2003-058 - Laserfiche WebLink

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SECURITY AND SOURCES OF PAYMENT FOR THE BONDS The Bonds constitute general obligations of the County, and the full faith, credit and taxing power of the County are pledged for the prompt payment when due of principal, premium, if any, and interest on the Bonds. The Bonds will be payable from ad valorem taxes levied by the County upon the taxable real and personal property within the County, without limitation as to rate or amount, for such purpose (herein the "Ad Valorem Taxes"). The Resolution creates and establishes a Debt Service Fund, which will be held and administered by the County solely for the purpose of paying the principal, premium, if any, and interest on the Bonds, as they become due. All Ad Valorem Taxes levied to pay the Bonds, as collected by the County Tax Collector, must be deposited into the Debt Service Fund. Money deposited in the Debt Service Fund must be held by the County for the payment of the principal, premium, if any, and interest on the Bonds as they severally become due, and may be expended for no other purpose. The Debt Service Fund may be invested in "Authorized Investments" as defined in the Resolution, the form of which is included herein as Appendix B. The Resolutionrequires that the dates and amounts of payment of the principal of and interest on the Bonds be structured by the County in such a manner that the millage rate required to make the maximum annual payment of principal and interest on the Bonds will not exceed 1/2 mill, based on the assessed value of all real property in the County subject to Ad Valorem Taxes, on the date of issuance of the Bonds. This requirement does not limit the security for the Bonds or the rate of tax which may be imposed to provide for the payment of the Bonds. PARITY BONDS The Resolution authorizes the issuance ofnot to exceed $26,000,000 aggregate principal amount of general obligation bonds, to be issued in one or more series, ofwhichthe Bonds are the third series. The County has previously issued its $15,000,000 IndianRiver County General Obligation Bonds, Series 1995 (the "Refunded Bonds") which will be Outstanding in the aggregate principal amount of $8,320,000 after giving effect to the July 1, 2003 principal payment, which are being refunded and redeemed with the proceeds of the Bonds. The County has also previously issued its $11,000,000 General Obligation Bonds, Series 2001 (the "Parity Bonds"), which will be Outstanding in the aggregate principal amount of $9,925,000 after giving effect to the July 1, 2003 principal payment and which rank on a parity with the Bonds. The Parity Bonds constitute "Bonds" under the Resolution for which the full faith and credit and unlimited taxing power of the County are pledged on the same basis as the Bonds. There is no test for issuance of any additional general obligation bonds under the Resolution, other than the limitation discussed 9