(a) an operation and maintenance fund out of which there shall be paid the usual and necessary expenses for the operation and maintenance of the project facilities;
(b) a renewal and replacement fund sufficient to assure that the project facilities, including equipment, shall be kept in good repair and working order;
(c) a bond and interest fund which shall be sufficient to provide for the payment of the principal of and the interest on the bonds as they mature and accrue, including a reasonable sum for the creation of a bond reserve fund to assure the payment of such bonds and the interest therein in the event that sufficient funds therefor are not otherwise available; and
(d) a contingent fund to provide for unforeseen contingencies arising in the operation of the project facilities. Any surplus funds remaining after making the foregoing allocations shall be dealt with as may be directed by the resolution of the board of supervisors whereunder such bonds are issued, for the repayment of advances received from any source, for the payment of any maturities of principal and interest of such bonds, for the improvement of the port and/or harbor facilities for which such bonds were issued, or for the retirement of the outstanding bonds according to their terms.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
