Laserfiche WebLink
JUL 71982 50 204 <br />(F) It is deemed necessary and desirable to pledge the <br />Pledged Funds to the payment of the principal of and interest on <br />the Bonds. No part of the Pledged Funds have been pledged or <br />hypothecated except with respect to the Bonds, the Parity <br />Obligations and the Prior Lien Obligations. <br />(G) The Bonds will be on a parity and rank equally as <br />to lien on and source and security for payment from the Pledged <br />Funds with the Parity Obligations. The lien of the holders of _ <br />the Bonds on the South County Water System Revenues will be <br />junior, subordinate and inferior to the lien thereon of the <br />holders of the Prior Lien Obligations. <br />(H) This Instrument and the Original Resolution are <br />declared to be and shall constitute a contract between the Issuer <br />and all of the holders of the Bonds; and the covenants and <br />agreements herein set forth to be performed by the Issuer are and <br />shall be for the equal benefit, protection and security of all of <br />the legal holders of any and all of the Bonds, all of which shall <br />be of equal rank and without preference, priority or distinction <br />of any of the Bonds over any other, except as hereinafter <br />provided. <br />(I) The Issuer is not, under this Instrument, obligated <br />to levy any ad valorem taxes on any real or personal property <br />situated within its corporate territorial limits to pay the prin- <br />cipal of or interest on the Bonds or to pay Operating Expenses. <br />The Bonds shall not constitute a lien upon the System or any <br />other property of the Issuer or situated within its corporate <br />territorial limits. <br />1.04 Project Authorized. The Project is hereby <br />authorized. <br />ARTICLE II <br />AUTHORIZATION, TERMS, EXECUTION AND <br />REGISTRATION OF REVENUE BONDS <br />2.01 Authorization of Revenue Bonds. Subject and <br />pursuant to the provisions of this Instrument, obligations of <br />the Issuer to be known as "Water and Sewer Revenue Bonds, Series <br />1982A," are hereby authorized to be issued in an aggregate prin- <br />cipal amount not exceeding $7,000,000 for the purpose of pro- <br />viding funds to pay the Cost of the Project. <br />2.02 Description of Bonds. The Bonds shall be numbered <br />consecutively from one upward; shall be in the denomination of <br />-4- <br />