Laserfiche WebLink
month, and the Countyshall have no beneficial right or interest in the amounts so deposited except as <br /> provided by this Indenture. All such Special Taxes shall be disbursed, allocated and applied solely to <br /> the uses and purposes set forth herein, and shall be accounted for separately and apart from all other <br /> money, funds, accounts or other resources of the County. <br /> The County further covenants that, in connection with the delivery of any Prepayment to the <br /> Trustee, the County will also deliver (or cause the Special Tax Administrator to deliver) to the <br /> Trustee a Certificate of the Special Tax Administrator identifying with respect to the Prepayment: <br /> (i)the Administrative Expenses, with instructions that said amount shall be deposited in the <br /> Administrative Expense Account, (ii)the amount that represents the Special Taxes levied in the <br /> current Fiscal Year on the subject Assessor's Parcel which had not been paid, with instructions to <br /> deposit portions of said amount in the Interest Account and the Principal Account of the Special Tax <br /> Fund, (iii)the amount of any reduction in the Reserve Requirement, with instructions to withdraw <br /> said amount from the Reserve Account and transfer it to the Prepayment Account in connection with <br /> the redemption of Bonds,and(iv)the amount to be deposited in the Prepayment Account. <br /> The County covenants that it will duly and punctually pay or cause to be paid the principal of <br /> and interest on every Bond issued hereunder, together with the premium, if any, thereon on the date, <br /> at the place and in the manner set forth in the Bonds and in accordance with this Indenture to the <br /> extent that Special Taxes are available therefor, and that the payments into the Funds and Accounts <br /> created hereunder will be made, all in strict conformity with the terms of the Bonds and this <br /> Indenture, and that it will faithfully observe and perform all of the conditions, covenants and <br /> requirements of this Indenture and all Supplemental Indentures and of the Bonds issued hereunder. <br /> The County will not mortgage or otherwise encumber, pledge or place any charge upon any <br /> of the Special Taxes except as provided in this Indenture, and will not issue any obligation or <br /> security having a lien or charge upon the Special Taxes superior to or on a parity with the Bonds. <br /> Nothing herein shall prevent the County from issuing or incurring indebtedness which is payable <br /> from a pledge of Special Taxes which is subordinate in all respects to the pledge of Special Taxes to <br /> repay the Bonds. <br /> (b) Levy of Special Tax. Beginning in Fiscal Year 20_-20_ and in each Fiscal Year <br /> thereafter so long as any Bonds issued under this Indenture are Outstanding, the County covenants to <br /> levy the Special Tax pursuant to the RMA (i) on Taxable Property in Tax Zone 1 in an amount equal <br /> to the Tax Zone 1 Special Tax Requirements, and (ii) if necessary, on Taxable Property in Tax Zone <br /> 2 in an amount equal to the Tax Zone 2 Special Tax Requirement, provided that no Special Tax shall <br /> be levied on Taxable Property in Tax Zone 2 after the earlier of June 30, 2081 or the date on which <br /> the Special Taxes on such Taxable Property are deemed satisfied and cancelled in accordance with <br /> the provisions of Section I.2 of the RMA. <br /> (c) Collection of Special Taxes. Subject to the further provisions of Section 5.3 hereof, <br /> the County will diligently pursue such actions as are reasonably necessary or appropriate to collect <br /> all Special Taxes levied on properties within the District. Special Taxes on Taxable Property in Zone <br /> 1 will be billed and collected together with Real Property Taxes levied on such properties. Special <br /> Taxes on Taxable Property in Zone 2 will be billed and collected in accordance with the RMA. The <br /> County may accept partial payments on account of the Special Taxes and Real Property Taxes owed <br /> by a property owner, but such partial payments shall not diminish, extinguish or otherwise affect the <br /> property owner's obligation to pay the unpaid balance of the Special Taxes and Real Property Taxes <br /> 38 <br />