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F- i _ <br />Shall be held by the Issuer separate and apart from all other <br />funds and shall be expended and used only in the manner and order <br />Specified in paragraphs (C), (D), and MCA this Section. <br />(C) Bond and Interest sinki_ ng Fund. The Issuer <br />covenants and agrees to es,abl•ish with a depository in the State <br />Of Florida, which is a member of the Federal Deposit Insurance <br />COrporati.on, and which is eligible under the Laws of the State <br />Of Florida to receive public funds a special fund or funds, <br />!collectively called "Indian River County water ynd Sewer System <br />Bond and Interest Sinking Fund" (the "Sinking Fund"), to be used <br />exclusively for the purposes hereinafter mentioned. As soon <br />after delivery of the Bonds as the System shall be revenue- <br />producing, the Issuer shall transfer on or before the 15th day of <br />each month from the Revenue Fund and deposit to the credit of the <br />Sinking Fund the following amounts: <br />'• A <br />(l) A sum equal to 1/12 of the amount of one year's <br />interest on all the Bonds then outstanding, together with the <br />amount of any deficiency in prior deposits for interest; and <br />(2) Beginning on September 15, 1950, a sum equal to <br />`/12 of the principal of the Bonds maturing on the next succeed- � <br />ing'anniversary date, together with the amount of any deficiency <br />in prior deposits for principal. <br />(3) After fulfillment of the requirements of paragraphs <br />(c)(1) and (2), the Issuer shall transfer on or before the 15th <br />day of each month from the Revenue Fund and deposit to the <br />credit of a special account in the Sinking Fund (the "Reserve <br />Account"!, the sum of Two Hundred Dollars ($200.00) until such time <br />as the funds and investments therein shall equal Twenty-four Thou- <br />sand Dollars ($24,000.00), and monthly thereafter such amount as may <br />be necessary to maintain in the Reserve Account the sum of Twenty- <br />four Thousand Dollars ($24,000.00) but not exceeding Two Hundred <br />Dollars ($200.00) monthly. Money in the Reserve Account shall be <br />used only for (1) paying the costof repairing or replacing any <br />-damage to the System which shall be caused by an unforeseen caLa. <br />trophe, (2) constructing improvements or extensions to the System <br />JAN 2 31978 3 ``}} <br />Pi OK 33 ('ivi: �S �J <br />