1989-042 - Laserfiche WebLink

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(1) First, the Countv 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 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, except as may be required by Section 16, subsections P or Z of the Resolution. 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 Credit Instrument as described below) a sum equal to the maximum