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withdrawn, used and applied by the County, as and when necessary, 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