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40 <br />C <br />. '. <br />the 15th day of each month from the Revenue Fund and deposit to <br />the credit of a Reserve Account in the Sinking Fund the sum of <br />1/12 of 10% of the Maximum Bond Service Requirement until such <br />time as the funds and investments therein shall equal the Maximum <br />Bond Service Requirement, and monthly thereafter such amount as <br />may be necessary to maintain in the Reserve Account the Maximum <br />Bond Service Requirement, but not exceeding 1/12 of the Maximum <br />Bond Service Requirement monthly. Money in the Reserve Af7count <br />shall be used only for paying the principal of and interest on <br />and Amortization Installments for the Bonds in the event that the <br />other money in the Sinking Fund shall ever be insufficient to <br />meet such payments." <br />B. Section 3.04(E) of the Resolution is hereby amended <br />to read as follows: <br />"(E) Renewal and Replacement Fund. The Issuer cove- <br />nants and agrees to establish with a depository in the State of <br />Florida, which is a member of the Federal Deposit Insurance <br />Corporation, and which is eligible under the laws of the State of <br />Florida to receive county funds, a special fund to be known as <br />the 'Indian River County Water and Sewer System Renewal and <br />Replacement Fund,' into which shall be deposited from the Revenue <br />Fund, after having made the deposits as provided in subsections <br />(C) and (D) above, an amount equal to 1/12 of 5% of the Gross <br />Revenues of the System (excluding Impact Fees) for the preceding <br />Fiscal Year. Such fund shall be used only for the purpose of <br />paying the cost of extensions, enlargements, improvements or <br />additions to or the replacement of capital assets of the System, <br />and for emergency repairs thereto. Impact Fees on deposit in the <br />Renewal and Replacement Fund shall only be used to pay the cost <br />of extensions, enlargements, improvements or additions to the <br />System made necessary by the inclusion of new customers of the <br />System." <br />C. After the Notes are no longer outstanding, Section <br />3.04(1) of the Resolution shall be amended to read as follows: <br />"(I) Rates and Charges. The Issuer covenants and <br />agrees that it will fix, establish, revise from time to time <br />whenever necessary and maintain always, such schedule of rates, <br />fees, rentals and charges for the services and facilities of the <br />System which will produce revenues which shall be sufficient to <br />provide 100% of the current Bond Service Requirement and all <br />other payments required by this Instrument; and that such rates, <br />fees, rentals or other charges will not be reduced so as to be <br />insufficient to provide funds for such purposes. The Issuer <br />covenants and agrees that at the same time and in like manner <br />-3- <br />