1988-044 - Laserfiche WebLink

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annually on the first day of the Fiscal Year by an independent firm of certified public accountants, who may be the accountants for the County, in accordance with generally accepted accounting principles. Notwithstanding the foregoing provisions, in lieu of, in whole or in part, the required deposits into the Reserve Account, the County may cause to be deposited into the Reserve Account either an insurance policy issued by a reputable and recognized municipal bond insurer or a letter of credit from a bank or trust company whose municipal bond insurance policy or letter of credit will result in the highest rating of municipal obligations of either Moody's Investors Service or Standard & Poor's Corporation. Any such insurance policy or letter of credit shall be payable or available to be drawn upon, as the case may be (upon V',e giving of notice as required thereunder), on any interest payment date on which a deficiency exists which cannot be cured by money in any other fund or account held pursuant hereto and available for such purpose. If a disbursement is made under any such insurance policy or letter of credit, the County may reinstate the maximum limits of such insurance policy or letter of credit immediately following such disbursement, otherwise the amount of credit toward the Reserve Account requirement for such insurance policy or letter of credit shall be appropriately reduced. Furthermore, the County may at any time and from time to time cause to be deposited in the Reserve Account such an insurance policy or letter of credit and cause an appropriate amount to be withdrawn from the Reserve Account and released to the County. Moneys in the Reserve Account shall be used only for the purpose of the payment of maturing principal of or interest on Bonds when the other moneys in the Sinking Fund are insufficient therefor, and for no other purpose. However, upon the valuation of the Reserve Account in each year, if the moneys applied and allocated to the Reserve Account (except the investment income thereon) exceed the amount required, such excess may be withdrawn and released to the County. No further deposits to the Sinking Fund, the Bond Amortization Account or the Reserve Account shall be required when the aggregate sums deposited therein are and remain at least equal to the sum of all of the principal and interest then due and thereafter becoming due in all ensuing years for the Bonds then outstanding. (4) Fourth, apply monriys in the Revenue Fund to the payment of current debt service and reserve requirements of any obligations of the County issued to finance the cost of additions, acquisition, extensions and improvements to the System which are junior and subordinate to the lien of the Bonds on the Pledged 15