1/18/1978 - Laserfiche WebLink

Home Browse Search

1 Chairman Board of County Commissioners Indian River County, Florida January /Z, 1978 Page Two the Net Revenues derived from the operation of said Facilities and a prior lien on and pledge of the Revenue Sharing Trust Funds, as defined in said Resolution, received by the County pursuant to Chapter 218, Part II, Florida Statutes, in the manner provided in the Resolution. The Resolution provides that the Bonds shall not constitute an indebtedness of the County and that the holders thereof shall never have the right to require or compel the exercise of the power of.the County to levy ad valorem taxes or to tax real estate in the County for the payment of the principal of or interest on the Bonds. The County in said Resolution has covenanted and agreed with the holders of said Bonds to fix, establish and maintain such rates and collect such fees, rentals or other charges for the services of the Facilities and to revise the same from time to time whenever necessary, as will always provide revenues in each year sufficient to pay (1) one hundred per centum (100%) of all operating and maintenance costs of the Facilities in such year, (2) one hundred per centum (100%) of all required deposits into the Reserve Account in the Sinking Fund and into the Renewal and Replacement Fund established by the Resolution in such year, and (3) one hundred fifteen per centum (115%) of the amount of principal and interest becoming due in such year on the Bonds and on all other obligations payable on a parity therewith, and that such rates, fees, rentals or other charges shall not be reduced so as to be insufficient to provide adequate revenues for such purposes; and the County has entered into certain further covenants with the holders of said Bonds for the terms of which reference is made to the Resolution. The County has reserved the right to issue additional parity obligations payable on a parity with the Net Revenues of the Facilities as to lien and security with the Bonds, provided certain requirements of the Resolution are complied with. In our opinion (1) the Bonds are valid and.,legally binding special obligations of the County payable solely from the Net Revenues derived by the County from the operation of the Facilities and from the Revenue Sharing Trust Funds, as defined in the Resolution, in the manner provided in the Resolution; (2) the County is legally obligated to collect, receive, hold and apply such special funds in accordance with the provisions of the Resolution, and (3) the interest on the Bonds is exempt from Federal Income Taxes under existing statutes and court decisions. R{�e^s�peectfu�lll%y��submitted,?A e&ej '4"Aju 4"41-mj