1991-070 - Laserfiche WebLink

Home Browse Search

1 otherwise, at such times and in such manner and shall have such other terms and conditions all as may be determined by subsequent resolution of the County adopted at or prior to the sale of the Series 1991 Bonds. The Series 1991 Bonds shall be substantially in the form set forth in the Master Bond Resolution, with such omissions, insertions and variations as may be necessary and/or desirable and authorized or permitted by the Master Bond Resolution, this Resolution or any subsequent resolution adopted prior to the issuance thereof, or as may be necessary to comply with applicable laws, rules and regulations of the United States and the State of Florida in effect upon the issuance thereof. The Series 1991 Bonds shall be issued in fully registered form without coupons; shall be payable with respect to principal at a principal corporate trust office of the Paying Agent; shall be payable in lawful money of the United States of America; and shall bear interest from their date, payable by check mailed to the Registered Owners at their addresses as they appear on the registration books kept by the Bond Registrar on behalf of the County. Notwithstanding any other provisions of this section, the Board may, at its option, prior to the date of issuance of the Series 1991 Bonds and subject to the approval of the purchasers of said Bonds, elect to use an immobilization system or pure book -entry system with respect to issuance of said Bonds, provided adequate records will be kept with respect to the ownership of said Bonds issued in book -entry form or the beneficial ownership of said Bonds issued in the name of a nominee. As long as any Series 1991 Bonds are outstanding in book -entry form, the provisions of Sections 7, 9, 10 and 11 of the Master Bond Resolution shall not be applicable to such book -entry Bonds. The details of any alternative system of Bond issuance, as described in this paragraph, shall be set forth in a resolution of the Board duly adopted at or prior to the delivery of any of the Series 1991 Bonds. SECTION 9. 1991 FUND AND ACCOUNTS. There is hereby created and established the "Recreational Revenue Bonds, Series 1991, Sinking Fund" (herein the "1991 Sinking Fund") within the Sinking Fund, the "Recreational Revenue Bonds, Series 1991, Bond Amortization Account" (herein the "1991 Bond Amortization Account") within the Bond Amortization Account and the "Recreational Revenue Bonds, Series 1991, Reserve Account" (herein the "1991 Reserve Account") within the Reserve Account. The 1991 Sinking Fund, the 1991 Bond Amortization Account and the 1991 Reserve Account shall not in any manner whatsoever affect the parity of the Bonds. Revenues and other amounts deposited in the Sinking Fund allocable to the Series 1991 Bonds shall be held in the 1991 Sinking Fund. Revenues deposited in the Bond Amortization Account allocable to the Series 1991 Bonds shall be held in the 1991 Bond Amortization Account. Revenues and other amounts deposited in the Reserve Account allocable to the Series 1991 Bonds shall be held in the 1991 Reserve Account. The income from investment of the 1991 Sinking Fund and the 1991 Reserve Account during a reasonable period of time from the date of issuance of the Series 1991 Bonds, as specified by subsequent resolution of the Board, shall be deposited into the 1991 Rebate Account to the extent required and the excess, if any, into the 1991 Sinking Fund. SECTION 10. SERIES 1991 BONDS NOT GENERAL OBLIGATIONS. The Series 1991 Bonds shall not be or constitute general or moral obligations or a pledge of the faith, credit or taxing power of the County, the State of Florida or any political subdivision thereof or a general indebtedness of any of them within the meaning of the Constitution or any statute of the State of Florida, but shall be special obligations of the County payable solely from and secured 4 r