1987-059 - Laserfiche WebLink

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0 0 bond proceeds pending expenditure, in order to insure compliance with the requirements of the Code. The provisions of the Investment Agreement shall be specified by subsequent resolution of the Board. SECTION 9. Application of Bond Proceeds. The proceeds, including accrued interest and premium, if any, received from the sale of any or all of the Series 1987 Bonds shall be applied by the Issuer simultaneously with their delivery to the purchaser thereof, as follows: A. The accrued interest shall be deposited in the Sinking Fund and shall be used only for the purpose of paying interest coming due on the Bonds; B. A sum equal to the lesser of ten (10X) of the proceeds of the Series 1987 Bonds or the Maximum Debt Service Requirement on the Series 1987 Bonds shall be deposited into the Reserve Account; C. To the extent not paid or reimbursed therefor by the original purchaser of the Series 1987 Bonds, the Issuer shall pay all costs and expenses in connection with the preparation, issuance and sale of the Series 1987 Bonds; and D. The balance of such funds shall be deposited into the 1987 Construction Fund, which is hereby created, and used only for payment of the costs and expenses of the 1987 Project or to reimburse the Issuer for the cost thereof. Any funds on deposit in the 1987 Construction Fund which, in the opinion of the Issuer, are not immediately necessary for expenditure, may be invested in Authorized Investments, maturing at such times as the moneys in the 1987 Construction Fund will be needed for their intended purposes. All income derived from such investment of funds.shall be retained in the 1987 Construction Fund and used for the 1987 Project until the 1987 Project has been completed, at which time any balance remaining in the 1987 Construction Fund shall, at the option of the Issuer, be used for other capital improvements in the County or - 6 -