1993-145 - Laserfiche WebLink

Home Browse Search

C f, SECTION 16. 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 32 hereof have been satisfied, the County covenants with the holders of the Bonds issued pursuant to this Resolution that: A. REVENUE FUND. All Gross Revenues shall upon receipt thereof be deposited in the "Recreational Facilities Revenue Fund" (herein the "Revenue Fund"), which is hereby created and established. B. DISPOSITION OF REVENUES. All Gross 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 "Recreational Facilities Operating Fund" (herein the "Operating 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 to the "Recreational Revenue Bonds Sinking Fund" (herein the "Sinking Fund"), which is hereby created and established, one-sixth (1/6th) (or such other appropriate equal monthly portion) of the interest on the Bonds to 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) (or such other appropriate equal monthly portion) of the principal of Bonds to mature on the next principal payment date. 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 Account", hereby created and established, one -twelfth (1/12th) (or such other appropriate equal monthly portion) of the principal of Bonds, if any, subject to mandatory redemption on the next principal payment date. Such deposit shall take into account the principal amount ofrthe•Term•Bonds- subject to mandatory redemption on the next principal payment date that the County shall have purchased and tendered to the Paying Agent in lieu of mandatory redemption on such date (as and to the extent not prohibited under the terms of the particular series of Bonds), if any. (4) Fourth, the County shall deposit into an account in the Sinking Fund to be known as the "Reserve Account", which is hereby created and established, a sum sufficient to increase the amount on deposit in the 16