1993-080 - Laserfiche WebLink

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(2) A certificate of the chief financial officer of the County stating that the County has established and will maintain a separate accounting of all revenues and expenses in connection with any such independent system or with respect to such Impact Fees, Surcharges, Special Assessments, Franchise Fees, Fees in lieu of Franchise Fees or other receipts and revenues to be released, apart from the Pledged Funds; and (3) Written consent of the Series 1993 Bond Insurer. All or any part of the certificate required under subparagraph (1) of this paragraph may be rendered by consulting engineers, consultants or other persons with requisite knowledge and experience who are not reasonably objected to by the Series 1993 Bond Insurer. SECTION 17. COVENANTS OF THE COUNTY. For so long as'any of the principal of and interest on any of the Bonds shall be outstanding and unpaid, or until there shall have been set apart in the Sinking Fund hereinafter created a sum sufficient to pay, when due, the entire principal amount of the Bonds remaining unpaid, together with interest accrued and interest to accrue thereon through such payment date, or until the provisions of Section 24 hereof have been satisfied, the County covenants with the holders of the Bonds issued pursuant to this Resolution that: A. REVENUE FUND. All Revenues shall upon receipt thereof be deposited in the "Water and Sewer Revenue Fund" (herein the "Revenue Fund"), which is hereby created and established. B. DISPOSITION OF REVENUES. All Revenues on deposit in the Revenue Fund shall be disposed of by the County as needed or as required herein only in the following manner and in the following order of priority: (1) First, the County shall transfer in each month to the "Operation and Maintenance Fund", which is hereby created and established, the amount required to be deposited therein to pay the Operating Expenses due or to become due for such month. (2) Second, the County shall deposit in each month into the "Water and Sewer Revenue Bonds Sinking Fund" (herein the "Sinking Fund"), which is hereby created and established, one-sixth (1/6th) of such sum as will be sufficient to pay interest on the Bonds as the same shall become due on the next interest payment date, together with the amount of any deficiency in prior deposits for interest on Bonds, and one -twelfth (1/12th) of the principal of Bonds maturing on the next principal payment date with respect to the Bonds. Such deposit shall take into account the sums, if any, deposited in the Sinking Fund out of proceeds from the sale of Bonds to pay interest thereon on the following interest payment date and the reduction in the amount of interest payable on Term Bonds on the following interest payment date attributable to the purchase and tender of Term Bonds in lieu of mandatory redemption, if any. In addition, there shall be deposited in the Sinking Fund amounts sufficient to pay the fees and charges of the Paying Agent. (3) Third, the County shall deposit in each month into an account in the Sinking Fund to be known as the "Bond Amortization 19