1991-151 - Laserfiche WebLink

Home Browse Search

1I While my Senior Lies Bonds aro outstanding, the gloss revenues and receipts of the System pledged for payment of the Senior Lien Bonds. which include the Revenues pledged in connection with the Bonds, will be utilized by the County in the following order of priority before the Revalues are available under the Resolution for payment of the Bonds: (1) First, the County shall transfer each month to the Sinking Fund for the Senior Lien Bonds created under the Senior Lien Bond Resolution, if any Senior Lien Bonds are then outstanding. the amount required by the Senior Lien Bold Resolution to be deposited therein monthly to provide for timely payment of the principal and interest on the Senior Lien Bonds cunestly becoming due and payable. (2) Second, while any Senior Lien Bonds are outstanding, the County shill transfer and deposit to the credit of the reserve account in the sinking fund for the Sasior Lien Bonds under the Senior Lies Bond Resolution, the sum of 1/12 of 10% of the 'Mtutimum Bood Service Requirement,' u that phrase is defined in the Senior Lies Bond Resolution, on the Senior Lien Bonds until such aims as the funds and investments therein shall equal such Maximum Bond Service Requirement, and monthly thesesier such amount as may be necessary to maintain in such reserve ac amt the Maximum Bond Service Requirement, but not exceeding 1/12 of the Maximum Bond Service Requirement monthly. (3) Third, the County shall transfer in each month to the Operation and Maintenance Fund the amount required to be deposited therein to pay the Operating Expenses due or to become due for such month. (4) Fourth, while any Senior Lien Bonds are outstanding, the County shall transfer and deposit into a special fund to be known as the 'Indian River County Water and Sewer System Renewal and Replacement Fuad,' an amount equal to 1/12 of 5% of the groes revenues of the System (excluding Impsct Fees) for the preceding Fiscal Year. Such fund shall be used only for the purpose of paying the cost of extensions, enlargements, improvements or additioos to or the replacement of capita assets of the System, and for emergency repairs thereto. Impact Fees on deposit in the Renewal and Replacement Fund shall only be used to pay the cost of extensions, enlargements, improvements, or additions to the System made necessary by the inclusion of new customers of the System. (5) Fifth, the balance of any moneys remaining after the above required payments have been made may be used by the County for any lawful purpose. ADDITIONAL FINANCING ARRANGEMENTS Senior Lien Bonds The County hu issued and sold to FmHA: (a) $9,200,000 in principal amount of its Water and Sewer Revenue Bonds, Series 1986; and (b) $450,000 in principal amount of its Water and Sewer Revenue Bonds, Series 1986A (collectively the "Senior Lien Bonds"). The County pledged and granted a lien on the revenues and receipts of the System for payment of these bonds, which pledge and lien is senior to the pledge of, and lien on, the Net Revenues of the System for payment of the Bonds. Other than the Senior Lien Bonds, the County shall not issue any other bonds or obligations senior to or having priority to the Net Revenues of the System pledged for payment of the Bonds. Parity Bonds In May 1989, the County issued $6,510,000 Water and Sewer Revenue Refunding Bonds, Series 1989, (the "Series 1989 Bonds"). The Series 1989 Bonds continue to be outstanding and are on a parity with the Series 1991 Bonds. Additional Parity Bonds, payable on a parity with the Series 1991 Bonds and the Series 1989 Bonds ("Additional Parity Bonds"), may be issued from time to time to finance any portion of the costs of the construction and/or acquisition of additions, extensions and improvements to the System, or of any physically separate water or sewer system declared by resolution of the Board to be part of the System, or for refunding purposes. Before issuing any Additional Parity Bonds, them shall have been obtained and filed with the County a certificate of an independent firm of certified public accountants of suitable experience and responsibility: