1993-145 - Laserfiche WebLink

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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 Revenue Fund, 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 ten (10) years from the date of purchase. 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 Revenue Fund. D. OPERATION AND MAINTENANCE. The County will maintain the Recreational Facilities 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, to the extent practicable, fix, establish, revise from time to time whenever necessary, maintain and collect such fees, rates, rentals and other charges for the use of the services of the Recreational Facilities so as to provide Net Revenues in each Fiscal Year sufficient to pay (a) one hundred percent (1008) of all required deposits into the Reserve Account, and (b) one hundred percent (1008) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding. For purposes of this subsection, any amounts owed by the County to the issuer of a Reserve Account Credit Instrument as a result of a draw thereon, as ( appropriate, shall be added to the principal and interest payable on the Bonds to determine compliance with this rate covenant. F. BOOKS AND RECORDS. The County shall keep proper books, records and accounts, showing correct and complete entries of all transactions of the County i relating to the Recreational Facilities and the Pledged Funds. Registered Owners of the Bonds shall have the right at all reasonable times to inspect all books, t, records and accounts of the County relating to the Recreational Facilities and i111 the Pledged Funds. G. ANNUAL AUDIT. The County shall also, at least once a year, within 180 days after the close of its Fiscal Year, cause the books, records and accounts relating to the Recreational Facilities and the Pledged Funds to be audited by } a independent firm of certified public accountants. A copy of such annual audits shall be furnished to any Registered Owner of the Bonds who shall have requested in writing that a copy of such audits be furnished him. 19