2003-075 - Laserfiche WebLink

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Recreational Facilities in the event that (a) such portion is determined by resolution of the Board, upon the recommendation of the County Administrator and the Qualified Independent Consultant, to be no longer necessary or useful or profitable for the Recreational Facilities; and (b) the sale, lease or other disposition of such portion is determined by resolution of the Board upon recommendation of the County Administrator and the Qualified Independent Consultant, not to impair the ability of the County to comply during the current or any future Fiscal Year with the rate covenant set forth herein. The proceeds derived from any sale, lease or other disposition (including condemnation) of a substantial portion of the Recreational Facilities shall be used for the retirement of outstanding Bonds. The proceeds derived from the sale, lease or other disposition (including condemnation) of less than a substantial portion of the Recreational Facilities shall be placed in the Improvement Fund, provided, however, all or a portion of such proceeds may be used for the. retirement of outstanding Bonds if authorized by resolution of the Board upon the recommendation of the County Administrator and the Qualified Independent Consultant. I. INSURANCE. To the extent practicable, the County will carry adequate fire and windstorm insurance on all buildings, structures and other appropriate properties of the Recreational Facilities which are subject to loss through fire or windstorm, will carry adequate public liability insurance, and will otherwise carry insurance of all kinds and in the amounts normally carried in the operation of similar facilities and properties in Florida. Any such insurance shall be carried for the benefit of the Registered Owners of the Bonds. All moneys received from losses under any of such insurance, except public liability, are hereby pledged by the County as security for the Bonds, until and unless such proceeds are used to remedy the loss or damage for which such proceeds are received, in which event the repairing of the property damaged or the replacement of the property destroyed shall be commenced within a reasonable time after the receipt of such proceeds and shall proceed on a reasonable and continuous basis. J. NO FREE USE. The County shall not furnish or supply the facilities or services of the Recreational Facilities free of charge to any person, firm or corporation, public or private. K. REMEDIES. Any Registered Owner may by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and enforce any and all rights, including the right to the appointment of a receiver, existing under the laws of the State of Florida, and may enforce and compel the performance of all duties required hereunder or by any applicable statutes to be performed by the County or by any officer thereof. Nothing herein, however, shall be construed to grant to any Registered Owner any lien on any property of or in the County, except in the manner and to the extent provided herein. L. ADDITIONAL PARITY BONDS. No Additional Parity Bonds, payable on a parity from the Pledged Funds with the Bonds, may be issued hereunder, except for the purpose of financing improvements, extensions, acquisitions or construction of Recreational Facilities or refunding outstanding Bonds, but no refunding may be undertaken in accordance with this provision if it shall result in an increase in the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year without meeting the coverage test 14