- 14 -
(i) The Project Reserve and Surplus Fund, to
receive any monies not required to be disbursed to any
other fund or account * * *
(j) The Bond Redemption Fund, which shall be held
in escrow and disbursed by the Trustee solely for the
purpose of paying the principal of and interest and
redemption prices or premiums, if any, on the Bonds
called for redemption in advance of maturity * * *
As of December 31, 1989, the balances of these trust funds
were as follows:
1. Monroe
Current trust funds1 $49,360
Noncurrent trust funds
Debt service fund 138,862
Maintenance and replacements 55,970
Total trust fund accounts 244,192
2. Charlotte
Current trust funds2 $68,108
Noncurrent trust funds
Debt service fund 170,684
Maintenance and replacements 33,170
Project reserves 35,851
Total trust fund accounts 307,813
3. Rocky Mount
Current trust funds3 $70,073
Noncurrent trust funds
Debt service fund 135,043
Maintenance and replacements 72,988
Total trust fund accounts 278,104
1The 1990 audited financial statements for Monroe
identify the current trust funds as consisting of the
Principal and Interest Fund, the Investment Interest Fund,
and the Revenue Fund.
Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 NextLast modified: May 25, 2011