1988-044 - Laserfiche WebLink

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Funds. (5) The balance of any moneys remaining in the Revenue Fund after the above required payments have been made may be used by the County for any lawful purpose. C. PLEDGED FUNDS AND INVESTMENT OF FUNDS. The Revenue Fund, the Sinking Fund, the Bond Amortization Account and the Reserve Account shall be Pledged Funds, shall constitute trust funds for the purposes provided herein for such funds 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 manner by which deposits of public funds are required to be secured by the laws of the State of Florida. Moneys on deposit in the Revenue Fund and the Sinking Fund (except the Reserve Account therein) 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 funds. Moneys in the Reserve Account may be invested and reinvested in Authorized Investments maturing not later than five (5) years from the date of purchase. Any and all income received by the County from such investments shall be deposited into any rebate accounts hereunder to the extent required and the excess, if any, into the Revenue Account. D. OPERATION AND MAINTENANCE. The County will maintain the System and all parts thereof in good condition and will operate the same in an efficient and economical manner making such expenditures for equipment and for renewals, repairs and replacements as may be proper for the economical operation and maintenance thereof. E. RATE COVENANT. In conjunction with the adoption of its annual budget and as otherwise required, the County shall fix, establish and maintain such Surcharges for the System and shall collect the same and revise the same from time to time, whenever necessary, so as to always provide Surcharges in each Fiscal Year sufficient to pay (1) one hundred percent (100%) of all required deposits into the Reserve Account, and (2) one hundred percent (100°x) of the amount of principal and interest becoming due in such Fiscal Year on the Bonds. Such Surcharges shall not be reduced so as to be insufficient to provide the aforesaid required revenues. F. BOOKS AND RECORDS. The County shall keep proper books, records and accounts, showing correct and complete entries of all transaction of the County relating to the System. Registered Owners of the Bonds shall have the right at all reasonable times to inspect all bcoks, records and accounts of the County relating to the System. G. ANNUAL AUDIT. The County shall also, at least once a year, within 180 days after the close of its Fiscal Year, cause 16