2025-061 - Laserfiche WebLink

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REVENUES IN ACCORDANCE WITH THE RESOLUTION. NO HOLDER OF ANY SERIES 2025 BOND SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER TO PAY SUCH SERIES 2025 BOND, OR BE ENTITLED TO PAYMENT OF SUCH SERIES 2025 BOND FROM ANY MONEYS OF THE COUNTY, THE STATE OR ANY POLITICAL SUBDIVISION THEREOF, EXCEPT FROM THE NON -AD VALOREM REVENUES IN THE MANNER AND TO THE EXTENT PROVIDED IN THE RESOLUTION. Construction Account The County has covenanted and agreed in the Resolution to establish a separate fund, to be known as the "Indian River County, Florida Capital Improvement Revenue, 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 in the Resolution, shall be held in trust by the Issuer and shall be subject to a lien and charge in favor of the Holders of the Bonds and for the further security of such Holders. There shall be paid into the Construction Account the amounts required to be so paid by the provisions of the Resolution or a Supplemental Resolution. Notwithstanding any of the other provisions of the Resolution, to the extent that other moneys are not available therefor, amounts in the Construction Account shall be applied to the payment of principal and interest on Series 2025 Bonds' when due. No Debt Service Reserve Fund The Series 2025 Bonds are not secured by a debt service reserve fund. Annual Budget The County shall annually prepare and adopt, prior to the beginning of each Fiscal Year, an Annual Budget in accordance with applicable law. If for any reason the County shall not have adopted the Annual Budget before the first day of any Fiscal Year, the preliminary budget for such year shall be deemed to be in effect for such Fiscal Year until the Annual Budget for such Fiscal Year is adopted. The County shall also provide the Annual Budget and amendments thereto to any Holder or Holders of Series 2025 Bonds upon written request. The County shall be permitted to make a reasonable charge for furnishing such information to such Holder or Holders. 16