1990-040 - Laserfiche WebLink

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Bonds on the next two interest payment dates and such sum as will be sufficient to pay, as the same becomes due and payable, the principal on the Bonds stated to mature during the next twelve (12) months. Such deposits shall take into account the sums, if any, deposited in the Sinking Fund out of the proceeds from the sale of the Bonds to pay interest thereon. In addition, there shall be deposited in the Sinking Fund amounts sufficient to pay the fees and charges of the Paying Agent. In the event the Revenues on deposit in the Revenue Fund and the Sinking Fund are insufficient for such purpose, the County shall transfer money to the Sinking Fund from the Bond Redemption Account. (2) Second, the County shall deposit into an account in the Sinking Fund to be known as the "Bond Amortization Account", which is hereby created and established, such sums as are required to pay the principal on the Term Bonds required to be redeemed during the next twelve (12) months. In the event the Revenues on deposit in the Revenue Fund and the Bond Amortization Account are insufficient for such purpose, the County shall transfer money to the Bond Amortization Account from the Bond Redemption Account. (3) Third, the balance shall be deposited into an account within the Sinking Fund to be known as the "Bond Redemption Account", which is hereby created. Money in the Bond Redemption Account shall be used (a) when and to the extent practicable, to redeem Bonds subject to optional redemption or to purchase Bonds at a price not to exceed the current redemption price thereof and (b) to remedy any deficiency in the Sinking Fund, including the Bond Amortization Account, as provided herein. When the principal of and interest on all the Bonds shall have been paid, or there shall have been set apart in the Funds established under this Resolution a sum sufficient to pay when due the entire principal of the Bonds remaining unpaid and interest accrued and interest to accrue thereon through such payment date, any other money remaining on deposit to the credit of the any such Funds shall be transferred to the impact Fee Trust Fund, if the same is then still in existence, and, if not, then transferred to the water and sewer enterprise fund of the County or used by the County for any lawful purpose. C. PLEDGED FUNDS AND INVESTMENT OF FUNDS. The Revenue Fund, the Sinking Fund, the Bond Amortization Account and the Bond Redemption Account shall be Pledged Funds, shall constitute trust funds for the purposes provided herein for such funds and shall be used only for the - 20 -