1984-048 - Laserfiche WebLink

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.securities, the Clerk of the Board shall forthwith record in the Official Records of the County an affidavit or affidavits, as the case may be, executed by the Chairman of the Board, to the effect that sufficient security has been deposited with the County in order to insure timely payment of the applicable amounts of the Assessments or the installments thereof, as the case may be, and that such Assessment liens are thereby released and extinguished. All principal and interest received from such Federal Securities on deposit with the Clerk of the Board shall be deposited, as received, into the Improvement Fund. SECTION 16. SALE OF BONDS. The Bonds may be sold at public or private sale pursuant to the Act, all at one time or from time to time as shall be provided by subsequent resolution of the Board. SECTION 17. APPLICATION OF BOND PROCEEDS. The money received from the sale of any or all of. the Bonds authorized and issued pursuant to this resolution shall. be deposited and applied as follows: A. All interest to accrue on the Bonds until May 1, 1986, shall be deposited in the Improvement Fund and used to pay the next maturing interest due on the Bonds. B. The County.hereby covenants that it will establish with Florida National Bank, Vero Beach, Florida, a separate fund or funds (hereinafter collectively called "Construction Fund") into which shall be deposited the remaining proceeds from the sale of the Bonds. As long as the unspent proceeds from the sale of the Bonds on deposit in the Construction Fund, along with the unspent Note Proceeds, together with any expected investment income to be derived therefrom, are sufficient to pay, when due, the cost of. the Project and the remaining cost of the acquisi- tion and construction of the water transmission line described in Section 2J of this resolution, money in the Construction Fund shall be expended to pay the cost of the Project. If such funds are ever expected to be insufficient for such purposes, then the -22-