1993-145 - Laserfiche WebLink

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the Reserve Account Credit Instrument on or before the interest payment date) prior to each interest payment date. If a disbursement is made under any such Reserve Account Credit Instrument, the County may reinstate the maximum limits of such Reserve Account Credit Instrument immediately following such disbursement, otherwise the amount of credit toward the Reserve Account Requirement for such Reserve Account Credit Instrument shall be appropriately reduced. Furthermore, the County may at any time and from time to time cause to be deposited in the Reserve Account such a Reserve Account Credit Instrument and cause an appropriate amount to be withdrawn from the Reserve Account and deposited in the Revenue Fund. Moneys in the Reserve Account shall be used only for the purpose of the payment of principal of or interest on Bonds as the same shall become due and payable when the other moneys in the Sinking Fund are insufficient therefor, and for no other purpose. However, upon the valuation of the Reserve Account in each year, if the moneys on deposit in the Reserve Account (except the investment income thereon) exceed the amount required, such excess may be withdrawn and deposited in the Revenue Fund. If the Reserve Account Requirement shall at any time be satisfied in whole or in part with a qualifying letter of credit and such letter of credit is about to expire or terminate, the County hereby authorizes and directs the Paying Agent to draw upon such letter of credit prior to its expiration or termination to the extent required to fully fund the Reserve Account Requirement unless a replacement Reserve Account Credit Instrument is in place or the Reserve Account is otherwise fully funded in its required amount. (5) Fifth, the County shall from time to time transfer to the Series 1993 Rebate Account and other similar accounts established with respect to any Additional Parity Bonds amounts required or estimated to be required for the purposes thereof. (6) Sixth, the County shall apply an amount sufficient for the payment of current debt service and reserve requirements with j respect to any obligations of the County which have a lien on the Pledged Funds junior and subordinate to the lien of the Bonds. `- (7) Seventh, the County may deposit into the "Recreational Facilities Improvement Fund" (herein the "Improvement Fund"), which is hereby created and established, an amount to be determined by the County Administrator to be used only for the purpose of paying the j.' costs of extraordinary repairs, renewals, replacements, j improvements, additions and expansions. with respect to the Recreational Facilities. Money on deposit in the Improvement Fund {< may be withdrawn only upon the authorization of the County Administrator. (8) Eighth, the balance of any moneys remaining in the Revenue Ic Fund after the above required payments have been made may be used by the ' County for any lawful purpose. 18