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BOOK '.c� F GE 90 <br />RESOLUTION NO. 95-63 <br />SECTION 16. LEVY OF AD VALOREM TAXES. (A) There is hereby <br />created the "Indian River County General Obligation Bonds, Debt <br />Service Fund" (the "Debt Service Fund") which shall be a trust fund <br />for the benefit of the Owners of the Bonds. Within the Debt <br />Service Fund there shall be established an Interest Account and a <br />Principal Account. There is hereby created a lien upon any and all <br />moneys deposited in such Debt Service Fund in favor of the Owners <br />of the Bonds until applied as provided herein. Pursuant to <br />Resolution No. 92-146 and this Resolution, in each Fiscal Year <br />while any of the Bonds are outstanding and unpaid, there shall be <br />levied and collected an ad valorem tax on all the taxable property <br />within the County sufficient to pay the interest on the Bonds as <br />the same becomes due and payable, and to provide for the payment of <br />the principal and redemption premium, if any, of said Bonds at <br />their maturity or stated redemption date, and the County is, and <br />shall be, irrevocably and unconditionally obligated to levy and <br />collect such ad valorem taxes without limitation as to rate or <br />amount on all the taxable property within the County, sufficient in <br />amount to pay all principal and redemption premium, if any, and <br />interest on said Bonds as the same shall mature and become due. <br />All taxes levied pursuant to this Resolution, as collected, shall <br />be paid over for deposit in the Debt Service Fund and held in trust <br />for the payment of the principal of and interest on the Bonds as <br />they severally become due and shall be expended for no other <br />purpose. Until disbursed, the funds shall be secured as may from <br />time to time be provided by law and as may be provided by resolu- <br />tion of the County Commissioners. Funds in the Debt Service Fund <br />may be invested from time to time in Authorized Investments. <br />(.B) The moneys at any time on deposit in the Debt Service <br />Fund shall be disposed of only in the following manner: <br />(i) moneys shall first be used, to the full extent <br />necessary, for deposit into the Interest Account in the Debt <br />Service Fund to pay interest becoming due on the Bonds on the next <br />64 <br />May 16, 1995 <br />