1990-040 - Laserfiche WebLink

Home Browse Search

G. SUFFICIENT CAPACITY. The County shall use its best efforts to have available from time to time sufficient wastewater treatment capacity to service the property upon which an Assessment is imposed. H. NO ISSUANCE OF OTHER OBLIGATIONS PAYABLE FROM REVENUES. The County will not issue any other obligations payable from the Revenues nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge upon the Revenues. I. BOOKS AND RECORDS; AUDITS. The County shall keep books and records of the collection of the Pledged Funds, including the Assessments and the Revenues, which such books and records shall be kept separate and apart from all other books and records of the County. The Clerk of the Board shall, at the end of each Fiscal Year, prepare a written report setting forth the collections received, the number and amount of delinquencies, the proceedings taken to enforce collections and cure delinquencies and an estimate of time for the conclusion of such legal proceedings. Such report shall be audited by the certified public accountants of the County as part of the annual County audit. Copies of such reports shall, upon written request, be mailed to the Registered Owners of the Bonds. J. ARBITRAGE. No use of the proceeds of the Bonds will be made which will cause the Bonds to be or become "arbitrage Bonds" within the meaning of Section 103(b)(2) and Section 148 of the Internal Revenue Code of 1986, as amended (the "Code") and the regulations implementing said Sections that duly have been published in the Federal Register or with any other applicable regulations implementing said Sections, and the County further covenants to comply with all other requirements of the Code if and to the extent applicable to maintain continuously the Federal income tax exemption of interest on the Bonds. K. ARBITRAGE REBATE. Unless the Bonds are exempt from the arbitrage rebate requirement of Section 148(f) of the Internal Revenue Code of 1986, as amended, pursuant to one of the exceptions provided therein, the County shall at least annually transfer appropriate amounts from the funds and accounts hereunder to which income on investments has been deposited, into an account to be known as the "Special Assessment Revenue Bonds, Series 1990, Rebate Account" (herein referred to as the "Rebate Account") sufficient to pay to the United States of America all amounts due with respect to the Bonds under the provisions of Section 148 (f) of the Internal Revenue Code of 1986, as amended and supplemented, or under similar provisions of subsequent federal revenue laws. The earnings on the Rebate Account shall be added to and become a part of the Rebate Account. Moneys in the Rebate Account shall only be used to pay the amounts due to the United States of America under said Section of the - 22 -