1982-061 - Laserfiche WebLink

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Term Bonds may nevertheless be subject to redemption prior to maturity at the option of the Issuer on such terms and conditions as shall be fixed by resolution of the Issuer at or prior to the delivery of the Term Bonds, and that no election shall be made which, in the opinion of bond counsel to the Issuer, would cause the Bonds to the "arbitrage bonds" within the meaning of the Internal Revenue Code. The funds and principal of and interest on investments in the Bond Amortization Account shall be applied exclusively for payment of Term Bonds of each respective series, or maturity within a series, for which such funds and investments were depo- sited into the Bond Amortization Account, by purchase, redemption or payment at maturity, as applicable, and shall not be available for payment or purchase or redemption of Term Bonds of any other series, or any other maturity within the series, or for transfer to the Sinking Fund to make up any deficiencies in required payments therein; provided, however, that the interest on such investments not necessary for the payment of the current interest requirements on the Term Bonds of each respective series, or maturity within a series, for which such investments were depo- sited into the Bond Amortization Account, may be deposited into the Sinking Fund. (e) The Issuer shall deposit into the Bond Amortization Account, Amortization Installments for the amortization of the principal of the Term Bonds, together with any deficiencies for prior required deposits, such Amortization Installments to be in such amounts and to be due in such years as shall be determined by resolution of the Board prior to the delivery of the Term Bonds. The Issuer shall pay from the Sinking Fund all expenses in connection with any such purchase or redemption. (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 State of Florida to receive county funds, a special fund to be known as the "Indian River County Water and Sewer System Operation and Maintenance Fund," which shall be used exclusively for the pur- pose of receivingfunds 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 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 -11-