Laserfiche WebLink
<br />general creditors of the Local Government, nor shall it be construed to give the Department the power to <br />require the Local Government to levy and collect any revenues other than Pledged Revenues. <br /> <br />3.02. INVESTMENT OF LOAN DEBT SERVICE ACCOUNT MONEYS. <br /> <br />Moneys on deposit in the Loan Debt Service Account shall be invested pursuant to the laws of <br />the State of Florida. Such moneys may be pooled for investment purposes. The maturity or redemption <br />date of investments shall be not later than the date upon which such moneys may be needed to make <br />Semiannual Loan Payments. The investment earnings shall be credited to the Loan Debt Service <br />Account and applied toward the Monthly Loan Deposit requirements. <br /> <br />3.03. LOAN DEBT SERVICE ACCOUNT WITHDRAWALS. <br /> <br />The withdrawal of moneys from the Loan Debt Service Account shall be for the sole purpose of <br />making the Semiannual Loan Payment or for discharging the Local Government's obligations pursuant to <br />Section 8.01. <br /> <br />3.04. LOAN REPAYMENT RESERVE ACCOUNT. <br /> <br />A Loan Repayment Reserve Account shall be established with a Depository. The Local <br />Government shall deposit into the account the reserve amount identified in Section 10.07 by the date set <br />forth therein, unless the date or the amount is revised by amendment to this Agreement. <br /> <br />3.05. LOAN REPAYMENT RESERVE WITHDRAWALS. <br /> <br />The Loan Repayment Reserve Account shall be used by the Local Government to cure a <br />temporary and unexpected deficiency in any Semiannual Loan Payment. The Local Government's chief <br />financial officer shall promptly notify the Department upon any withdrawal from the account. Any <br />unused portion of the Loan Repayment Reserve Account shall be applied to the final Semiannual Loan <br />Payment(s) or used for discharging the Local Government's obligations pursuant to Section 8.01. <br />-----.. , <br /> <br />. <br />3.06. RESTORA nON OF LOAN REPAYMENT RESERVE ACCOUNT. <br /> <br />A default causing the Local Government to use the Loan Repayment Reserve Account or the use <br />of the account to preyent default shall result in the Local Government being responsible for making <br />special deposits to restore the account. Special restoration deposits shall be made from the first moneys <br />legally available to the Local Government for such purpose. <br />, <br />. <br />3.07. INVESTMENT OF LOAN REPAYMENT RESERVE MONEYS. <br /> <br />Moneys on deposit in the Loan Repayment Reserve Account shall be invested pursuant to the <br />laws of the State of Florida. Such moneys may be pooled for investment purposes. The maturity or <br />redemption date of investments shall be not later than the date set for the final Semiannual Loan Payment <br />provided, however, that moneys must be available for withdrawal, if necessary, pursuant to Section 3.05. <br />All investment income and earnings shall be credited to the Loan Repayment Reserve Account. <br /> <br />3.08. ASSETS HELD IN TRUST. <br /> <br />The assets in each of the accounts created under this Loan Agreement shall be held in trust for <br />the purposes provided herein and used only for the purposes and in the manner prescribed in this <br /> <br />6 <br />