Laserfiche WebLink
therein, a sum sufficient to pay, when due, the entire principal <br />of the Bonds remaining unpaid, together with interest accrued <br />and to accrue thereon, the Issuer covenants with the holders of <br />any and all of the Bonds as follows: <br />(A) Annual Budget of Operating Expenses. The Issuer <br />covenants and agrees that on or before the date of delivery of <br />the Bonds to the purchaser thereof, it will adopt a budget of <br />Operating Expenses for the System for the remainder of the then <br />current Fiscal Year and thereafter, .on or before the first day <br />of each Fiscal Year during which any of the Bonds are outstand- <br />ing, it will adopt an annual budget of Operating Expenses for the <br />ensuing Fiscal Year, and will mail a copy of such budget or <br />amendments thereto to any requesting bondholder. Operating Expenses <br />shall include all reasonable and necessary costs of operating, <br />repairing, maintaining and insuring the System, but shall exclude <br />i <br />depreciation, payments into the Sinking Fund and payments into <br />the Reserve Account. The Issuer covenants that the Operating <br />Expenses incurred in any year will not exceed the reasonable and <br />necessary amounts required therefor, and that it will not expend <br />j <br />any amount or incur any obligations for the operation, maintenance <br />and repair of the System in excess of the amount provided for <br />Operating Expenses in the annual budget, except upon resolution of <br />the Board of County Commissioners of the Issuer that such expenses <br />are necessary to operate and maintain the System. <br />(D) Revenue Fund. The Issuer covenants and agrees <br />that, on or before the date of delivery of the Bonds to the <br />purchaser thereof, it will establish with a depository in the <br />State of Florida, which is a member of the federal Deposit <br />Insurance Corporation and which is eligible under the Laws of <br />the State of Florida to receive public funds, and maintain <br />so long as any of: the Bonds are outstanding, a special fund to <br />be known as the "Indian River County water and Sewer System <br />Revenue Fund" (the "Revenue Fund"). Into such Revenue Fund the <br />Issuer shall deposit promptly as received all cash income derived <br />from the ownership and operation of the System. The Revenue Fund <br />_15 - <br />JAN <br />5 - <br />JAN 2, 3 1078 HCOK � � P,I;,F. •J l � <br />