1989-019 - Laserfiche WebLink

Home Browse Search

unrelated or disproportionate to the County's use of the System, will not excsed more than five percent (5%) of the use of the System. The County covenants that no more than ten percent (10%) of the Gross Revenues will be derived directly or indirectly from payments from any nongovernmental user, other than payments by a nongovernmental user as a member of the general public. SECTION 17. APPLICATION OF SERIES 1989 BOND PROCEEDS. All moneys received from the sale of the Series 1989 Bonds shall be deposited and applied by the County as follows: A. All accrued interest on the Series 1989 Bonds shall be deposited into the Sinking Fund and applied exclusively for the payment of interest first becoming due on the Series 1989 Bonds. B. A sum, if any, specified by subsequent resolution of the County shall be deposited into the Reserve Account in the Sinking Fund. C. The amount necessary to purchase and thereby retire all of the outstanding Original Bonds shall be paid to the Government. D. Next, the amount necessary to pay all engineering fees, costs and expenses of financial reports, studies and projections, legal fees, fees of financial advisors, costs of the issuance of the Series 1989 Bonds, and all other similar costs incurred in connection with the retirement of the Original Bonds and the issuance of the Series 1989 Bonds shall be paid or provided for. If for any reason any proceeds of the Series 1989 Bonds are not necessary for or are not applied to the payment of such costs, then such moneys shall be deposited by the County into the Sinking Fund and used only to pay the principal of and interest on the Bonds. SECTION 18. REBATE. Anything to the contrary contained herein notwithstanding, 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 "Series 1989 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 Series 1989 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 Code as the same shall become due and payable. It is the intent of this paragraph to provide for payment of all amounts due under said Section of the Code with respect to the Series 1989 Bonds, in such installments and - 26 -