8/17/1983 - Laserfiche WebLink

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AUG 17 1983 saox 54 ; PACE 21 A .4 Amortization Account and the Reserve account therein, a sum suf- ficient to pay when due the entire principal of the Bonds remaining unpaid, together with interest accrued or to accrue thereon, the County covenants with the holders of any and all Bonds as follows: A. REVENUE FUND. Promptly after issuance of any of the Bonds the County will deposit all of the Race Track Funds, as defined herein, immediately upon receipt into a special fund which is hereby created and designated "Indian River County Capital Improvement Revenue Bonds, Series 1983, Revenue Fund" (hereinafter referred to as the "Revenue Fund"). B. DISPOSITION OF RACE TRACK FUNDS. All Race Track Funds at any time remaining on deposit in the Revenue Fund hereinabove created and established shall be disposed of com- mencing with the Fiscal Year 1983-84, only in the following manner and in the following order of priority: (1) Moneys on deposit in the Revenue Fund shall first be used for deposit into a separate fund, which is hereby created and designated the "Bond Service Fund", such sums as will be suf- ficient to pay the following amounts on a parity basis (a) all interest becoming due and payable on the Bonds during the current Fiscal Year, (b) the principal amount of Serial Bonds which will become -due and payable on the next principal maturity date; and (c) the Amortization Installments, if any, required to be made on the next annual payment date. Such Amortization Installments shall be credited to a "Bond Amortization Account", which is hereby created and esta- blished in said Bond Service Fund. A separate special subaccount within the Bond Amortization Account shall be established for each installment of Term Bonds outstanding, and if there shall be more than one stated maturity for Term Bonds of an installment, then a separate special subaccount in the Bond Amortization Account shall be established for each such separate maturity of Term Bonds. -22-