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7. APPRAISAL REQUIREMENT <br />® Prior to purchase of the Bonds, Issuer shall provide <br />the Bank with the current ad valorem assessments on the <br />properties to be initially benefited by the Project showing <br />an aggregate value of no less than $5,800,000.00. <br />8. SINKING FUND INVESTMENT <br />Issuer shall maintain at Bank the sinking fund investment or <br />® • the improvement fund investment for all monies received from the <br />collection of the special assessment securing the Bonds (the <br />"Sinking Fund"). The term Sinking Fund shall also include all <br />reserve accounts, if any, for the payment of interest, whether <br />funded by proceeds of the sale of the Bonds or from the collection <br />of special assessments. If no such reserve account is used, an <br />amount of the proceeds from the sale of the Bonds equal to the <br />initial interest payment shall be capitalized for that purpose. <br />9. BOND DOCUMENTS AND OPINIONS <br />All Bond documents and opinions must be approved by <br />legal counsel for the Bank: Kent, Watts, Durden, Kent, <br />Nichols & Mickler. <br />10. BANK'S EXPENSES <br />Utility shall pay all of Bunk's expenses incurred in <br />connection with its purchase of the Bonds, including, but <br />in no way limited to, Bank's attorneys' fees, recording, <br />documentary stamps,, intangible taxes, and any other mis- <br />cellaneous expenses in connection with the preparation of <br />this commitment and the issuance and purchase of the Bonds, <br />whether the Bonds are issued or not. <br />11. COMPLIANCE WITH AUTHORITY <br />The Issuer shall apply for and be responsible for ob- <br />taining all resolutions, commitments and certificates, as <br />may be required by all Federal, state or local governmental <br />agencies in connection with the issuance of the Bonds and <br />the construction of the Project. Issuer shall also comply <br />with all requirements of Bank in this regard. <br />12. BANK TO BE REGISTRAR AND DEPOSITORY <br />Florida National Bank shall be named Registrar of the <br />Bond issue and depository institution for the Sinking Fund <br />to be maintained by the Issuer. <br />13. FURTHER ASSURANCES <br />The Issuer, prior and subsequent to the issuance of <br />tha Bonds reed <br />a) To provide and furnish the Bank with all items, <br />documents, writings, reports and information <br />in addition to those items specifically set <br />forth herein, which Bank may require in order <br />to-complete their documentation for the pur- <br />chase of the Bonds; and <br />