1993-080 - Laserfiche WebLink

Home Browse Search

(6) Sixth, the County may deposit into the "Sewer and Water Renewal and Replacement Fund", which is hereby created and established, an amount to be determined by the County to be used only for the purpose of paying the costs of extraordinary repairs, renewals, replacements, improvements, extensions and additions with respect to the System. (7) Seventh, the balance of any moneys remaining in the Revenue Fund after the above required payments have been made may be used by the County for any lawful purpose. No further deposits to the Sinking Fund, the Bond Amortization Account or the Reserve Account shall be required when the aggregate sums deposited therein are and remain at least equal to the sum of all of the principal and interest then due and thereafter becoming due in all ensuing years for the Bonds then outstanding. C. PLEDGED FUNDS AND INVESTMENT OF FUNDS. The Sinking Fund, the Bond Amortization Account and the Reserve Account shall be Pledged Funds, shall constitute trust funds for the purposes provided herein for such funds and shall be used only for the purposes and in the manner provided herein. All moneys in all funds and accounts created or established hereunder shall be continuously secured in the manner by which deposits of public funds are required to be secured by the laws of the State of Florida. Moneys on deposit in the Revenue Fund and the Sinking Fund (except the Reserve Account therein) may be invested and reinvested only in Authorized Investments maturing not later than the date on which the moneys therein will be needed for the purposes of such funds. Moneys in the Reserve Account may be invested and reinvested in Authorized Investments maturing not later than the last maturity date of the Bonds. Except as may be provided in a resolution adopted in connection with the issuance of Additional Parity Bonds, any and all income received by the County from such investments shall be deposited into the Rebate Account hereunder to the extent required and the excess, if any, into the Revenue Account. D. OPERATION AND MAINTENANCE. The County will maintain the System and all parts thereof in good condition and will operate the same in an efficient and economical manner, making such expenditures for equipment and for renewals, repairs and replacements as may be proper for the economical operation and maintenance thereof. E. RATE COVENANT. The County shall fix, establish and maintain such Uniform Charges and, as applicable, such Surcharges, Impact Fees, Special Assessments, Franchise Fees and Fees in lieu of Franchise Fees in connection with the System and other receipts and revenues pledged hereunder, shall collect the same and shall revise the same from time to time, whenever necessary, so as to always provide in each Fiscal Year either of the following: (1) Uniform Charges less Operating Expenses sufficient to pay (a) one hundred percent (1008) of all required deposits into the Reserve Account, and (b) one hundred twenty percent (1208) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding; or (2) when the Revenues include receipts and revenues in addition to Uniform Charges, Net Revenues in each Fiscal Year 22