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0 <br />If <br />deficiencies between the amounts then on deposit therein and the amounts necessary to pay interest on the <br />Obligations becoming due on the next interest payment date and one-half ('h) of the principal on the Obligations <br />becoming due on the next principal payment date and one-half ('/2) of the amount required to be deposited into <br />the Reserve Account in such Fiscal Year. <br />D. INVESTMENT OF FUNDS. The Operating Account, the Operating Reserve Fund, the Sinking Fund, the <br />Reserve Account, the Renewal and Replacement Fund, the Revenue Fund and any other special funds or <br />accounts herein established and created shall constitute trust funds for the purposes provided herein for such <br />funds. All such funds shall be continuously secured in the manner by which the deposit of public funds are <br />authorized to be secured by the Laws of the State of Florida. Moneys on deposit in the Operating Account, the <br />Operating Reserve Fund and the Sinking Fund (except the Reserve Account therein) may be invested and <br />reinvested only in Authorized Investments maturing not later than the date on which the moneys therein will be <br />needed for the purposes of such Funds and Account. Moneys in the Reserve Account in the Sinking Fund may be <br />invested and reinvested in Authorized Investments, maturing not later than fifteen (15) years from the date of <br />such investments. Moneys in the Renewal and Replacement Fund may be invested and reinvested in Authorized <br />Investments maturing not later than five (5) years from the date of purchase. Any and all income received by the <br />issuer from such investments shall be deposited into the Sinking Fund. <br />E. OPERATION AND MAINTENANCE. The Issuer will maintain the Facilities and all parts thereof in good <br />condition and will operate the same in an efficient and economical manner making such expenditures for <br />equipment and for renewals, repairs and replacements as may be proper for the economical operation and <br />maintenance thereof. <br />F. RATE RESOLUTION. Within ninety (90) days following delivery of the Obligations, or any portion <br />thereof, the Issuer shall enact a rate resolution and thereby will fix, establish and maintain such rates and will <br />collect such fees, rentals or other charges for the services of the Facilities and revise the same from time to time, <br />whenever necessary, as will always provide revenues in each year sufficient to pay (1) one hundred per centum <br />(100%) of all operating and maintenance costs of the Facilities in such year, (2) one hundred per centum (100%) <br />of all required deposits into the Reserve Account in the Sinking Fund and into the Renewal and Replacement <br />Fund established herein in such year, and (3) one hundred fifteen per centum (115%) of the amount of principal <br />and interest becoming due in such year on the Obligations and on all other obligations payable on a parity <br />therewith, and that such rates, fees, rentals or other charges shall not be reduced so as to be insufficient to <br />provide adequate revenues for such purposes. <br />G. BOOKS AND RECORDS. The Issuer shall also keep books and records of the Revenues of the Facilities <br />and the Revenue Sharing Trust Funds, as defined herein, which such books and records shall be kept separate and <br />apart from all other books, records and accounts of the Issuer. The original purchasers of the Obligations and the <br />holders of not less than ten per centum (10%) of the Obligations shall have the right at all reasonable times to <br />inspect all records, accounts and data of the Issuer relating thereto. <br />H. ANNUAL AUDIT. The Issuer shall also, at least once a year, within 90 days after the close of its Fiscal <br />Year, cause the books, records and accounts relating to the Facilities to be properly audited by a recognized <br />independent firm of certified public accountants. Such audits shall contain a complete report of operations of the <br />Facilities including, but not limited to, a comparison with the current budget and with the operations of the <br />previous years, the balance sheet, a schedule of insurance in existence, a schedule of the application of all <br />Revenues of the Facilities, a schedule of reserves and investments, and a certificate by the auditors stating no <br />default on the part of the Issuer of any covenant herein has been disclosed by reason of such audit. The auditors <br />selected shall be changed at any time by a written request signed by a majority of the holders in principal amount <br />of the Obligations then outstanding or their duly authorized representatives. A copy of such annual audit shall <br />regularly be furnished to the original purchaser of the Obligations, and to any holder of an Obligation who shall <br />have requested in writing that a copy of such audits be furnished him. <br />1. NO MORTGAGE OR SALE OF THE FACILITIES. The Issuer will not sell, mortgage, pledge or <br />otherwise encumber the Facilities or any part thereof, or any Revenues to be derived therefrom, except as herein <br />provided, and will not sell, lease or otherwise dispose of any substantial portion of the Facilities. <br />17 <br />JAN <br />scOX 3 3 Pf�cf$5 <br />