1993-080 - Laserfiche WebLink

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A. All accrued interest plus, at the option of the County as specified by subsequent resolution of the Board, an amount which will equal all or a portion of the interest on the Series 1993 Bonds for a reasonable period of time from the date of issuance thereof shall be deposited into the Series 1993 Sinking Fund and applied exclusively for the payment of interest first becoming due on the Series 1993 Bonds. B. A sum, if any, specified by subsequent resolution of the Board shall be deposited into the Series 1993 Reserve Account in the Sinking Fund. C. An amount to be specified by subsequent resolution of the Board shall be applied in connection with the retirement of Retired Bonds as specified by subsequent resolution of the Board. D. The amount necessary to pay all costs and expenses associated with financial reports, studies and projections, legal fees, accountant's fees, fees of financial advisors, printing expenses, premiums and expenses related to insuring or rating the Series 1993 Bonds and all other similar costs and expenses incurred in connection with the issuance of the Series 1993 Bonds and the retirement of the Retired Bonds shall be paid or provided for. E. The balance remaining after making all the deposits and payments provided for above shall be deposited into the "Series 1993 Construction Fund" which is hereby created and established. The moneys on deposit in the Series 1993 Construction Fund shall be withdrawn, used and applied by the County, as and when necessary, solely for the payment of or reimbursement for the costs of the Series 1993 Projects and purposes incidental thereto; provided, however, no reimbursement shall be made for any cost paid prior to the date of issuance of the Series 1993 Bonds unless such reimbursement would be treated as an expenditure of proceeds of the Series 1993 Bonds on the date of reimbursement under Treasury Regulation 1.103-18 promulgated under the Code. If for any reason any moneys in the Series 1993 Construction Fund are not necessary for or are not applied to the payment of or reimbursement for such costs, then such moneys shall be deposited by the County into the Series 1993 Sinking Fund and used only to pay the principal of, premium, if any, and interest on the Series 1993 Bonds which first becomes due. Anything to the contrary contained herein notwithstanding, the Series 1993 Construction Fund shall be and constitute a trust fund for the purposes provided herein therefor and shall be Pledged Funds. In the event of a default by the County in the payment of principal of or interest on the Bonds, money in the Series 1993 Construction Fund shall be used to remedy such default, but only to the extent that there are no other funds held under the Resolution available for such purpose. Any moneys in the Series 1993 Construction Fund which, in the opinion of the County, acting upon the recommendation of the Consulting Engineers, 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 Series 1993 Rebate Account to the extent required and the excess, if any, into the Series 1993 Construction Fund. All expenditures or disbursements from the Series 1993 Construction Fund shall be made only after such expenditures or disbursements shall have been 33