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1977-110
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1977-110
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Last modified
1/30/2023 10:25:08 AM
Creation date
1/30/2023 10:24:28 AM
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Resolutions
Resolution Number
1977-110
Approved Date
11/02/1977
Resolution Type
Issuance of Bonds
Subject
Solid Waste Disposal System & Issuance of Bonds
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by the Consulting Engineers and approved by the Issuer. The moneys <br />in said Renewal and Replacement Fund shall be used only for the <br />purposes of paying the cost of extensions, enlargements or additions <br />to, or the replacement of depreciable capital assets of the Facilities <br />and emergency repairs thereto, and to provide an adequate reserve <br />for depreciation of all depreciable capital assets. Such moneys on <br />deposit in such Fund shall also be used to implement the Reserve <br />Account if necessary, in order to prevent a default in the payment <br />of the principal of and interest on the Obligations. The moneys <br />on deposit in such Fund shall be withdrawn only upon the authorization <br />of the County Commission and the approval of the Consulting Engineers. <br />(6) The Issuer shall next apply moneys in the Revenue <br />Fund to the payment of current debt service and reserve requirements <br />of any obligations of the Issuer issued to financ=e the cost of <br />additions, acquisition, extensions and improvements to the Solid <br />Waste Disposal System which are junior and subordinate to the lien <br />of these Obligations and Additional Parity Obligations on the revenues <br />of the Facilities. <br />(7) The balance of any moneys remaining in the Revenue <br />Fund after the above required payments have been made on a cumulative <br />basis may be used by the Issuer for any lawful purpose. <br />C. USE OF REVENUE SHARING TRUST FUNDS. The Issuer shall, <br />in each Fiscal Year., on or before the fifteenth (15th) days of <br />February and August, forthwith set aside and deposit into the Sinking <br />Fund and the Reserve Account therein, from the Revenue Sharing Trust <br />Funds, as herein defined, received by the Issuer under the provisions <br />of Chapter. 218, Part II, Florida Statutes, such amounts as shall be <br />necessary to make up any deficiencies between the amounts then on <br />deposit therein and the amount:, necessary to pay interest on the <br />Obligations becoming due on the next interest payment date and one- <br />half (1/2) of the principal on the Obligations becoming due on the <br />next principal payment date and one-half (1/2) of the amount required <br />to be deposited into the Reserve Account in such Fiscal Year. <br />D. INVESTMENT OF FUNDS. The Operating Account, the <br />Operating Reserve Fund, the Sinking Fund, rhe Reserve Account, the <br />Renewal and Replacement Fund, the Revenue Fund and any other special <br />funds or accounts herein established and created shall constitute <br />-19- <br />
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