1991-070 - Laserfiche WebLink

Home Browse Search

solely by a lien upon and a pledge of the Pledged Funds and certain other funds specified herein. No Registered Owner shall ever have the right to compel the exercise of the ad valorem taxing power of the County, the State of Florida or any political subdivision thereof, or taxation in any form of any real property therein, to pay the Series 1991 Bonds or the interest thereon, or be entitled to payment of such principal and interest from any funds of the County other than the Pledged Funds. SECTION 11. ARBITRAGE. The County covenants to and with purchasers of the issue which is comprised of the Series 1991 Bonds that it will make no use of the proceeds of such issue which will cause the Series 1991 Bonds to be or become "arbitrage bonds" within the meaning of Section 103(b)(2) and Section 148 of the Internal Revenue Code of 1986, as amended (the "Code"), and the regulations implementing said Sections that duly have been published in the Federal Register or with any other applicable regulations implementing said Sections, and the County further covenants to comply with all other requirements of the Code if and to the extent applicable to maintain continuously the Federal income tax exemption of interest on the Series 1991 Bonds. SECTION 12. APPLICATION OF SERIES 1991 BOND PROCEEDS. All moneys received from the sale of the Series 1991 Bonds shall be deposited and applied by the County as follows: A. All accrued interest plus, at the option of the County as specified by subsequent resolution of the Board, an amount which, together with the income expected to be deposited into the 1991 Sinking Fund pursuant to Section 9 hereof, will equal to the interest on the Series 1991 Bonds for a reasonable period of time from the date of issuance thereof shall be deposited into the 1991 Sinking Fund and applied exclusively for the payment of interest first becoming due on the Series 1991 Bonds. B. A sum, if any, specified by subsequent resolution of the County shall be deposited into the Reserve Account in the Sinking Fund. C. The amount necessary to pay all engineering fees, costs and expenses associated with financial reports, studies and projections, legal fees, fees of financial advisors, printing expenses, premiums and expenses related to insuring or rating the Series 1991 Bonds and all other similar costs incurred in connection with the issuance of the Series 1991 Bonds shall be paid or provided for. D. A fund is hereby created and established to be known as the "Recreational Revenue Bonds, Series 1991, Construction Fund" (herein the "1991 Construction Fund"). There shall be deposited into the 1991 Construction Fund the balance of the moneys remaining after making all the deposits and payments provided for above. The moneys on deposit in the 1991 Construction Fund shall be withdrawn, used and applied by the County, as and when necessary, solely for the payment of the costs of the 1991 Project and purposes incidental thereto. If for any Lo- reason any moneys in the 1991 Construction Fund are not necessary for or are not applied to the payment of such costs, then such moneys shall be deposited by the County into the Sinking Fund and used only to pay the principal of and interest on the Series 1991 Bonds. Anything to the contrary contained herein notwithstanding, the 1991 Construction Fund shall be and constitute a trust fund for the purposes provided herein therefor and, until withdrawn, used and applied 5