Agenda - 06-15-1987 - Laserfiche WebLink

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the total of the amount necessary for the purposes described in subparagraph (a) of this paragraph 6. 7. It is expected that the proceeds of the sale of the bonds in anticipation of the receipt of which the notes are being issued will be used to pay the principal of the notes and that amounts on deposit to the credit of the debt service fund of the County (the "Debt Service Fund") will be used to pay the interest on the notes. There are no funds of the County, other than the Debt Service Fund, which are reasonably expected to be used directly or indirectly to pay the interest on the notes or which are pledged as security for the notes and for which there is a reasonable assurance that amounts therein will be available to pay the interest on the notes if the County encounters financial difficulties. 8. The Debt Service Fund will be used primarily to achieve a proper matching of revenues of the County and of payment of (a) the interest on the notes within their respective bond year and (b) debt service on issues of bonds of the County within each of their respective bond years. Amounts deposited to the Debt Service Fund will be depleted during each year except for any carryover amount which will not exceed the greater of (i) one year's earnings on the Debt Service Fund or (ii) one-twelfth (1/12) of annual debt service on the notes and debt service on issues of bonds and other issues of notes of the County. 9. The following represents the reasonable expectations of the County with respect to the investment of the proceeds of the notes and certain other moneys related to the Project: (a) $200, 000, representing the amount of the proceeds of the notes to be used for paying the cost of the Project and the Issuance Expenses, may be invested m* sn iinrcci-ri ni^cra vial rl fnr a ncri nr7 not fn P_Y['_P_2d