1985-036 - Laserfiche WebLink

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-20- created, a sum sufficient to pay when due, the entire principal ® amount of the Bonds remaining unpaid, together with interest accrued or to accrue thereon, the County covenants with the holders of any and all of the Bonds issued pursuant to this reso- ® lution as follows, that: A. IMPROVEMENT FUND, SERIES NO. ONE. The County shall establish with Florida National Bank, Vero Beach, Florida, and maintain so long as any of the Bonds are outstanding, a special e� fund which is hereby created and designated "Improvement Fund, Series No. 2" (hereinafter called "Improvement Fund"). All money received from the collection of Assessment installments shall constitute trust funds and shall be deposited into the Improvement Fund, after satisfaction of the provisions of the resolutions authorizing the issuance of the Prior Lien Obligations. Such money on deposit from time to time in the Improvement Fund shall be applied in the following manner and order of priority: 1. First, for the payment of interest becoming due and payable on the Bonds on the next interest payment date and for the payment of all principal maturing on the Bonds on the next principal maturity date and/or applicable redemption date (to the extent Bonds have been called for prior redemption). All such payments, as provided above, shall include an amount suf- ficient to pay the fees and charges of the paying agent. Such payments shall be adjusted to the extent required to pay such interest and principal becoming due, after making allowance for the amount of money which will be deposited into the Improvement Fund from the proceeds of the sale of the Bonds immediately following their delivery. 2. After the principal of and interest on all the Bonds shall have been paid, or there shall have been set apart in the Improvement Fund a sum sufficient to pay when due the entire principal of the Bonds remaining unpaid and interest accrued or to accrue thereon, any money remaining on deposit to the credit -20-