1977-110 - Laserfiche WebLink

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or to accrue thereon, the Issuer covenants with the holders of any and all obligations as follows: A. REVENUE FUND. The entire Gross Revenues derived from the operation of the Facilities shall upon receipt thereof be deposited in the "Solid Waste Disposal System Revenue Fund" (hereinafter called "Revenue Fund"), hereby created and established. Such Revenue Fund shall constitute a trust fund for the purposes herein provided, and shall be kept separate and distinct from all other funds of the Issuer and used only for the purposes and in the manner herein provided. B. DISPOSITION OF REVENUES. All .revenues at any time re- maining on deposit in the Revenue Fund shall be disposed of as they are received by the Issuer, commencing in the month immediately following the delivery of the Obligations only in the following manner and in the following order of priority: (1) Revenues shall first be used for deposit into a fund to be known as the "Solid 'Haste Disposal System Operating Account" (hereinafter. called "Operating Account"), which is hereby established and created, such sums as are necessary for the cost of operating and maintaining the System during the current Fiscal Year in accordance with the budget to be adopted as hereinafter provided. There shall initially he deposited into a separate special fund in said Account, to be known as the "Operating Reserve Fund" which is hereby created and established, from the proceeds derived from the sale of the Obligations, the sum of Two Hundred Sixty Thousand Dollars ($260,000). Moneys on deposit in said Operating Reserve Fund shall be used for the payment of initial operating and adminis- trative costs of the System during the first full. year following the delivery of the Obligations to the extent that Revenues of the System are insufficient for such purposes. Any moneys remaining in the Operating Reserve Fund at the end of the first full year following the delivery of the Obligations, which shall not have been used for the purposes set forth above, shall be transferred and deposited into the Reserve Account in the Sinking Fund until the Reserve Account shall be at least equal to the largest amount of principal and interest becoming due on the Obligations in any ensuing Fiscal Year. When the moneys on deposit in the Reserve Account shall be at least equal to the maximum annual principal and interest on the Obligations becoming -16-