O-1984-1398 - Laserfiche WebLink

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- . I , . . amounts due under contracts and expenses incidental to the organization and administration of the District, all to the extent autnorized or permitted under applicable law including the Regulations' and orders of the Department. 5.04. Surplus Construction Funds. Any moneys remaining in the Construction Fund after completion of the entire System shall be deposited into ,the System Fund to be used, subject to the regulations of the Department, by the District in the same manner as other moneys in the System Fund are used. section 6. ADDITIONAL BONDS AND REFUNDING BONDS In addition to the right to issue (i) bonds speci- fied in Article X of the Bond Order of the District autho- rizing its Waterworks and Sewer System Combination Tax and Revenue Bonds, Series 1968, incorporated herein by reference; and (ii) bonds of inferior liens, the District also makes the following reservations: 6.01. Additional Bonds. The District expressly reserves the right to issue in one or more installments for the purpose of completing, repairing, improving, extending, enlarging or replacing the System such unlimited tax bonds or combination tax and revenue bonds as may hereafter be authorized at subsequent elections. Such bonds may be in all things on a parity with the Bonds and any previously issued bonds of the District. 6.02. Special Project Bonds. The District further reserves the right to issue bonds in one or more series or installments for the purchase, construction, improvement, extension,' replacement, enlargement or repair of water and/or sewer facilities necessary under a contract or contracts with persons, corporations, municipal corporations, political subdivisions, or other entities, such bonds to be payable from and secured by the proceeds of such contract or contracts. The District further reserves the right to refund such bonds. 6.03. Refunding Bonds. The District further re- serves the right to issue bonds in one or more installments to refund any Bonds and other outstanding bonds subject to prior redemption if they have been called for redemption, or any Bonds and other outstanding bonds the bearers or regis- tered owners of which have consented to have refunded, and the Refunding Bonds so issued shall enjoy complete equality of lien with the portion of the bonds not refunded, if any there be, and the Refunding Bonds so issued shall enjoy the priority of lien that had been enjoyed by the bonds refunded. Section 7. COVENANTS The District covenants and agrees that, so long as any of the Bonds are outstanding, it will: 7.01. Security for Funds. See that all funds of the District are secured in the manner and to the fullest extent required by law for the security of public funds and that such funds shall be used only for the purposes and in the manner permitted or required by this Order. 7.02. No Arbitrage. Make no use of the proceeds of the Bonds which will cause the Bonds to be or become "arbitrage bonds" within the meaning of Section l03(c) of the Internal Revenue Code of 1954, as amended, or any regula- tions promulgated thereunder or rulings pertaining thereto, -14-