Laserfiche WebLink
of law, and a resolution duly adopted by the Board of County <br />Commissioners of the County (the "Board") on July 17, 1985, as <br />supplemented (collectively, the "Resolution"), and is subject to <br />all the terms and conditions of such Resolution. <br />This bond is payable solely from and secured by a first <br />lien upon and pledge of (a) the net revenues derived by the <br />County from the operation of the Project; (b) that portion of the <br />racetrack funds and jai alai fronton funds accruing annually to <br />the County under the provisions of Chapters 550 and 551, Florida <br />Statutes, and allocated to the Board pursuant to law (collectively, <br />the "Racetrack Funds"); and (c) the income from the investment of <br />money held in the funds and accounts established in the Resolution <br />to pay the principal of and interest on this bond (collectively, <br />the "Pledged Funds"); all in the manner provided in the <br />Resolution. The lien of the registered owner of this bond upon <br />the Racetrack Funds may be released by the County upon satisfac- <br />tion of certain conditions described in the Resolution. <br />This bond does not constitute an indebtedness of the <br />County within the meaning of any constitutional or statutory pro- <br />vision or limitation, and it is expressly agreed by the <br />registered owner of this bond that such registered owner shall <br />never have the right to require or compel the exercise of the ad <br />valorem taxing power of the County for the payment of the prin- <br />cipal of and interest on this bond or the making of any other <br />payments specified in the Resolution. <br />It is further agreed between the County and the <br />registered owner of this bond that this bond and the indebtedness <br />evidenced thereby shall not constitute a lien upon the Project, <br />or any part thereof, or on any other property of or in the <br />County, but shall constitute a lien only on the Pledged Funds, <br />all in the manner provided in the Resolution. <br />The County in the Resolution has covenanted and agreed <br />with the registered owners of the bonds of this issue to fix, <br />establish, maintain and collect, to the extent practicable, such <br />-14- <br />JUL 17 1985 BooK 61 <br />