1989-042 - Laserfiche WebLink

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addition, there shall be deposited in the Sinking Fund amounts sufficient to pay the fees and charges of the Paying Agent. (3) Third, the County shall deposit into an account in the Sinking Fund to be known as the "Bond Amortization Account," such sums as are required by resolution of the County to be deposited therein at such times as are required thereby for each series of Term Bonds for purposes of the mandatory redemption thereof. (4) Fourth, the County shall deposit into an account in the Sinking Fund to be known as the "Reserve Account," a sum at least equal to and sufficient to pay the maximum amount of principal and interest on all outstanding Series 1989 Bonds becoming due in any ensuing Fiscal Year. A sum to be specified by subsequent resolution of the County will be deposited in the Reserve Account out of the proceeds of the sale of Series 1989 Bonds. To the extent the amount deposited in the Reserve Account out of the proceeds of the sale of the Series 1989 Bonds is less than the maximum amount of principal and interest on all outstanding Series 1989 Bonds becoming due in any ensuing Fiscal Year, the County will make such additional required payments or substitutions therefor as described herein. Provided, however, in no Fiscal Year shall Net Revenues in excess of twenty percent (20%) of the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year be required to be deposited in the Reserve Account. No further deposits shall be required to be made into the Reserve Account as long as there shall remain on deposit therein (including any Reserve Account insurance policy or letter of credit as described below) a sum equal to the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year. The value of the Reserve Account, including investments on deposit in the Reserve Account, shall be determined annually on the first day of the Fiscal Year by an independent firm of certified public accountants, who may be the accountants for the County, in accordance with generally accepted accounting principles. Notwithstanding the foregoing, in lieu of, in whole or in part, the required deposits into the Reserve Account, the County may cause to be deposited into the Reserve Account either an insurance policy issued by a reputable and recognized municipal bond insurer or a letter of credit from a bank or trust company whose municipal bond insurance policy or letter of credit will result in the highest rating of municipal obligations of either Moody's Investors Service or Standard & Poor's Corporation. Any such insurance policy or letter of credit shall be payable or available to be drawn upon, as the case may be (upon the giving of notice as required thereunder), on any interest payment date on which a deficiency exists which cannot be cured by money in any other fund or account held pursuant hereto and available for such purpose. If a disbursement is made under any such