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E 1 � shall be he40 ld by the Issuer separate and apart from all other funds and shall be expended and used only in the manner and order 40 specified in paragraphs (C), (D), and (E) of this Section. (C) Bond and Interest Sinking Fund. The Issuer • covenants and agrees to establish with a depository in the State of Florida, which is a member of the Federal Deposit Insurance Corporation, and which is eligible under the Laws of the State of Florida to receive public funds a special fund or funds, -.collectively called "Indian River County Water and Sewer System Bond and Interest Sinking Fund" (the "Sinking Fund"), to be used exclusively for the purposes hereinafter mentioned. As soon after delivery of the Bonds as the System shall be revenue- producing, the Issuer shall transfer on or before the 15th day of each month from the Revenue Fund and deposit to the credit of the Sinking Fund the following amounts: (1) A sum equal to 1/12 of theamount of one year's interest on all the Bonds then outstanding, together with the amount of any deficiency in prior deposits for interest; and (2) Beginning on September 15, 1980, a sum equal to 1/12 of the principal of the Bonds maturing on the next succeed- ing anniversary date, together with the amount of any deficiency in prior deposits for. principal. (3) After fulfillment of the requirements of paragraphs (C)(1) and (2), the Issuer shall transfer on or before the 15th day of each month from the Revenue Fund and deposit to the credit of a special account in the Sinking Fund (the "Reserve Account"), the sum of Two Ilundred Dollars ($200.00) until such time as the funds and investments therein shall equal Twenty-four Thou- sand Dollars ($24,000.00), and monthly thereafter such amount as may be necessary to maintain in the Reserve Account the sum of Twenty- four Thousand Dollars ($24,000.00) but not exceeding Two Hundred Do].lar.s ($200.00) monthly. Money in the Reserve Account shall be used only for (1) paying the cost of repairing or replacing any damage to the System which shall be caused by :in unf.ore:;e.en cata trophc, (2) constructing .imhs•ovemciit.: or exten oi.ons to the System -16