1989-046 - Laserfiche WebLink

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"SECTION 16. COVENANTS OF THE COUNTY. Subject to any stricter covenants imposed upon the County in the Senior Lien Bond Resolution, which shall be observed while any Senior Lien Bonds are outstanding, for so long as any of the principal of and interest on any of the Bonds shall be outstanding and unpaid, or until there shall have been set apart in the Sinking Fund hereinafter created, a sum sufficient to pay, when due, the entire principal amount of the Bonds remaining unpaid, together with interest accrued and interest to accrue thereon through such payment date or until the provisions of Section 20 hereof have been satisfied, the County covenants with the holders of the Bonds issued pursuant to this Resolution that: "A. REVENUE FUND. All Revenues shall upon receipt thereof be deposited in the "Water and Sewer Revenue Fund" (herein the "Revenue Fund"), which is hereby created and established. "B. DISPOSITION OF REVENUES. Subject to prior disposition in accordance with the provisions of the Senior Lien Bond Resolution while any Senior Lien Bonds are outstanding, all Revenues on deposit in the Revenue Fund shall be disposed of by the County as needed or as required herein only in the following manner and in 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 (to the extent that the same have not been provided for pursuant to the Senior Lien Bond Resolution). (2) Second, the County shall deposit in each month to a fund to be known as the "Water and Sewer Revenue Bonds Sinking Fund" (herein the "Sinking Fund"), which is hereby created and established, 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 deposit 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 - 22 -