1984-036 - Laserfiche WebLink

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the County solely for the purposes set forth herein and in the Escrow Deposit Agreement. All such proceeds shall be and consti- tute trust funds for such purposes and there is hereby created a lien in favor of the owners of the Bonds upon such moneys until ® so applied. Simultaneously with the delivery of the portion of the Bonds necessary to accomplish the refunding program specified in this Resolution, the County shall enter into the Escrow Deposit Agreement in such form as shall be fixed by subsequent resolution of. the County adopted prior to the issuance of the Bonds, with a bank or trust company approved by the County, which shall provide for the deposit of sums into the Escrow Account established there- in, and for the investment of such moneys in appropriate Federal Securities so as to produce sufficient funds to make all of the payments described in the first paragraph of this subsection 15D of this resolution. At the bine of execution of the Escrow Deposit Agreement, the County shall furnish to the Escrow Holder named therein appropriate documentation to demonstrate that the sums being deposited and the investments to be made will be suf- ficient for such purposes. E. The balance of such funds shall be deposited into the "Indian River County Capital Improvement Construction Trust Fund" (hereinafter called "Construction Fund") created by the Senior Lien Resolution and used and applied as provided for such Fund. SECTION 16. SECURITY FOR BONDS. The principal of and interest on the Bonds shall be secured forthwith equally and ratably by a lien upon and a pledge of the Pledged Revenues, as defined herein, and the income from the investment of monies held is the various funds and accounts hereinafter established in Section 18 hereof. The County hereby irrevocably pledges such funds to the payment of the principal of and interest on the Bonds issued hereunder. The lien of the holders of the Bonds on the Pledged -21-