|
The Issuer shall be unconditionally and irrevocably obligated, so long as any of the Obligations or the
<br />interest thereon are outstanding and unpaid, to take all lawful action necessary or required to continue to entitle
<br />the Issuer to receive the Revenue Sharing Trust Funds in the same amounts and at the same rates as now provided
<br />by law to pay the principal of and interest on the Obligations and to make the other payments provided for
<br />herein. The Issuer shall always be irrevocably and unconditionally obligated to take such action as may be
<br />required to entitle it to receive such Revenue Sharing Trust Funds in the maximum amount provided by law.
<br />SECTION 16. APPLICATION OF PROCEEDS OF OBLIGATIONS. All moneys received from the sale of
<br />the Obligations shall be deposited by the Issuer in a special account in a bank or trust company and applied by
<br />the Issuer as follows:
<br />A. All accrued interest and interest to acture on the Obligations for one year after the date of delivery of
<br />the Obligations shall be deposited into the Sinking Fund and applied exclusively for the payment of interest
<br />becoming due on the Obligations.
<br />B. The Issuer shall next deposit with the paying agent of the outstanding Revenue and General Obligation
<br />Notes a sum equal to pay all the principal of and interest on said Notes to the first date on which they may be
<br />called on or after the delivery of the Obligations.
<br />C. The sum of One Hundred Thousand Dollars ($100,000) shall be deposited into the Reserve Account in
<br />the Sinking Fund.
<br />D. The sum of Two Hundred Sixty Thousand Dollars ($260,000) shall be deposited into the Operating
<br />Reserve Fund in the Solid Waste Disposal System Operating Account.
<br />E. The Issuer shall next use the moneys in said special account to pay all engineering fees, legal fees, fees of
<br />financial advisors, cost of the issuance of the Obligations, and all other similar costs incurred in connection with
<br />the acquisition and construction of the project and the issuance of the Obligations to finance the cost thereof.
<br />F. A special fund is hereby created, established and designated as the "Facilities Construction Fund"
<br />(herein called the "Construction Fund"). There shall be paid into the Construction Fund the balance of the
<br />moneys remaining after making all the deposits and payments provided for in paragraphs A, B, C, D, and E above.
<br />Such fund shall be kept separate and apart from all other accounts of the Issuer, and the moneys on deposit
<br />therein shall be withdrawn, used and applied by the Issuer solely to the payment of the cost of the project and
<br />purposes incidental thereto, as hereinabove described and set forth. If for any reason such proceeds or any part
<br />thereof are not necessary for or are not applied to the payment of such cost, then the unapplied proceeds shall be
<br />deposited by the Issuer into the Sinking Fund and used only to pay principal and interest on the Obligations. All
<br />such proceeds shall be and constitute trust funds for such purposes, and there is hereby created a lien upon such
<br />moneys until so applied in favor of the holders of the Obligations.
<br />Any funds on deposit in the Construction Fund which, in the opinion of the Issuer, acting upon the
<br />recommendation of the Consulting Engineers, are not immediately necessary for expenditure, as hereinabove
<br />provided, may be invested in Authorized Investments maturing at such time or times recommended by the
<br />Consulting Engineers. All such securities shall be held by the depository bank, and all income derived therefrom
<br />shall be deposited in the Construction Fund.
<br />All expenditures or disbursements from the Construction Fund shall be made only after such expenditures
<br />or disbursements shall have been approved in writing by the Issuer and by the Consulting Engineers. The date of
<br />completion of each phase of the project shall be determined by the Consulting Engineers, who will certify such
<br />facts in writing to the governing body of the Issuer.
<br />SECTION 17. MODIFICATION OR AMENDMENT. No material modification or amendment of this
<br />resolution or of any resolution or ordinance amendatory hereof or supplemental hereto may be made without the
<br />consent in writing of the holders of two-thirds or more in the principal amount of the Obligations then
<br />22
<br />e�
<br />BCD ( 33 Fn •3�
<br />J
<br />The Issuer shall be unconditionally and irrevocably obligated, so long as any of the Obligations or the
<br />interest thereon are outstanding and unpaid, to take all lawful action necessary or required to continue to entitle
<br />the Issuer to receive the Revenue Sharing Trust Funds in the same amounts and at the same rates as now provided
<br />by law to pay the principal of and interest on the Obligations and to make the other payments provided for
<br />herein. The Issuer shall always be irrevocably and unconditionally obligated to take such action as may be
<br />required to entitle it to receive such Revenue Sharing Trust Funds in the maximum amount provided by law.
<br />SECTION 16. APPLICATION OF PROCEEDS OF OBLIGATIONS. All moneys received from the sale of
<br />the Obligations shall be deposited by the Issuer in a special account in a bank or trust company and applied by
<br />the Issuer as follows:
<br />A. All accrued interest and interest to acture on the Obligations for one year after the date of delivery of
<br />the Obligations shall be deposited into the Sinking Fund and applied exclusively for the payment of interest
<br />becoming due on the Obligations.
<br />B. The Issuer shall next deposit with the paying agent of the outstanding Revenue and General Obligation
<br />Notes a sum equal to pay all the principal of and interest on said Notes to the first date on which they may be
<br />called on or after the delivery of the Obligations.
<br />C. The sum of One Hundred Thousand Dollars ($100,000) shall be deposited into the Reserve Account in
<br />the Sinking Fund.
<br />D. The sum of Two Hundred Sixty Thousand Dollars ($260,000) shall be deposited into the Operating
<br />Reserve Fund in the Solid Waste Disposal System Operating Account.
<br />E. The Issuer shall next use the moneys in said special account to pay all engineering fees, legal fees, fees of
<br />financial advisors, cost of the issuance of the Obligations, and all other similar costs incurred in connection with
<br />the acquisition and construction of the project and the issuance of the Obligations to finance the cost thereof.
<br />F. A special fund is hereby created, established and designated as the "Facilities Construction Fund"
<br />(herein called the "Construction Fund"). There shall be paid into the Construction Fund the balance of the
<br />moneys remaining after making all the deposits and payments provided for in paragraphs A, B, C, D, and E above.
<br />Such fund shall be kept separate and apart from all other accounts of the Issuer, and the moneys on deposit
<br />therein shall be withdrawn, used and applied by the Issuer solely to the payment of the cost of the project and
<br />purposes incidental thereto, as hereinabove described and set forth. If for any reason such proceeds or any part
<br />thereof are not necessary for or are not applied to the payment of such cost, then the unapplied proceeds shall be
<br />deposited by the Issuer into the Sinking Fund and used only to pay principal and interest on the Obligations. All
<br />such proceeds shall be and constitute trust funds for such purposes, and there is hereby created a lien upon such
<br />moneys until so applied in favor of the holders of the Obligations.
<br />Any funds on deposit in the Construction Fund which, in the opinion of the Issuer, acting upon the
<br />recommendation of the Consulting Engineers, are not immediately necessary for expenditure, as hereinabove
<br />provided, may be invested in Authorized Investments maturing at such time or times recommended by the
<br />Consulting Engineers. All such securities shall be held by the depository bank, and all income derived therefrom
<br />shall be deposited in the Construction Fund.
<br />All expenditures or disbursements from the Construction Fund shall be made only after such expenditures
<br />or disbursements shall have been approved in writing by the Issuer and by the Consulting Engineers. The date of
<br />completion of each phase of the project shall be determined by the Consulting Engineers, who will certify such
<br />facts in writing to the governing body of the Issuer.
<br />SECTION 17. MODIFICATION OR AMENDMENT. No material modification or amendment of this
<br />resolution or of any resolution or ordinance amendatory hereof or supplemental hereto may be made without the
<br />consent in writing of the holders of two-thirds or more in the principal amount of the Obligations then
<br />22
<br />e�
<br />BCD ( 33 Fn •3�
<br />
|