1991-079 - Laserfiche WebLink

Home Browse Search

from the funds and accounts under the Master Bond Resolution and hereunder to which income on investments attributable to the Series 1991 Bonds has been deposited into an account to be known as the "Recreational Revenue Bonds, Series 1991, Rebate Account" (herein the "1991 Rebate Account") sufficient to pay to the United States of America all amounts due with respect to the Series 1991 Bonds under the provisions of Section 148 (f) of the Internal Revenue Code of 1986, as amended and supplemented, or under similar provisions of subsequent federal revenue laws. The earnings on the 1991 Rebate Account shall be added to and become a part of the 1991 Rebate Account. Moneys in the 1991 Rebate Account shall only be used to pay the amounts due to the United States of America under said Section of the Code with respect to the Series 1991 Bonds as the same shall become due and payable. It is the intent of this paragraph to provide for payment of all amounts due under said Section of the Code with respect to the Series 1991 Bonds, in such installments and at such times as may be required by said Section of the Code. In the event of any amendment to the Code or the promulgation of regulations under the Code which provide or require otherwise than as provided or required in this paragraph, this paragraph shall be deemed to be amended to incorporate such amendments or regulations, to the extent applicable, and any provisions hereof which conflict with the provisions thereof shall be deemed to be null and void. "SECTION 14. SALE OF THE SERIES 1991 BONDS. The Series 1991 Bonds may be sold at public or private sale pursuant to the Act, all at one time or from time to time, as shall be provided by subsequent resolution of the Board. "SECTION 15. VALIDATION. The attorney for the County is hereby authorized and directed to institute appropriate proceedings in the Circuit Court of the Nineteenth Judicial District of Florida in and for Indian River County, Florida, for the validation of the Series 1991 Bonds. "SECTION 16. ADDITIONAL PARITY OBLIGATIONS. Section 16(J)(1) of the Master Bond Resolution is hereby amended to read in its entirety as follows: '(1) Other than the Series 1991 Bonds, no Additional Parity Obligations shall be issued under this Resolution, except for the purpose of refunding outstanding Bonds, but no refunding may be undertaken in accordance with this provision if it shall result in an increase in the maximum Bond Service Requirement.' "SECTION 17. ADDITIONAL COVENANTS. While any of the Series 1985 Bonds or the Series 1991 Bonds is outstanding and all have not been defeased in accordance with the Master Bond Resolution, the Municipal Bond Insurance Policy is in effect, and AMBAC is not in default under such Municipal Bond Insurance Policy, bankrupt, insolvent or in receivership, the County shall observe the following covenants: 9