1985-036 - Laserfiche WebLink

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!® created any debt, lien, pledge, assignment, encumbrance or other charge upon the Assessments. F. BOOKS AND RECORDS. The County shall keep books and records of the collection of the Assessments, which such books, records and accounts shall be kept separate and apart from all other books, records and accounts of the County. The Clerk of the Board shall, at the end of each Fiscal Year, prepare a writ- ten report setting forth the collections received, the number and amount of delinquencies, the proceedings taken to enforce collec- tions and cure delinquencies and an estimate of time for the conclusion of such legal proceedings. Such report shall be audited by the certified public accountants of the County as part of the annual County audit. Copies of su h reports shall upon written request be mailed to the Registered Owners. In addition, if the Bank shall then be the Registered Owner of any of the Bonds, the County shall notify the Bank, at least quarterly, of all releases of Assessment liens subsequent to the date of the prior notice. G. GOVERNMENT APPROVALS. The County shall obtain all necessary federal, state and local government approvals necessary for the acquisition and construction of the Project and the issuance of the Bonds. H. ARBITRAGE. No use will be made of the proceeds of the Bonds or the funds on deposit, from time to time, in the Improvement Fund which, if reasonably expected on the date of issuance of the Bonds, would cause the Bonds to be "arbitrage bonds" within the meaning of the Internal Revenue Code. The County at all times while the Bonds and the interest thereon are outstanding will comply with the requirements of Section 103(c) of the Internal Revenue Code and any valid and applicable rules and regulations of the Internal Revenue Service. I. FUNDS AND ACCOUNTS. The designation and establish- ment of the various funds and accounts created herein does not require the establishment of any completely independent, self- -23-