Laserfiche WebLink
SECTION 15. APPLICATION OF BOND PROCEEDS. The proceeds, <br />including accrued interest and premium, if any, received from the <br />sale of any or all of the Bonds shall be applied simultaneously <br />with the delivery of the Bonds to the purchaser thereof, as <br />follows: <br />(A) The accrued interest and capitalized interest, if any, <br />shall be deposited in the Debt Service Fund hereinafter created and <br />shall be used only for the purpose of paying interest coming due on <br />the Bonds. <br />(B) To the extent not reimbursed therefor by the original <br />purchaser of the Bonds, the County shall pay all costs and expenses <br />in connection with the preparation, sale, issuance and delivery of <br />the Bonds. <br />(C) The remainder of the proceeds of the sale of the Bonds <br />shall be deposited in the "Indian River County General Obligation <br />Bonds, Project Acquisition Fund" (the "Acquisition Fund") hereby <br />created, which shall be a trust fund for the benefit of the Owners <br />of the Bonds, and used only for the costs of the Projects. The <br />proceeds of the sale of the Bonds shall be and constitute trust <br />funds for the purposes hereinabove provided and there is hereby <br />created a lien upon such moneys, until so applied, in favor of the <br />Owners of said Bonds. Moneys in the Acquisition Fund may from time <br />to time be invested in Authorized Investments. <br />SECTION 16. LEVY OF AD VALOREM TAXES. (A) There is hereby <br />created the "Indian River County General Obligation Bonds, Debt <br />Service Fund" (the "Debt Service Fund") which shall be a trust fund <br />13 <br />