2025-061 - Laserfiche WebLink

Home Browse Search

SECTION 4.03. REBATE ACCOUNT. The Issuer covenants and agrees to establish a special fund to be known as the "Indian River County, Florida Capital Improvement Revenue Bonds, Series 2025 Rebate Account," which shall be held in trust by the Issuer and used solely to make required rebates to the United States (except to the extent the same may be used to pay debt service on the Bonds) and the Bondholders shall have no right to have the same applied for debt service on the Bonds. The Issuer agrees to undertake all actions required of it in its arbitrage certificate relating to the Bonds, including, but not limited to: (A) making a determination in accordance with the Code of the amount required to be deposited in the Rebate Account; (B) depositing the amount determined in clause (A) above into the Rebate Account; (C) paying on the dates and in the manner required by the Code to the United States Treasury from the Rebate Account and any other legally available moneys of the Issuer such amounts as shall be required by the Code to be rebated to the United States Treasury; and (D) keeping such records of the determinations made pursuant to this Section 4.03 as shall be required by the Code, as well as evidence of the fair market value of any investments purchased with proceeds of the Bonds. The provisions of the above-described arbitrage certificates may be amended without the consent of any Holder from time to time as shall be necessary, in the opinion of Bond Counsel, to comply with the provisions of the Code. SECTION 4.04 CONSTRUCTION ACCOUNT. The County covenants and agrees to establish a separate account, to be known as the "Indian River County Capital Improvement Revenue Bonds, Series 2025 Construction Account," which shall be used only for payment of the costs of the Project. Moneys in the Construction Account, until applied in payment of any item of the cost of the Project in the manner hereinafter provided, shall be held in trust by the County and shall be subject to a lien and charge in favor of the Bondholders and for the further security of the Bondholders. The County covenants that the acquisition of the Project will be completed without delay. The County shall make disbursements or payments from the Construction Account to pay the costs of the Project upon the filing with the Clerk of documents and/or certificates signed by the County Administrator or his or her designee, stating with respect to each disbursement or payment to be made: (1) the item number of the payment, (2) the name and address of the Person to whom payment is due, (3) the amount to be paid, (4) the purpose, by general classification, for which payment is to be made, and (5) that (A) each obligation, item of cost or expense mentioned therein has been properly incurred, is in payment of a part of the costs of the Project and is a proper charge against the Construction Account and has not been the basis of any previous disbursement or payment, or (B) each obligation, item of cost or expense mentioned therein has been paid by the County, has not been theretofore reimbursed to the County or otherwise been the basis of any previous disbursement or payment and the County is entitled to reimbursement thereof. The Clerk shall retain all such documents and/or certificates submitted pursuant hereto for seven (7) years from the dates of such documents and/or certificates. FZ1