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1979-116
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1979-116
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2/20/2023 2:21:44 PM
Creation date
2/20/2023 2:21:16 PM
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Resolutions
Resolution Number
1979-116
Approved Date
11/21/1979
Subject
$4,350,000 Bond Issue for Renovation fo County Administration Complex
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A <br />must mature not later than the final maturity of any obligations <br />then outstanding. Any and all income received by the County from <br />all such investments shall upon receipt thereof be deposited into <br />the Revenue Fund. <br />The cash required to be accounted for in each of the <br />foregoing funds and accounts established herein may be deposited <br />in a single bank account, and funds allocated to the various <br />accounts established herein may be invested in a common invest- <br />ment pool, provided that adequate accounting records are main- <br />tained to reflect and control the restricted allocation of the <br />cash on deposit therein and such investments for the various pur- <br />poses of such funds and accounts as herein provided. <br />The designation and establishment of the various funds <br />in and by this Instrument shall not be construed to require the <br />establishment of any completely independent, self -balancing funds <br />as such term is commonly defined and used in governmental <br />accounting, but rather is intended solely to constitute an ear- <br />marking of certain moneys and assets of the County for certain <br />purposes and to establish certain priorities for application of <br />such moneys and assets as herein provided. <br />C. OPERATION OF BOND AMORTIZATION ACCOUNT. Moneys held <br />for the credit of the Bond Amortization Account shall be applied <br />to the retirement of Term Obligations as follows: <br />(1) Subject to the provisions of Paragraph (3) below, <br />the County shall endeavor to purchase Term Obligations then out- <br />standing at the most advantageous price obtainable with reason- <br />able diligence, such price not to exceed the principal of such <br />Term Obligations plus the amount of the premium, if any, which <br />would be payable on the next redemption date to the Holders of <br />such Term Obligations if such Term Obligations should be called <br />for redemption on such date from moneys in the Bond Amortization <br />Account. The County shall pay the interest accrued on such Term <br />Obligations to the date of delivery thereof from the Bond Service <br />Fund and the purchase price from the Bond Amortization Account <br />therein, but no such purchase shall be made by the County within <br />_18- <br />
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