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1981-032
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1981-032
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3/6/2023 10:25:58 AM
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Resolutions
Resolution Number
1981-032
Approved Date
05/06/1981
Subject
Amending Resolution 1981-031
RE: Junior Bonds for County Administrative Complex $725,000
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Account when there has been deposited therein and as long as <br />there shall remain on deposit therein a sum equal to the maximum <br />amount of principal and interest which will mature and come due <br />on the Obligations in any ensuing Fiscal Year. <br />Any withdrawals from the Reserve Account shall be sub- <br />sequently restored from the first moneys available in the Sinking <br />Fund after all required current payments into the Sinking Fund, <br />includinq all deficiencies for prior payments, have been made in <br />full. <br />Moneys in the Reserve Account shall be used only for the <br />purpose of the payment of maturing principal of or interest on <br />the Obligations when the moneys in the Sinking Fund are insuf- <br />ficient therefor, and for no other purpose. <br />The County shall not be required to make any further <br />payments.into the Sinking Fund or into the Reserve Account when <br />(i) the aggregate amount of moneys in such Sinking Fund and the <br />Reserve Account therein are at least equal to the aggregate arin- <br />cipal amobnt of Obligations then outstanding, plus the amount of <br />interest then due or thereafter to become due on such Obligations <br />then outstanding or (ii) the County shall have made provision for <br />payment of the Obligations as provided in Section 17 of this <br />Resolution. <br />(3) The balance of any moneys remaining in the Sinking <br />Fund after the above required current payments have been made <br />shall be considered surplus funds and shall be deposited by the <br />County into a special account to be known as the "Surplus Race <br />Track Funds Account" (hereinafter called the "Surplus Account"). <br />The moneys on deposit in said Surplus Account shall first be <br />used, prior to any interest or principal payment date, to imple- <br />ment the Sinking Fund and the Reserve Account to the extent of <br />any deficiencies therein. Thereafter in each Fiscal Year, on the <br />principal maturity date of the Obligations, any moneys remaining <br />on deposit in said Surplus Account shall be used for the purchase <br />of Obligations of any maturity at not exceeding the redemption <br />
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