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1981-087
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1981-087
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Last modified
3/6/2023 1:25:25 PM
Creation date
3/6/2023 1:18:08 PM
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Resolutions
Resolution Number
1981-087
Approved Date
11/04/1981
Subject
Providing for completion of Courthouse Annex in IRC - Authorizing the issuance of not
exceeding $725,00 Capital Improvement Revenue Bonds, Series 1981, etc...
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� VW <br />including 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 prin- <br />cipal amount 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 re,nai.ning 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. Moneys in said Surplus Account shall <br />next be used to reimburse the County for any moneys initially <br />deposited into the Reserve Account from sources other than the <br />proceeds of the Bonds. 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 />price of the Obligations on the next succeeding redemption date <br />or shall be invested as hereinafter provided and, commencing on <br />the first date on which the Obligations become redeemable, for <br />the redemption of Obligations in the manner provided in Section <br />-2- <br />
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