1985-062 - Laserfiche WebLink

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• •• 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). 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 imme- diately 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 of the Impr-ovement Fund shall be withdraws: by the County and deposited to the credit of its general fund or used by the County for any lawful purpose. All money on deposit from time to time in the Improvement Fund shall be continuously secured in the manner by which the deposit of public funds are authorized to be secured by the laws of the State of Florida and may be invested and rein- vested only in certificates of deposit or the Florida Gold account, issued or maintained, as the case may be, by the Bank, maturing or subject to redemption at the option of the holder not later than the date on which the money therein will be needed. Any and all income received by the County from such investments shall be deposited into the Improvement Fund. B. ENFORCEMENT OF PAYMENT OF ASSESSMENTS. The County will receive, r_.nllect and onforce the payment of the Assessments in the manner prescribed by this resolution and all other