1988-044 - Laserfiche WebLink

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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 Surcharges shall upon receipt thereof be deposited in the "Water Revenue Fund" (herein the "Revenue Fund"), which is hereby created and established. B. DISPOSITION OF REVENUES. All Surcharges 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, deposit into a fund to be known as the "Water Revenue Bonds Sinking Fund" (herein the "Sinking Fund"), which is hereby created and established, such sums as will be sufficient to pay interest on the Bonds as the same shall become due and the principal amount of the Bonds as the same mature. 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 interest thereon. In addition, there shall be deposited in the Sinking Fund amounts sufficient to pay the fees and charges of the Paying Agent. (2) Second, deposit into an account in the Sinking Fund to be known as the "Bond Amortization Account", hereby created and established, 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. (3) Third, deposit into an account in the Sinking Fund to be known as the "Reserve Account", which is hereby created and established, a sum at least equal to and sufficient to pay the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year. A sum to be specified by subsequent resolution of the County may be deposited in the Reserve Account out of the proceeds of the sale of Bonds. Provided, however, in no Fiscal Year shall Surcharges in excess of twenty per cent (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. 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 insurance policy or letter of credit as described below) a sum equal to the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year. The value of the Reserve Account, including investments on deposit in the Reserve Account, shall be determined 14