20-3157 Bond Resolution - Not to Exceed $24,000,000 Florida General Obligation Bonds

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have been applied in accordance with this Bond Resolution. At such time as the Bonds are no longer outstanding, any moneys remaining in the Debt Service Fund may be transferred to the general fund of the Issuer and shall be used for any lawful purpose. (B) Project Fund. The Issuer covenants and agrees to establish a special fund to be designated "City of Casselberry, Florida General Obligation Bonds Project Fund." Funds on deposit in the Project Fund shall be used to pay the costs of the Project. The Issuer's share of any liquidated damages or other moneys paid by defaulting contractors or their sureties, and all proceeds of insurance compensating for damages to the Project during the period of construction, shall be deposited in the Project Fund to assure completion of the Project. When costs of the Project have been paid in full, the Issuer is permitted to use remaining funds on deposit in the Project Fund to pay debt service on the Bonds, and the funds may be transferred to the Debt Service Fund. All moneys deposited in said Project Fund shall be and constitute a trust fund created for the purpose stated, and there is hereby created a lien upon such fund in favor of the Bondholders until the moneys thereof shall have been applied in accordance with this Bond Resolution, as may be supplemented by subsequent resolutions. (C) Special Funds. Each of the funds and accounts herein established and created shall constitute trust funds for the purposes provided herein for such funds and accounts respectively. All such funds shall be continuously secured in the manner by which the deposit of municipal funds are authorized to be secured by the laws of the State of Florida. Earnings on investments in funds and accounts created under this Bond Resolution shall be retained in the funds and accounts from which such earnings derive. The cash required to be accounted for in each of the funds and accounts described in this Section 17 may be deposited in a single bank account, provided that adequate accounting records are maintained to reflect and control the restricted allocation of the cash on deposit therein for the various purposes of such funds and accounts as herein provided. The designation and establishment of the various funds in and by this Resolution shall not be construed to require the establishment of any completely independent, self -balancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets of the Issuer for certain purposes and to establish certain priorities for application of such revenues and assets as herein provided. (D) Books and Records. Books and records of the Issuer shall be kept in which complete and correct entries shall be made, in accordance with generally accepted accounting principles promulgated by the Governmental Accounting Standards Board (or its successor) and as applied to Florida local governmental entities. 0