1989-065 - Laserfiche WebLink

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El • the principal of and interest on the Bonds and other revenues of the County amounts sufficient to pay the principal of and interest on the Bonds as the same shall become due. In addition, the County shall from time to time transfer to the Paying Agent from the Sinking Fund amounts sufficient for the Paying Agent to pay the principal of and interest on the Bonds as the same shall become due. B. LEVY AND COLLECTION OF AD VALOREM TAXES. In each year while any of the Bonds are outstanding the County shall levy and collect a tax on all taxable property within the County, over and above all other taxes authorized or permitted by law, sufficient in amount to pay the principal of and interest on the Bonds as the same shall become due. Such tax shall be assessed, levied and collected in the same manner and at the same time as other County taxes are assessed, levied and collected. C. ENFORCEMENT OF COLLECTIONS. The County will diligently enforce and collect the taxes which are levied for the payment of the principal of and interest on the Bonds, will take all steps, actions and proceedings for the enforcement and collection thereof as the same shall become delinquent to the full extent permitted or authorized by law and will maintain accurate records with respect thereto. All such taxes, as collected, shall be applied as herein provided and not otherwise. D. PLEDGE AND INVESTMENT OF FUNDS. The Sinking Fund shall constitute a trust fund for the purposes provided herein for such fund and shall be used only for the purposes and in the manner provided herein. All moneys in all funds and accounts created or established hereunder shall be continuously secured in the ma,tner by which deposits of public funds are required to be secured by the laws of the State of Florida. Moneys on deposit in the Sinking Fund may be invested and reinvested only in Authorized Investments maturing not later than the date on which the moneys therein will be needed for the purposes of such fund. Any and all income received by the County from such investments shall be deposited into the Rebate Account to the extent required and the excess, if any, into the Sinking Fund. E. REMEDIES. Any Registered Owner may by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and enforce any and all rights existing under the laws of the State of Florida, and may enforce and compel the performance of all duties required hereunder or by any applicable statutes to be performed by the County or by any officer thereof. Nothing herein, however, shall be construed to grant to any Registered Owner any lien on any property of or in the County. F. ARBITRAGE. The County covenants to and with purchasers of the issue which is comprised of the Bonds that it will make no use of the proceeds of such issue which will cause the Bonds to be or become "arbitrage bonds" within the meaning of Section 103(b)(2) and Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations implementing said Sections that duly have been published in the Federal Register or with any other 13