1988-044 - Laserfiche WebLink

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The County covenants that no more than ten percent (10%) of the Surcharges will be derived directly or indirectly from payments from any nongovernmental user, other than payments by a nongovernmental user as a member of the general public. SECTION 17. APPLICATION OF SERIES 1988 BOND PROCEEDS. All moneys received from the sale of the Series 1988 Bonds shall be deposited and applied by the County as follows: A. All accrued interest plus, at the option of the County, an amount which equals the amount of interest on the Series 1988 Bonds for a reasonable period of time from the date of issuance thereof shall be deposited into the Sinking Fund and applied exclusively for the payment of interest becoming due on the Series 1988 Bonds. B. A sum, if any, specified by subsequent resolution of the County shall be deposited into the Reserve Account in the Sinking Fund. C. Next, all engineering fees, legal fees, fees of financial advisors, costs of the issuance of the Series 1988 Bonds, and all other similar costs incurred in connection with the purchase of the System and the issuance of the Series 1988 Bonds shall be paid or provided for. D. A fund is hereby created and established to be known as the "System Purchase Fund" (herein the "Purchase Fund"). There shall be deposited into the Purchase Fund the balance of the moneys remaining after making all the deposits and payments provided for above. The moneys on deposit in the Purchase Fund shall be withdrawn, used and applied by the County, as and when necessary, solely for the purchase of the System and purposes incidental thereto. If for any reason any moneys in the Purchase Fund are not necessary for or are not applied to the payment of such costs, then such moneys shall be deposited by the County into the Sinking Fund and used only to pay the principal of and interest on the Bonds. Anything to the contrary contained herein notwithstanding, the Purchase Fund shall be and constitute a trust fund for the purposes provided herein therefor and shall be Pledged Funds. Any moneys in the Purchase Fund which, in the opinion of the County, are not immediately necessary for expenditure, as hereinabove provided, may be invested in Authorized Investments maturing at such time or times as will make the proceeds thereof available when needed. All incove derived therefrom shall be deposited in the Purchase Fund. All expenditures or disbursements from the Purchase Fund shall be made only after such expenditures or disbursements shall 22