1985-078 - Laserfiche WebLink

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Fronton Funds shall be required, and any funds on deposit in the • Racetrack Fund in excess of the amount of the Racetrack Funds and Jai Alai Fronton Funds which, together with the funds currently on deposit in the Sinking Fund (excluding the Reserve Account • ,therein)., equal the current Bond Service Requirement, shall be paid to the Issuer. Money on deposit in the Racetrack Fund shall, to the extent necessary, be used for the purpose of supplementing the Sinking Fund (excluding the Reserve Account •0 therein) in order to prevent a default in the payment of the principal of and interest on the Bonds. B. REVENUE FUND. The Gross Revenue3 shall, upon receipt thereof, be deposited in the "Recreational Facilities Revenue Fund" (the "Revenue Fund"), hereby created and established. Such Revenue Fund shall constitute a trust fund for the purposed herein provided, and shall be kept separate and distinct from all other funds of the Issuer and used only for the purposes and in the manner herein provided. C. DISPOSITION OF REVENUES. All revenues at any time remaining on deposit in the Revenue Fund shall be disposed of only in the following manner and in the following order of priority: (1) First, for deposit on or prior to the 15th day of each month, in the "Recreational Facilities Operation and Maintenance Fund" (the "Operation and Maintenance Fund"), which is hereby created and established, such sums as are necessary for the Cost of Operation and Maintenance for the next ensuing mionth. (2) Second, for deposit into a separate fund which is hereby created and designated "Recreational Revenue Bonds Sinking Fund" (the "Sinking Fund"), such sums as will be suf- ficient to pay all interest becoming due on the Bonds during the current Bond Year and all principal maturing on the Serial Bonds during the current Bond Year. All such payments, as provided above, shall include an amount sufficient to pay the fees and charges of the paying agents if not otherwise provided. -20- I.