9/21/1977 (2) - Laserfiche WebLink

Home Browse Search

ATTACHMENT "A" OUTLINE OF BASIC TERMS, CONDITIONS AND PROTECTIVE COVENANTS TO BE CONTAINED IN THE BOND RESOLUTION RELATING TO THE ISSUANCE OF $1,815,000 INDIAN RIVER COUNTY, FLORIDA SOLID WASTE DISPOSAL SYSTEM REVENUE BONDS, SERIES 1977 1. Description of the Bonds: Coupon bonds dated September 1, 1977 in $5,000 denominations, registerable as to principal only. Interest payable semi- annually on March 1 and September 1. Principal maturities shall be on September 1 from 1980 through 1994 in amounts ranging from $75,000 to $175,000. Bonds maturing in the years 1986 and thereafter will be redeemable prior to maturity on September 1, 1985 at 102% of par value and decreasing thereafter at the rate of 1/4 of l% per annum. 2. Security: Principal and interest on the Bonds and the reserves therefor shall be secured by an irrevocable first lien on and pledge of the net revenues of the solid waste disposal system. Principal and interest on the Bonds shall be additionally secured by a prior lien upon and pledge of the Guaranteed Entitlement Portion of the Revenue Snaring Trust Funds of the State of Florida as distributed to Indian River County pursuant to Chapter 218, Florida Stat- Utes. 3. Rate Covenant: Within 90 days following delivery of the Bonds the County shall enact a rate resolution and thereby will fix, establish and maintain such rates and collect such fees, rentals or other charges for the services of the facilities and revise the same from time to time whenever necessary, as will always provide revenues in each year sufficient to pay one hundred per centum (100%) of the cost of operation and maintenance of the facilities, one hundred fifteen per centum (115%) of the principal and interest becoming due in such year on the obligations and on all other obligations payable on a parity there - with, plus one hundred per centum (100%) of all reserve and other payments pro- vided for herein. 4., Issuance of Additional Bonds: The County will not issue any other obligations payable from that portion of the guaranteed entitlement funds received each yeah which equal the future maximum annual debt service requirement on these Bonds nor voluntarily create any lien having priority to or being on a parity with the lien of the Bonds herein offered and the interest thereon upon such portion of the guaranteed entitlement funds. Any other obligations issued by the issuer in addition to the obligations herein offered, payable from such portion of the guaranteed entitlement funds, shall contain an express statement that such obli- gations are junior and subordinate in all respects to the Bonds herein offered as to lien on and source and security for payment from such portion of the guar- anteed entitlement funds. Additional bonds ranking on a parity with these bonds may be issued as to the pledge of the net revenues of the system provided that the County obtain a certificate from an independent certified public accountant stating that the net revenues for any 12 consecutive months out of the 18 consecutive months immediately preceding delivery of the additional bonds are at least equal to 1.15 times the maximum future annual debt service requirements on the outstanding bonds and those proposed to be issued. The net revenues as estimated by the consulting engineers for the first 12 months foTlowing completion of the project for which the additional bonds are issued shall equal at least 1.25 times the maximum future annual debt service requirement of the bonds outstanding and those proposed to be pact 31. PA-VIE 107 SEP 211977