Laserfiche WebLink
Account when there has been deposited therein and as long as <br />there shall remain on deposit therein a sum equal to the maximum <br />amount of principal and interest which will mature and come due <br />on the Obligations in any ensuing Fiscal Year. <br />Any withdrawals from the Reserve Account shall be sub- <br />sequently restored from the first moneys available in the Sinking <br />Fund after all required current payments into the Sinking Fund, <br />including all deficiencies for prior payments, have been made in <br />full. <br />Moneys in the Reserve Account shall be used only for the <br />purpose of the payment of maturing principal of or interest on <br />the Obligations when the moneys in the Sinking Fund are insuf- <br />ficient therefor, and for no other purpose. <br />The County shall not be required to make any further <br />payments into the Sinking Fund or into the Reserve Account when <br />(i) the aggregate amount of moneys in such Sinking Fund -and the <br />Reserve Account therein are at least equal to the aggregate grin-_, <br />cipal amount of _Obligations then outstanding, plus the amount of <br />interest then due or thereafter to become due on such Obligations <br />then outstanding or (ii) the County shall -have made provision for <br />payment of the Obligations_as provided in Section 17 of this <br />Resolution.-- <br />(3) <br />esolution.- <br />(3) The balance of any moneys remaining in the Sinking <br />Fund after the* above required current payments have been made <br />shall be considered surplus funds and shall be deposited by the <br />County -into a special account to be known as. -the "Surplus Race <br />Track Funds Account" (hereinafter called the "Surplus Account") . <br />The moneys on deposit in -.said Surplus Acco-unt_shall first be <br />used, prior to any interest or principal payment date, to imple- <br />ment the Sinking Fund and the Reserve Account to the extent of. <br />any deficiencies therein. Thereafter in.each F-iscal Year, -.on the <br />principal maturity date of the Obligations,-ahy moneys remaining <br />..on deposit in said -Surplus Account shall be used for the purchase <br />of Obligations of any maturity at not exceeding the redemption_ <br />-2- <br />PAS <br />1 <br />