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6/5/1985
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6/5/1985
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7/23/2015 11:51:13 AM
Creation date
6/12/2015 10:27:57 AM
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Meetings
Meeting Type
Regular Meeting
Document Type
Minutes
Meeting Date
06/05/1985
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BOOK 61 FACE 1 9 1 <br />Improvement Fund shall be applied in the following manner and <br />order of priority: <br />1. First, for the payment of interest becoming due <br />and payable on the Bonds on the next interest payment date and <br />for the payment of all principal maturing on the Bonds on the <br />next principal maturity date and/or applicable redemption date <br />(to the extent Bonds have been called for prior redemption). <br />Such payments shall be adjusted to the extent required to pay <br />such interest and principal becoming due, after making allowance <br />for the amount of money which will be deposited into the <br />Improvement Fund from the proceeds of the sale of the Bonds imme- <br />diately following their delivery. <br />2. After the principal of and interest on all the <br />Bonds shall have been paid, or there shall have been set apart in <br />the Improvement Fund a sum sufficient to pay when due the entire <br />principal of the Bonds remaining unpaid and interest accrued or <br />to accrue thereon, any money remaining on deposit to the credit <br />of the Improvement Fund shall be withdrawn by the County and <br />deposited to the credit of its general fund or used by the County <br />for any lawful purpose. <br />All money on deposit from time to time in the <br />Improvement Fund shall be continuously secured in the manner by <br />which the deposit of public funds are authorized to be secured by <br />the laws of the State of Florida and may be invested and rein- <br />vested only in certificates of deposit or the Florida Gold <br />account, issued or maintained, as the case may be, by the Bank, <br />maturing or subject to redemption at the option of the holder not <br />later than the date on which the money therein will be needed. <br />Any and all income received by the County from such investments <br />shall be deposited into the Improvement Fund. <br />B. ENFORCEMENT OF PAYMENT OF ASSESSMENTS. The County <br />Will receive, collect and enforce the payment of the Assessments <br />in the manner prescribed by this resolution and all other <br />-4- <br />
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