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J <br />• <br />•• <br />depositing with the Clerk of the Board, Federal Securities, the <br />principal of and interest on which shall be sufficient to pay the <br />Assessments or the installments thereof, as the case may be, <br />attributable to such property owners and the property to be <br />released from such liens. Upon receipt of such Federal <br />Securities, the Clerk of the Board shall forthwith record in the <br />Official Records of the County an affidavit or affidavits, as the <br />case may be, executed by the Chairman of the Board, to the effect <br />that sufficient security has been deposited with the County in <br />order to insure timely payment of the applicable amounts of the <br />Assessments or the installments thereof, as the case may be, and <br />that such Assessment liens are thereby released and extinguished. <br />All principal and interest received from such Federal Securities <br />on deposit with the Clerk of the Board Fhall be deposited, as <br />received, into the Improvement Fund, after satisfaction of the <br />provisions of the resolutions authorizing the issuance of the <br />Prior Lien Obligations." <br />C. Section 16B of the Resolution is hereby amended to <br />read as follows; <br />"B. The County hereby covenants that it will establish <br />with Florida National Bank, Vero Beach, Florida, a separate fund <br />or funds (hereinafter collectively called 'Construction Fund') <br />into which shall be deposited the remaining proceeds from the <br />Male of the Bonds. As long as the unspent proceeds frrnn the sale <br />of the Bonds on deposit in the Construction Fund, together with <br />any expected investment income to be derived therefrom, are suf:-- <br />fi,.:ient to pay, when due, the cost of the Project, money in the <br />Construction Fund shall be expended to pay the cost of the <br />Project. If. such funds are ever expected to be insufficient. for <br />such purposes, then the County shall not further expend any money <br />on deposit in the Construction Fund to pay Project costs until <br />the County shall deposit into the Construction Fund, from the Non <br />Ad Valorem Funds, an amount, together with any expected invest- <br />ment income to be derived therefrom, necessary to cure such <br />grim <br />