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JUN 2 5 1980 Booz 43 pma 941 then be in default under any of the provisions of this Instrument, and (3) paying tho principal of and interest on the Bonds in the event that the other moneys in the Sinking Fund shall ever be insufficient to meet such payments. (D) Operation and Maintenance Fund. The Issuer cove- nants 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 Stare of Florida to receive county funds, a special fund to be known as the "Indian River County Water System Operation and Maintenance Fund (South County Water System)," which shall be used exclusi- vely for the purpose of receiving funds to be•transferred monthly by the Issuer from the Revenue Fund, and for paying, as they accrue, Operating Expenses pursuant to the Annual Budget_. After delivery of the Bonds to the purchaser thereof, and after having made the deposits to the Sinking Fund as provided in subsection (C) above, the Issuer shall transfer on or before the 15th day of each month from the Revenue Fund and deposit to the credit of the Operation and Maintenance Fund a sum sufficient to pay Operating Expenses for the current month, all in accordance with the Annual Budget. Any balance remaining in the Operation and Maintenance Fund at the end of each Fiscal Year and not required to pay costs incurred during such Fiscal Year shall be deposited promptly into the Revenue Fund. (E) Deficiency or Excess Funds. Subject to the provi- sions for the disposition of Gross Revenues in subsections (C) and (D), which are cumulative, the Issuer shall, on or before the 15th day of each month, transfer to the Reserve Account in the Sinking Fund the balance of moneys remaining in the Revenue Fund until the funds and investments in the Reserve Account equal the amount of $345,500 and thereafter whenever funds and investments in the Reserve Account equal $345,500, the Issuer may use the surplus funds in the Revenue Fund for the purchase or redemption of Bonds or for any other lawful purpose. (F) Trust Funds. The funds and accounts created and established by this Instrument shall constitute trust_ funds for the purpose provided herein for such funds. All of such funds, except as hereinafter provided, stall be continuously secured in the same manner as county deposits of funds are required to be secured by the laws of the State of Florida. Moneys on deposit to the credit of the Reserve Account shall be invested by the depository bank, upon request_ by the Issuer, in direct obliga- tions of, or obligations the principal of and interest on which are guaranteed by, the United States of America and which shall be subject to redemption at face value at anytime at the option of such holder; and the moneys on deposit to the credit of the Sinking Fund may be so invested in such obligations which shall -23-