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1996-030
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1996-030
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follows and as further provided in a supplemental resolution of the <br />County. <br />A. The accrued interest on the Series 1996 Bonds shall be <br />deposited in the Interest Account in the Sinking Fund created <br />pursuant to the Original Resolution and shall be used only for the <br />purpose of paying interest becoming due on the Series 1996 Bonds <br />for which it was so deposited. <br />B. Unless otherwise provided in a supplemental resolution of <br />the County or unless provided for through the purchase of Reserve <br />Account Credit Instrument as set forth in Section 17(B) of the <br />Original Resolution, a sum equal to the Reserve Requirement on such <br />Series 1996 Bonds shall be deposited in the Series 1996 Reserve <br />Account established for the Series 1996 Bonds and shall be used <br />only for the purposes provided therefor. <br />C. To the extent not reimbursed therefor by the original <br />purchaser of such Series 1996 Bonds, the County shall pay all costs <br />and expenses in connection with the issuance and sale of the Series <br />1996 Bonds. <br />D. The balance remaining after making all of the deposits and <br />payments provided for above shall be deposited into the "Series <br />1996 Construction Fund" which is hereby created and established. <br />The moneys on deposit in the Series 1996 Construction Fund <br />shall be withdrawn, used and applied by the County, as and when <br />necessary, solely for the payment of or reimbursement for the costs <br />of the Series 1996 Projects and purposes incidental thereto; <br />provided, however, no reimbursement shall be made for any cost paid <br />prior to the date of issuance of the Series 1996 Bonds unless such <br />reimbursement would be treated as an expenditure of proceeds of the <br />Series 1996 Bonds on the date of reimbursement under Treasury <br />Regulation 1.150-2 promulgated under the Code. If for any reason <br />any moneys in the Series 1996 Construction Fund are not necessary <br />for or are not applied to the payment of or reimbursement for such <br />costs, then such moneys shall be deposited by the County into the <br />Sinking Fund and used only to pay the principal of, premium, if <br />any, and interest on the Series 1996 Bonds which first becomes due. <br />Anything to the contrary contained herein notwithstanding, the <br />Series 1996 Construction Fund shall be and constitute a trust fund <br />for the purposes provided herein therefor and shall be Pledged <br />Funds. <br />In the event of a default by the County in the payment of <br />principal of or interest on the Bonds, money in the Series 1996 <br />Construction Fund shall be used to remedy such default, but only to <br />the extent that there are no other funds held under the Resolution <br />available for such purpose. <br />Any moneys in the Series 1996 Construction Fund which, in the <br />Opinion of the County, acting upon the recommendation of the <br />Consulting Engineers, are not immediately necessary for <br />expenditure, as hereinabove provided, may be invested in Authorized <br />
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