1982-061 - Laserfiche WebLink

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and Maintenance Fund a sum sufficient to pay Operating Expenses for the current month, all in accordance with the Annual Budget. Any balance remaining in the Operation and Maintenance Fund at the end of each Fiscal Year and not required to pay costs incurred during such Fiscal Year shall be deposited promptly into the Revenue Fund. (E) Renewal and _Replacement Fund_. :lie Issuer covenants 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 Renewal and Replacement Fund," into which shall be deposited from the Revenue Fund, after having made the deposits as provided in subsections (C) and (D) above, an amount equal to 1/12 of 10% of the Gross Revenues of the System for the preceding Fiscal Year. Such fund shall be used only for the purpose of paying the cost of extensions, enlargements or additions to or the replacement of capital assets of the System, and for emergency repairs thereto. Impact Fees on deposit in the Renewal and Replacement Fund shall only be used to pay the cost of extensions, enlargements or addi- tions to the System made necessary by the inclusion of new custo- mers of the System. (F) Deficiency or Excess Funds. Subject to the provi- sions for the disposition of Gross Revenues in subsections (C), (D) and (E), which are cumulative, the Issuer. shall, on or before the 15th day of each month, transfer to the Reserve Account in the Sinking Fund the balance of money remaining in the Revenue Fund until the funds and investments in the Reserve Account equal the Maximum Bond Service Requirement and thereafter whenever funds and investments in the Reserve Account equal the Maximum Bond Service Requirement, the Issuer may use the surplus funds in the Revenue Fund for the purchase or redemption of Bonds or Notes or for any other lawful purpose. (G) Trust Funds; Investments. The funds and accounts created and established by this Instrument shall constitute trust funds for the purpose provided herein for such funds. All of such funds, except as hereinafter provided, shall be continuously secured in the same manner as county deposits of funds are required to be secured by the laws of the State of Florida. The cash required to be accounted for in each of the foregoing funds and accounts may be deposited in a single bank account, and funds allocated to the various accounts established herein may be invested in a common investment pool; provided, that adequate accounting records are maintained to reflect and control the -12-