1991-079 - Laserfiche WebLink

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"A. "AMBAC Indemnity" or "AMBAC" shall mean AMBAC Indemnity Corporation, as Wisconsin -domiciled stock insurance company. "B. "County" shall mean Indian River County, Florida. "C. "Master Bond Resolution" shall mean Resolution No. 85-78 of the County, as amended and supplemented, from time to time, including, to the extent provided herein, this Resolution. "D. "Municipal Bond Insurance Policy" shall mean the municipal bond insurance policy or policies issued by AMBAC insuring the payment when due of the principal of and interest on the Series 1985 Bonds and the Series 1991 Bonds as provided therein. "E. "1991 Construction Fund" shall mean the Recreational Revenue Bonds, Series 1991, Construction Fund established hereunder. "F. "1991 Project" shall mean the expansion of the Sandridge Golf Course authorized to be constructed, acquired, furnished and equipped under this Resolution, including without limitation the acquisition, construction, furnishing and equipping of an additional eighteen hole public golf course and an expansion of the clubhouse facilities. "G. "Series 1991 Bonds" shall mean the Indian River County, Florida Recreational Revenue Bonds, Series 1991, authorized to be issued under this Resolution. "Words importing singular number shall include the plural number and vice versa and words importing persons shall include firms, corporations and other entities and vice versa. "SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: "A. The Board on July 17, 1985 duly adopted a resolution entitled as follows: "RESOLUTION NO. 85-78 A RESOLUTION PROVIDING FOR THE CONSTRUCTION AND EQUIPMENT OF A PUBLIC GOLF COURSE IN INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $4,200,000 RECREATIONAL REVENUE BONDS, SERIES 1985, OF THE COUNTY TO FINANCE THE COST THEREOF; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND THE INTEREST ON SUCH BONDS FROM THE NET REVENUES TO BE - 3 -