1989-042 - Laserfiche WebLink

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order of priority before the Revenues are available under the Resolution for payment of the Series 1989 Bonds or any Additional Parity Bonds: (1) First, the County shall transfer each month to the sinking fund for the Senior Lien Bonds created under the Senior Lien Bond Resolution, if any Senior Lien Bonds are then outstanding, the amount required by the Senior Lien Bond Resolution to be deposited therein monthly to provide for timely payment of the principal and interest on the Senior Lien Bonds currently becoming due and payable. (2) Second, while any Senior Lien Bonds are outstanding, the County shall transfer and deposit to the credit of the reserve account in the Sinking Fund for the Senior Lien Bonds under the Senior Lien Bond Resolution, the sum of 1/12 of lo% of the "Maximum Bond Service Requirement," as that phrase is defined in the Senior. Lien Bond Resolution, on the Senior Lien Bonds until such time as the funds and investments therein shall equal such Maximum Bond Service Requirement, and monthly thereafter such amount as may be necessary to maintain in such reserve account the Maximum Bond Service Requirement, but not exceeding 1/12 of the Maximum Bond Service Requirement monthly. In connection with Senior Lien Bond Resolution and the Senior Lien Bonds, the County may be required to fully fund the Maximum Bond Service Requirement prior to making any payment with respect to the Series 1989 Bonds. Under the Resolution, the County has covenanted that in such event it will promptly fully fund such Maximum Bond Service Requirement of the Senior Lien Bonds with available revenues and funds other than the Revenues pledged to secure the Series 1989 Bonds or ad valorem taxes, unless the Bond Insurer shall agree otherwise. (3) Third, 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. (4) Fourth, while any Senior Lien Bonds are outstanding, the County shall transfer and deposit into a special fund to be known as the "Indian River County Water and Sewer System Renewal and Replacement Fund," an amount equal to 1/12 of 5% of the gross revenues of the System (excluding Impact Fees) for the preceding Fiscal Year. Such fund shall be used only for the purpose of paying the cost of extensions, enlargements, improvements or additions to or the replacement of capital assets of the System, and for emergency repairs thereto. Impact Fees on deposit in the Renewal and Replacement Fund shall only be used to pay the cost of extensions, enlargements, improvements or additions to the System made necessary by the inclusion of new customers of the System. 12