1/18/1978 - Laserfiche WebLink

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a MM Thereafter, to the extent necessary to maintain said Reserve Account, there shall be deposited therein in each Fiscal Year, after providing for the payments required in (1) and (2) above, from the moneys remaining in the Revenue Fund, an amount equal to twenty per centum (20%) of the maximum amount of principal and interest on all outstanding Obligations becoming due in any ensuing Fiscal Year. No further payments shall be required to be made into such Reserve Account as long as there shall remain on deposit therein a sum equal to the maximum amount of principal and interest on all outstanding Obligations becoming due in any ensuing Fiscal Year. Any withdrawals from the Reserve Account shall be subsequently restored from the first moneys available in the Revenue Fund after all required current payments for the Operating Account, the Sinking Fund, and the Reserve Account, including all deficiencies for prior payments, have been made in full. Moneys in the Reserve Account shall be used only for the purpose of the payment of maturing principal of or interest on the Obligations when the other moneys in the Sinking Fund are insufficient therefor, and for no other purpose. (4) Upon the issuance by the Issuer of any Additional Parity Obligations under the terms, limitations and conditions provided in this resolution, the payments into the Sinking Fund shall be increased in such amounts as are necessary to make the payments required above for the principal of and interest on, and reserve for such Additional Parity Obligations on the same basis as hereinabove provided with respect to the outstanding Obligations. The Issuer may establish and maintain separate reserve accounts for each issue of Additional Parity Obligations; provided that the sum required to be accumulated and maintained on deposit in the separate reserve accounts shall be at least equal to the maximum principal of and interest on the respective Additional Parity Obligations becoming due in any ensuing fiscal year. Such required sum may be paid in full or in part from the proceeds of such Additional Parity Obligations or may be accumulated in equal payments in the separate reserve accounts over such period of years, not, however, to exceed five (5) years from the date of the respective issue of Additional Parity Obligations, as determined by the Issuer. The Issuer shall not be required to make any further paytaents into the Sinking Fund or into the Reserve Account when the aggregate amount of moneys in both the Sinking Fund and Reserve Account are at least equal to the aggregate principal amount of Obligations then outstanding, plus the amount of interest then due or thereafter to become due on such Obligations then outstanding. (5) The Issuer shall next apply and deposit the moneys in the Revenue Fund into a special account to be known as the "Renewal and Replacement Fund," which fund is hereby created. The Issuer shall deposit into such Renewal and Replacement Fund, an amount equal to ten per centum (10%) of the gross revenues of the Facilities for the previous Fiscal Year, until there shall be on deposit in such Renewal and Replacement Fund an amount recommended by the Consulting Engineers and approved by the Issuer. The moneys in said Renewal and Replacement Fund shall be used only for the purposes of paying the cost of extensions, enlargements or additions to, or the replacement of depreciable capital assets of the Facilities and emergency repairs thereto, and to provide an adequate reserve for depreciation of all depreciable capital assets. Such moneys on deposit in such Fund shall also be used to implement the Reserve Account if necessary, in order to prevent a default in the payment of the principal of and interest on the Obligations. The moneys on deposit in such Fund shall be withdrawn only upon the authorization of the County Commission and the approval of the Consulting Engineers. (6) The Issuer shall next apply moneys in the Revenue Fund to the payment of current debt service and reserve requirements of any obligations of the Issuer issued to finance the cost of additions, acquisition, extensions and improvements to the Solid Waste Disposal System which are junior and subordinate to the lien of these Obligations and Additional Parity Obligations on the revenues of the Facilities. (7) The balance of any moneys remaining in the Revenue Fund after the above required payments have been made on a cumulative basis may be used by the Issuer for any lawful purpose. C. USE OF REVENUE SHARING TRUST FUNDS. The Issuer shall, in each Fiscal Year, on or before the fifteenth (15th) days of February and August, forthwith set aside and deposit into the Sinking Fund and the Reserve Account therein, from the Revenue Sharing Trust Funds, as herein defined, received by the Issuer under the provisions of Chapter 218; Part I1, Florida Statutes, such amounts as shall be necessary to make up any 16 BCOK