal
<br />Year. The sum of One Hundred Thousand Dollars ($100,000) shall be initially deposited into the Reserve
<br />Account from a portion of the proceeds of the sale of the Obligations.
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<br />JAN 18 19708 8CO 1) FAGt.31 /
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