Laserfiche WebLink
Upon the sale of any installment of Term Bonds, the <br />County shall, by resolution, establish the amounts and maturities <br />Of such Amortization Installments for each installment, and if <br />there shall be more than one maturity of Term Bonds within an <br />installment, the Amortization Installments for the Term Bonds of <br />each maturity. <br />Moneys on deposit in each of the separate special sub - <br />accounts in the Bond Amortization Account shall either be used <br />for the open market purchase or the redemption of Term Bonds of <br />the installment or maturity of Term Bonds within an installment <br />for which such separate special subaccount is established in the <br />manner hereinafter specified. <br />(2) Moneys remaining in the Revenue Fund shall next be <br />applied by the County to maintain a Reserve Account in said Bond <br />Service Fund, which Reserve Account is hereby created and esta- <br />blished, in an amount equal to the maximum bond service require- <br />ment on the Bonds, all or a portion of which such sum may be ini- <br />tially provided from the proceeds of the sale of the Bonds and <br />other funds of the County available therefor. The County shall <br />thereafter deposit annually into said Reserve Account, if <br />necessary, an amount equal to twenty per cent (20%) of the dif- <br />ference between the amount, if any, so deposited upon the deli- <br />very of the Bonds and the amount required to be maintained <br />therein by the provisions of this subparagraph (2). No further <br />payments shall be required to be made into such Reserve Account <br />when there has been deposited therein and as long as there shall <br />remain on deposit therein a sum equal to the maximum bond service <br />requirement on the -Bonds. <br />Any withdrawals from the Reserve Account shall be sub- <br />sequently restored from the first moneys available in the Revenue <br />Fund after all required current payments into the Bond Service <br />Fund, including the Bond Amortization Account therein, and into <br />the Reserve Account, including all deficiencies for prior <br />payments, have been made in full. <br />-23- <br />7 1 <br />1983 aoax , 5. <br />AUG __ _ _ J <br />