1991-151 - Laserfiche WebLink

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The Resolution provides that the proceeds of the Series 1991 Bonds, together with other available funds of the County, are to be used for the following purposes, inter ilia: (i) to acquire and construct the 1991 Project, (ii) to retire the Series 1988 Notes, (iii) to make a deposit to the Reserve Account established under the Resolution, and (iv) to pay costs and expenses of issuance of the Series of 1991 Bonds and retirement of such Series 1988 Notes, all as more fully provided in the Resolution. The Resolution contains covenants of the County to comply with provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and applicable regulations promulgated thereunder, Inter alia, to preserve the Federal income tax exemption of the interest on the Series 1991 Bonds. The principal of and interest on the Bonds are payable solely from and secured by a lien on and pledge of the Pledged Funds, as defined in the Resolution, which include the Net Revenues, as that phrase is defined in the Resolution, of the System. Reference is made to the Resolution for terms and conditions upon which certain receipts and revenues pledged under the Resolution may be released from such pledge, and for terms and conditions upon which additional bonds having a lien upon and right to payment from such Net Revenues on a parity with the Series 1989 Bonds and the Series 1991 Bonds may be issued from time to time. The Series 1991 Bonds shall not constitute a general obligation or indebtedness of the County, and the holders thereof shall never have the right to require or compel the exercise of the power of the County to levy ad valorem taxes for the payment of the principal of and interest on the Series 1991 Bonds. - 3 -