1981-032 - Laserfiche WebLink

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under Section 103(c) of the Internal Revenue Code and the regu- lations promulgated thereunder. Investments made with moneys in the Sinking Fund and in the Surplus Account must mature not later than the date that such moneys will be needed. Investments made with moneys in the Reserve Account must mature not later than the final. maturity of any Obligations then outstanding. Any and all income received by the County from all such investments shall upon receipt thereof be deposited into the Sinking Fund and used only for the payment of principal and interest on the Obligations and for the Reserve Account, and thereafter shall be deposited into the Surplus Account and used for the purchase or redemption of Obligations. The cash required to be accounted for in each of the foregoing funds and accounts established herein may be deposited in a single bank account, and funds allocated to the various a ccounts established herein may be invested in a common invest- ment pool, provided that adequate accounting records are main- tained to reflect and control the restricted allocation of the cash on deposit therein and such investments for the various pur- poses ur-poses of such funds and accounts as herein provided. The designation and establishment of the various funds in and by this Instrument shall not be construed to require the establishment of any completely independent, self -balancing fund as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an ear- marking of certain moneys and assets of the County for certain purposes and to establish certain priorities for application of such moneys and assets as herein provided. C. ADDITIONAL OBLIGATIONS. The County hereby covenants and agrees not to incur any other obligations or indebtedness, except refunding obligations, payable from the same sources as the payments hereinbefore specified to be made into the Sinking Fund and Reserve Account."