1979-116 - Laserfiche WebLink

Home Browse Search

unable to exhaust the moneys applicable to the Term Obligations of such series under the provisions of this clause or in the purchase of such Term Bonds under the provisions of Paragraph (1) above, such money or the balance of such money, as the case may be, shall be retained in the Bond Amortization Account and, as soon as it is feasible, applied to the Term Obligations of such series; and (b) Any balance then remaining, other than money retained under the first clause of this Paragraph (3), shall be applied to the retirement of such Term Obligations as the County in its sole discretion shall determine, but only, in the case of the redemption of Term Obligations of any series, in such amounts and on such terms as may be provided in the resolution authorizing the issuance of the Obligations of such series. (4) The County shall deposit into the Bond Amortization Account Amortization Installments for the amortization of the principal of the Term Obligations, together with any deficiencies for prior required deposits, such Amortization Installments to be in such amounts and to be due in such years as shall be deter- mined by resolution of the Board prior to the delivery of the Obligations. The County shall pay from the Sinking Fund all expenses in connection with any such purchase or redemption. D. ADDITIONAL OBLIGATIONS. The County hereby covenants and agrees not to incur any other obligations or indebtedness, except refunding obligations as hereinafter provided, payable from the same source as the payments hereinbefore specified to be made into the Bond Service Fund and Reserve Account, unless such obligations contain an express statement that such obligations are junior and subordinate in all respects to the Obligations herein authorized as to lien on and source and security for payment from the Race Track Funds and Jai Alai Fronton Funds. E. REMEDIES. Any Holder of Obligations, or of any -20-