1988-001SWDD - Laserfiche WebLink

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Revenue Fund" (herein the "Revenue Fund"), which is hereby created and established. Be DISPOSITION OF REVENUES. All Gross Revenues on deposit in the Revenue Fund shall be disposed of by the District as needed or as required herein only in the following manner and in the following order of priority: (1) First, deposit into a fund to be known as the "Solid Waste Disposal System Operating Account" (herein the "Operating Account"), which is hereby established and created, such sums as will permit the District to pay, as the same shall become due and payable, the cost of operating and maintaining the System during the current Fiscal Year in accordance with the budget to be adopted as hereinafter provided. There may initially be deposited into a subaccount in the Operating Account, to be known as the "Initial Operating Subaccount" which is hereby created and established, from the proceeds derived from the sale of the Series 1988 Bonds or other available funds of the District, an amount to be specified by subsequent resolution of the District. Moneys on deposit in the Initial Operating Subaccount shall be used for the payment of initial operating and administrative costs of the System during the first full year following the delivery of the Series 1988 Bonds to the extent that Gross Revenues are insufficient for such purposes. Any moneys remaining in the Initial Operating Subaccount at the end of the first full year following the delivery of the Series 1988 Bonds, which shall not have been used for the purposes set forth above, shall be deposited into the Revenue Fund. (2) Second, deposit into a fund to be known as the "Solid Waste Disposal System Revenue Bonds Sinking Fund" (herein the "Sinking Fund"), which is hereby created and established, such sums as will be sufficient to pay interest on the Bonds as the same shall become due and the principal amount of the Bonds as the same mature. Such deposit shall take into account the sums, if any, in the Bond Amortization Account, hereinafter defined, attributable to such payments and the sums, if any, deposited in the Sinking Fund out of proceeds from the sale of Bonds to pay interest thereon. In addition, there shall be deposited in the Sinking Fund amounts sufficient to pay the fees and charges of the Paying Agents. (3) Third, deposit into an account in the Sinking Fund to be known as the "Bond Amortization Account", hereby created and established, such sums as are required by resolution of the District to be deposited therein at such times as are required thereby for each series of term bonds for purposes of the mandatory redemption thereof. (4) Fourth, deposit into an account in the Sinking Fund to be known as the "Reserve Account", which is hereby created and established, a sum at least equal to and sufficient to pay the 15