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amount to be withdrawn from the Reserve Account and released to the 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thereon) exceed the amount required, such excess may be withdrawn 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