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RESOLUTION NO. 81-32 <br />A RESOLUTION AMENDING A RESOLUTION ENTITLED: <br />"A RESOLUTION PROVIDING FOR COMPLETION OF THE <br />RECONSTRUCTION, ALTERATION, FURNISHING AND h <br />EQUIPPING OF A COURTHOUSE ANNEX IN INDIAN <br />RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE <br />OF NOT EXCEEDING $725,000 CAPITAL IMPROVEMENT <br />REVENUE BONDS, SERIES 1981, TO FINANCE THE <br />�► COST THEREOF; AND PROVIDING FOR THE PAYMENT OF <br />THE PRINCIPAL OF AND INTEREST ON SUCH BONDS <br />FROM THE RACE TRACK FUNDS AND JAI ALAI FRONTON <br />FUNDS ACCRUING ANNUALLY TO INDIAN RIVER <br />COUNTY, FLORIDA, PURSUANT TO LAW, AND CERTAIN <br />INVESTMENT INCOME; PROVIDING FOR THE RIGHTS OF <br />THE HOLDERS OF SAID BONDS," ADOPTED ON MAY 6, <br />1981. <br />4i <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. Subsections B and C of Section 14 of the <br />resolution adopted on May 6, 1981, and referred to by title in <br />the title of this resolution (hereinafter called the "Resolution") <br />be and the same are hereby amended to read as follows: <br />"SECTION 14. COVENANTS OF THE COUNTY. . <br />B. DISPOSITION OF RACE TRACK FUNDS. All Race Track <br />Funds ana-Jai Alai Fronton Funds at any time remaining on deposit <br />in the Sinking Fund shall be disposed of commencing with the <br />Fiscal Year 1980-1981, only in the following manner and in the <br />following order of priority: <br />(1) Moneys on deposit in the Sinking Fund shall first <br />be used to pay all interest becoming due and payable on the <br />Obligations during the current Fiscal Year and the principal <br />amount of Obligations which will become due and payable on the <br />next principal maturity date. <br />(2) Moneys remaining in the Sinking Fund shall next be <br />applied by the County to maintain a Reserve Account in said <br />Sinking Fund, which Reserve Account is hereby created and <br />established, in an amount equal to the maximum amount of prin- <br />cipa; and interest which will mature and come due on the <br />Obligations in any ensuing Fiscal Year, which such sum shall be <br />initially provided from the proceeds of the sale of the Obliga- <br />tions. No further payments shall be made into such Reserve <br />1 <br />