3/3/1959 - Laserfiche WebLink

Home Browse Search

(2) For the creation and maintenance of a Reserve Account -in said Sinking Fund and County shall deposit in said Reserve Account from the moneys in the Sinking Fund, after making or reserving funds for all payments required under subsection (1) above, the following amounts: The sum of Eighteen Thousand Dollars ($18,000) not later than September 30, 1960; The sum of Eighteen Thousand Dollars ($18,000) not later than September 30, 1961; The sum of Eighteen Thousand Dollars ($18,000) not later than September 30, 1962. Thereafter said County shall on September 30 of each year deposit in said Reserve from the moneys in said Sinking Fund, but only after all payments required under subsection (1) above have been made, such sums as shall be sufficient to maintain in said Reserve Account an aggregate amount not less than Fifty -Four Thousand Dollars ($54,000); and no further sums shall be required to be deposited in said Reserve Account in said Sinking Fund wheneverand as long as the aggregate amoujnt of ;moneys on deposit in said Reserve Account is not less than the sum of Fifty -Four Thousand Dollars ($54,000). The moneys in said Reserve Account shall be used only for the payment of the Princ of and interest on said bonds when the other moneys in the Sinking Fund are insufficient to make such payments. Any withdrawals from said Reserve Account for said purposes shall be restored from the first moneys available in said Sinking Fund therefor after the making of all required payments under subsection (1) above. No further payments shall be required to be made into either said Sinking Fund or the Reserve Account therein whenever the amount of moneys on deposit in said Sinking Fund and said Res erve Account therein, and irrevocably on deposit in trust for the payment of the principal of and interest on the bonds issued pursuant to this resolution, are sufficient to pay in full the amount of principal due or to become due thereafter on all bonds issued pursuant to this resolution then outstanding, and all interest or redemption premiums due or to become due on said outstanding bonds thereafter to the dates of stated maturity or prior redemption thereof. (3) In each year, after the making or reserving of sufficient moneys for the making of all payments under subsections (1) and (2) hereof, required for such year, including any deficiencies for payments for prior years, any moneys remaining in said Sinking Fund may be used by the County for the purpose of paying the cost of the operation and maintenance of the public hospital to be financed by the issuance of the bonds authorized by this resolution or for any other lawful purpose; provided, however, that such moneys in such Sinking Fund shall never be used for any purposes except the purposes provided in subsections (1) and (2) hereof in any year unless all payments required for debt service in such year as provided in subsectio (1) hereof, including any deficiencies for debt service for prior years, have been made in full and all payments required to be made into the Reserve Account in said Sinking Fund for such year as provided in subsection (2) hereof, including any deficiencies for payments into said Reserve Account in said Sinking Fund for prior years, have been made in full; (4) The moneys in said sinking Fund, except the Reserve Account therein, shall not be invested or reinvested at any time. The moneys in the Reserve Account in said Sinking Fund may be invested or reinvested only in direct obligations of the United States of America. Section 7. In the event that, based upon the percentage of the amount of such five mills tax levied for the immediately preceding year and actually collected in cash in such 1 0 0 1 40