1984-048 - Laserfiche WebLink

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County shall not further expend any money on deposit in the Construction Fund to pay Project costs until the County shall deposit into the Construction Fund, from funds derived from sour- ces other than ad valorem taxation and legally available for such purpose (hereinafter called "Non Ad Valorem Funds"), an amount, together with any expected investment income to be derived therefrom, necessary to cure such deficiency. However, this pro- vision shall not be construed in a manner to create a lien upon or pledge of any of such Non Ad Valorem Funds or prevent the County from hereafter pledging any portion of such Non Ad Valorem Funds. Money in the Construction Fund shall be secured by the depository bank in the manner prescribed by law relating to the securing of public funds. The money on deposit in the Construction Fund may be invested and reinvested in those invest- ments specified in Section 125.31, Florida Statutes (1983), which shall mature or be subject to redemption on or prior to the date on which money shall be needed therefrom, at par and accrued interest, at any time by the holder thereof. The earnings from any such investments shall be deposited into the Construction Fund. Any money remaining in the Construction Fund after all costs of the Project have been paid shall be deposited into the Improvement Fund for the payment of the principal of and interest on the Bonds. All money deposited in the Construction Fund shall be and constitute a trust fund created for the purposes stated herein, and there is hereby created a lien upon such Fund in favor of the Registered Owners until the money therein has been applied in accordance with this resolution. SECTION 18. REMEDIES. Any Registered owners or any trustee acting for such Registered Owners, may by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and enforce any and all rights, including -23-