1985-078 - Laserfiche WebLink

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The Issuer shall not be required to make any further ® payments into the Sinking Fund (including the Bond Amortization Account and the Reserve Account therein) when the aggregate amount of money in the Sinking Fund (including the Bond Amortization Account and the Reserve Account therein) are at least equal to the total Bond Service Requirement for all Bond Years of the Bonds then outstanding, plus the amount of redemp- i • tion premium, if any, then due and thereafter to become due on such Bonds then outstanding by operation of the Bond Amortization Account. i (5) Fifth, for deposit into a special fund to be known as the "Recreational Facilities Improvement Fund" (the "Improvement Fund"), which fund is hereby created and established. Beginning on the 15th day of the month following delivery of the Bonds, the Issuer shall deposit into the Improvement. Fund, on or prior to the 15th day of each month, an amount determined in the discretion of the County Administrator. The money in the Improvement Fund shall be used only for the pur- pose of paying the cost of extensions, enlargements or additions to, or the replacement of capital assets of, the Project, and emergency repairs thereto, or for the purchase or redemption of Bonds. Such money on deposit in the Improvement Fund shall also be used to supplement the Reserve Account, if necessary, in order to prevent a default in the payment of the principal of and interest on the Bonds. The money on deposit in the Improvement Fund shall be withdrawn only upon the authorization of the County Administrator of the Issuer. (6) Sixth, after the above required payments have been made, for additions, extensions or improvements to the Project; for the purchase or redemption of Bonds; or for deposit in the Sinking Fund to prevent a default in the payment of the principal of and interest on the Bonds. The Revenue Fund, the Sinking Fund (including the Bond Amortization Account and the Reserve Account therein), the -23- M