1991-079 - Laserfiche WebLink

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into the 1991 Sinking Fund and applied exclusively for the payment of interest first becoming due on the Series 1991 Bonds. "B. A sum, if any, specified by subsequent resolution of the County shall be deposited into the Reserve Account in the Sinking Fund. "C. The amount necessary to pay all engineering fees, costs and expenses associated with financial reports, studies and projections, legal fees, fees of financial advisors, printing expenses, premiums and expenses related to insuring or rating the Series 1991 Bonds and all other similar costs incurred in connection with the issuance of the Series 1991 Bonds shall be paid or provided for. "D. A fund is hereby created and established to be known as the "Recreational Revenue Bonds, Series 1991, Construction Fund" (herein the "1991 Construction Fund"). There shall be deposited into the 1991 Construction Fund the balance of the moneys remaining after making all the deposits and payments provided for above. "The moneys on deposit in the 1991 Construction Fund shall be withdrawn, used and applied by the County, as and when necessary, solely for the payment of the costs of the 1991 Project and purposes incidental thereto. If for any reason any moneys in the 1991 Construction Fund are not necessary for or are not applied to the payment of such costs, then such moneys shall be deposited by the County into the Sinking Fund and used only to pay the principal of and interest on the Series 1991 Bonds. Anything to the contrary contained herein notwithstanding, the 1991 Construction Fund shall be and constitute a trust fund for the purposes provided herein therefor and, until withdrawn, used and applied as aforesaid, shall be pledged to the payment of the principal of, premium, if any, and interest on the Series 1991 Bonds. "Any moneys in the 1991 Construction Fund which, in the opinion of the County, are not immediately necessary for expenditure, as hereinabove provided, may be invested in Authorized Investments maturing at such time or times as will make the proceeds thereof available when needed. All income derived therefrom shall be deposited into the 1991 Rebate Account to the extent required and the excess, if any, into the 1991 Construction Fund. "All expenditures or disbursements from the 1991 Construction Fund shall be made only after such expenditures or disbursements shall have been approved in writing by the County. The date of completion of each phase of the 1991 Project shall be determined by the County Administrator, who will certify such facts in writing to the Board. "SECTION 13. REBATE. Anything to the contrary contained herein notwithstanding, the County shall at least annually transfer appropriate amounts - 8 -