1989-042 - Laserfiche WebLink

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(1) Uniform Charges less Operating Expenses sufficient to pay (a) one hundred percent (100%) of all required deposits into the Reserve Account, and (b) one hundred percent (100%) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding, or (2) When the Revenues include receipts and revenues in addition to Uniform Charges, Net Revenues in each Fiscal Year sufficient to pay (a) one hundred percent (100%) of all required deposits into the Reserve Account, and (b) one hundred twenty percent (120%) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds outstanding. For purposes of the foregoing rate covenant, Senior Lien Bonds Debt Service, Required Renewal Fund Payments and Senior Lien Bonds Reserve Account Payments shall be treated as Operating Expenses. See "FUTURE FINANCING PLANS - Prior Pledge to and Lien for Series 1986 Bonds." Flow of Funds for Series 1989 Bonds Under the Resolution, the County has covenanted that all Revenues shall upon receipt thereof be deposited in the "Water and Sewer Revenue Fund" (the "Revenue Fund"). The Revenues are subject to the prior pledge and lien granted with respect to the Senior Lien Bonds, when issued, under the Senior Lien Bond Resolution. Subject to the prior pledge and lien granted with respect to the Senior Lien Bonds and the flow of funds with respect thereto (See "SECURITY AND SOURCES OF PAYMENT - Flow of Funds under Senior Lien Bond Resolution"), all Revenues on deposit in the Revenue Fund for the Series 1989 Bonds shall be disposed of by the County subject to the following order of priority: (1) First, the County shall transfer in each month to the Operation and Maintenance•Fund the amount required to be deposited therein to pay.the Operating Expenses due or to become due for such month, provided, however, that credit shall be given for funding of such month's Operating Expenses under the Senior Lien Bond Resolution to fund an Operation and Maintenance Fund. (2) Second, the County shall deposit in each month to a fund to be known as the "Water and Sewer Revenue Bonds Sinking Fund" (the "Sinking Fund"), one-sixth (1/6th) of such sum as will be sufficient to pay interest on the Bonds as the same shall become due on the next interest payment date, together with the amount of any deficiency in prior deposits for interest on Bonds, and one -twelfth (1/12th) of the principal of Bonds maturing or subject to mandatory call for redemption on the next principal payment date with respect to the Bonds. Such deposits shall take into account the sums, if any, in the Bond Amortization Account (hereinafter defined) attributable to such payments and the sums, if any, deposited in the Sinking Fund out of proceeds from the sale of Bonds to pay interest thereon. In