1991-079 - Laserfiche WebLink

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Tax" and the "Sales Tax Resolution", respectively). The County hereby irrevocably pledges the Sales Tax to the payment of the principal of, interest and premium, if any, on the Series 1985 Bonds and the Series 1991 Bonds. Such lien and pledge shall be junior and subordinate in all respects to the lien upon and the pledge of the Sales Tax to the payment of the principal of, interest and premium, if any, on the bonds, now outstanding or hereafter issued, under the Sales Tax Resolution. "The County hereby covenants that it will not issue any additional installments of bonds authorized under the Sales Tax Resolution or any additional parity obligations under the Sales Tax Resolution unless there shall have been obtained and filed with the County a certificate of the Accountant stating and setting forth the same information as required by Section 17J(1) of the Sales Tax Resolution, except that for purposes of said certificate the Maximum Debt Service Requirement shall include the maximum Bond Service Requirement on the Series 1985 Bonds and the Series 1991 Bonds and Sales Tax receipts shall include Race Track Funds and Jai Alai Fronton Funds. However, said certificate shall not be required if compliance with the first paragraph of said Section 17(J)(1) is not required. "If at any time hereafter there are no bonds outstanding under the Sales Tax Resolution and the County covenants not to thereafter issue any bonds under the Sales Tax Resolution, then the foregoing lien and pledge no longer shall be in effect and the principal of, interest and premium, if any, on the Series 1985 Bonds and the Series 1991 Bonds shall thereafter be secured forthwith equally and ratably by a lien upon and a pledge of fourteen percent (14%) of the Sales Tax, as defined in the Sales Tax Resolution. The County in such event hereby irrevocably pledges said fourteen percent (14%) of the Sales Tax to the payment of the principal of, interest and premium, if any, on the Series 1985 Bonds and the Series 1991 Bonds. "To the extent that the Sales Tax received by the County in any Fiscal Year is not required for the payment of the principal of, interest and premium, if any, on the Series 1985 Bonds and the Series 1991 Bonds in such Fiscal Year, it may be used by the County for any lawful purpose. "The foregoing liens, pledges, covenants and provisions shall be no longer in effect when neither any of the Series 1985 Bonds nor any of the Series 1991 Bonds are outstanding or when the Series 1985 Bonds and the Series 1991 Bonds have been defeased pursuant to Section 18 of the Master Bond Resolution. "SECTION 8. AUTHORIZATION AND DESCRIPTION OF SERIES 1991 BONDS. Subject and pursuant to the provisions of the Master Bond Resolution and this Resolution, obligations of the County to be known as "Recreational Revenue Bonds, Series 1991," are hereby authorized to be issued in the aggregate principal amount of not exceeding $6,500,000. The Series 1991 Bonds shall be Additional Parity 5