1986-036 - Laserfiche WebLink

Home Browse Search

Rebate Account shall be added to and become a part of the Rebate Account. Moneys in the Rebate Account shall only be used to pay the amounts due to the United State of America under said Section of the Code as the same shall become due and payable. It is the intent of this paragraph to provide for payment of all amounts due under said Section of the Code with respect to the Series 1986 Notes, in such installments and at such times as may be required by said Section of the Code. In the event of any amendment to the Code or the promulgation of regulations under the Code which provide or require otherwise than as provided or required in this paragraph, this paragraph shall be deemed to be amended to incorporate such amendments or regulations, to the extent applicable, and any provisions hereof which conflict with the provisions thereof shall be deemed to be null and void. D. Upon completion of the Project and payment in full for all Costs of the Project, all funds remaining in the Construction Fund shall, if and to the extent required by the Government, be applied to the redemption of Series 1986 Notes, at par, and, to the extent not so applied, may be used by the County for any legally permissible purpose. SECTION 8. Investments All money on deposit from time to time in the Notes Payment Account shall be continuously secured in the manner by which deposits of public funds are authorized to be secured by the laws of the State of Florida and may be invested and reinvested only in direct obligations of, or obligations the principal of and interest on which are guaranteed by, the United States of America maturing at such times as will enable the timely payment of interest of the Series 1986 Notes in accordance with their terms. Any and all income from such investments shall be deposited i'n the Construction Fund. All money on deposit in the Construction Fund from time to time shall be continuously secured in the manner by which deposits of public funds are authorized to be secured by the laws of the State of Florida and may be invested and reinvested only in those investments specified in Section 125.31, Florida Statutes, as amended, maturing or subject to redemption at the option of the holder, at a price no less than the principal amount thereof plus accrued interest thereon, not later than the date on which the proceeds thereof will be needed. Any and all income received by the County from such investments shall be deposited into the Construction Fund. SECTION 9, pledge of Notes Payment Accoun The monss from time to time in the Notes Payment Account y earnings thereon) are hereby pledged as securityeforuandefor the payment of the Series 1986 Notes, and as long as any of such Series 1986 Notes are Outstanding, such funds shall be applied solely for the payment of interest and redemption premium, if any, on and principal of the Series 1986 Notes, all in accordance with 5