8/7/2001 - Laserfiche WebLink

Home Browse Search

(c) d rtization unt: Such sum as l be Amortization Installment nestabl sh d for he�Term Bonds establ ished shed b sufficient subsea any resolution of the Issuer. Y Sequent (2) To the extent that the amounts on deposit in the Reserve Account are Tess than the Reserve Account Requirement, the Issuer shall next make deposits into the Reserve Account in the manner described below from moneys remaining in the Revenue Fund. Any withdrawals from the Reserve Account shall be subsequently restored from the first moneys available in the Revenue Fund, after all current applications and allocations to the Debt Service Fund, including all deficiencies for prior payments that have been made in full. The Issuer may provide that the difference between the amounts on deposit in the Reserve Account and the Reserve Account Requirement shall be an amount covered by a letter of credit rated in one of the two highest categories by nationally recognized rating agencies, by a surety bond acceptable to any company issuing a policy of municipal bond insurance guaranteeing the payment of principal and interest on the Bonds, or any combination thereof. Moneys in the Reserve Account shall be used only for the purpose of the payment of Amortization Installments, principal of, or interest on the Bonds when the other moneys allocated to the Debt Service Fund are insufficient therefor, and for no other purpose. Moneys in the Reserve Account shall be valued at cost. In the event of the refunding of the Bonds, the Issuer may withdraw from the Reserve Account all or any portion of the amounts accumulated therein with respect to the Bonds being refunded and deposit such amounts as required by the Resolution or resolution authorizing the refunding of such Bonds; provided that such withdrawal shall not be made unless (a) immediately thereafter, the Bonds being refunded shall be deemed to have been paid pursuant to the provisions hereof, and (b) the amount remaining in the Reserve Account after giving effect to the issuance of such refunding obligations and the disposition of the proceeds thereof shall not be less than the Reserve Account Requirement for any Bonds then Outstanding. Any excess moneys on deposit in the Reserve Account shall be transferred by the Issuer to the Debt Service Fund. Any credit instrument provided in lieu of a cash deposit into the debt service reserve fund, other than the Surety Bond provided by the Bond Insurer, shall conform to the requirements set forth in Exhibit F attached hereto entitled 'Reserve Account Surety Guidelines." (3) The balance of any moneys remaining in the Revenue Fund at the end of each month, after the above required payments have been made, may be used by the Issuer for any lawful purpose; provided, however, that none of said money shall be used for any purposes other than those hereinabove specified unless all current payments, including any deficiencies for prior payments, have been made in full and unless the Issuer shall have complied fully with all the covenants and provisions of this Resolution. (4) In determining the amount of any of the payments required to be made pursuant to this Section, credit may be given for all investment income accruing to the respective funds and accounts described herein, except as otherwise provided. C. INVESTMENT OF FUNDS. The Debt Service Fund, the Rebate Fund, the Revenue Fund, the Construction Fund, and any other special funds herein established and created shall constitute trust funds for the purposes provided herein for such funds. A11 such funds until invested shall be continuously secured in the same manner as state and municipal deposits are required to be secured by the laws of the State of Florida. Moneys on deposit in any of such funds and accounts may be invested and reinvested in Authorized Investments. Investments made with moneys in the Construction Fund, the Revenue Fund and the Debt Service Fund (except the Bond Amortization Account therein), must mature not later than the date that such moneys will be needed. Investments made with moneys in the accounts in the Bond AUGUST 7, 2001 61< 1 19 PG 1014 -89- •