Laserfiche WebLink
remain, in the amount equal to $94 , 445 (the "required level") , the <br /> additional payment of $788 need not be made. <br /> In the event that the principal amount of the Bonds <br /> issued is equal to less than the amount authorized hereby, the <br /> required level and the monthly deposit requirement shall be reduced <br /> in proportion to such reduction. <br /> (c) If the revenues of the System are insufficient to <br /> make the required payment on or before the first business day of <br /> the following month into the Bond Fund, then the amount of any such <br /> deficiency in the payment made shall be added to the amount <br /> otherwise required to be paid into the Bond Fund on the first <br /> business day of the next month. <br /> (d) If, for any reason, the County Treasurer shall fail <br /> at any time to make any of the required payments into the Bond <br /> Fund, or if for any reason the Bond Fund shall be insufficient at <br /> any time to make the required payments for principal and interest, <br /> as due, any sums then held in the debt service reserve shall be <br /> used to the extent necessary in the payment of the principal of and <br /> interest on the Bonds, but such reserve shall be reimbursed from <br /> the first available moneys in the Solid Waste Fund by the increased <br /> monthly payments specified in (b) above. The debt service reserve <br /> shall be used solely as herein provided. <br /> (e) When the moneys held in the Bond Fund, including the <br /> debt service reserve, shall be and remain sufficient to pay the <br /> principal of and interest on all of the Bonds then outstanding, the <br /> County Treasurer shall not be obligated to make any further <br /> payments into the Bond Fund. <br /> (f) All moneys in the Bond Fund shall be used solely for <br /> the purpose of paying the principal of and interest on the Bonds, <br /> except as herein specifically provided. If a surplus shall exist <br /> in the Bond Fund over and above the amount necessary to insure the <br /> payment, when due, of principal and interest and over and above the <br /> debt service reserve required level , such surplus shall , at the <br /> option of the County, (1) be used for the payment or prepayment of <br /> Bonds or of other obligations payable from System revenues or (2) <br /> be used to construct and equip expansions and improvements to the <br /> System. <br /> (g) It shall be the duty of the County to withdraw from <br /> the Bond Fund and to pay to the registered owner, on or before the <br /> date on which each installment hereunder is due, an amount equal to <br /> the amount of such installment. No withdrawal of funds from the <br /> Bond Fund shall be made for any other purpose except as otherwise <br /> authorized in this Ordinance . <br /> M arcv', 1997 12 <br />