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t <br />shall be held by the Issuer separate and apart from all other <br />funds and shall be expended and used only in the manner and order <br />specified in paragraphs (C),. (D), and (E) of this Section. <br />(C) Bond and Interest Sinking Fund. -The Issuer <br />covenants and agrees to establish with a depository in the State <br />of Florida, which is a member of the Federal Deposit Insurance <br />Corporation, and which is eligible under the Laws of the State <br />of Florida to receive public funds a special fund or funds, <br />!collectively called "Indian River County Water. nd Sewer System <br />Bond and Interest Sinking Fund" (the "Sinking Fund"), to be used <br />exclusively for the purposes hereinafter mentioned. As soon <br />after delivery of the Bonds as the System shall be revenue- <br />producing, the Issuer shall transfer on or before the 15th day of <br />each month from the Revenue Fund and deposit to the credit of the <br />Sinking Fund the following amounts: <br />(1) A sum equal to 1/12 of the.amount of one year's <br />interest on all the Bonds then outstanding, together with the <br />amount of any deficiency in prior deposits for interest; and <br />(2) Beginning on September 15, 1980, a sum equal to <br />11/12 of the principal of,the Bonds maturing on the next succeed- <br />ing'anniversary date, together with the amount of any deficiency <br />in prior deposits for principal. <br />(3) After fulfillment of the requirements of paragraphs <br />(C)(1) and (2), the Issuer shall transfer on or before the 15th <br />day of each month from the Revenue Fund and deposit to the <br />credit of a special account in'the Sinking Fund (the "Reserve <br />Account"), the sum of Two Hundred Dollars ($200.00) until such time <br />as the funds and investments therein shall equal Twenty-four Thou- <br />sand Dollars ($24,000.00), and monthly thereafter such amount as may <br />be necessary to maintain in the Reserve Account the sum of <br />Twenty- <br />four Thousand Dollars ($24,000.00) but not exceeding Two Hundred <br />Dollars ($200.00) monthly. Money in the Reserve account shall be <br />used only for (1) paying the cost•of repairing or replacing any <br />damage to the System which shall be caused by an unforeseen catas- <br />trophe, (2) constructing improvements or extensions to the System <br />JAN 2 3 1978 <br />BCCK 33 PA,, .� i9 <br />