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1991-151
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1991-151
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Last modified
5/15/2017 3:01:02 PM
Creation date
5/15/2017 2:41:21 PM
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Resolutions
Resolution Number
1991-151
Approved Date
09/24/1991
Resolution Type
Utilities
Entity Name
Water and Sewer Revenue Bonds Series 1991
Subject
Bond Purchase Agreement
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11 <br />(i) stating that the books and records of the County relating to the collection and receipt of the Revenues and the <br />Operating Expenses have been audited by them for the Fiscal Year immediately preceding the date of sale of the <br />proposed obligations or for any twelve (12) consecutive month period out of the eighteen (18) consecutive months <br />immediately preceding the date of ale of the proposed obligations; <br />(ii) setting forth the Revenues, the Uniform Chugs, the Operating Expenses and the Net Revenues for the audited <br />period referred to in (i) above, with respect to which such certificate is made; and <br />(iii) stating that: (a) during such audited period, the County was in compliance with the rate covenant previously <br />discussed; and (b) the Net Revenues, as adjusted u hereinafter provided, were equal to at least 1.20 times the largest <br />amount of principal and interest which will mature and become due in any Fiscal Year thereafter on all Bonds then <br />outstanding, including the proposed Additional Parity Bonds; and when the Revenues include receipts and revenues in <br />addition to Uniform Charges, the Uniform Changs las Operating Expenses, adjusted u hereinafter provided, were <br />equal to at lead 1.00 times the largest amount of principal and interest that will mature and become due in any Fiscal <br />Year thereafter on all Bonds outstanding, including the proposed Additional Parity Bonds. <br />For purposes of (w) above: (A) Revenues, Uniform Charges, and Operating Expenses may be adjusted so as to fairly <br />represent the operation of the System, provided that the amount and a detailed reason for each such adjustment is set <br />forth in such certificate; (B) Net Revenues also may be adjusted for (i) the pro form effect of rates implemented prior <br />to issuance of the Additional Parity Bonds, (ii) new customers added to the System during the ted period, (w) already <br />existing occupied residences or operating business establishments which will be connected to the System upon completion <br />of projects under construction or to be funded with bond proceeds, and (iv) Net Revenues attributable to customers for <br />whom Impact Fees have been paid, and which will be connected to the System upon completion of projects under <br />construction or to be funded with bond proceeds (provided that while the Series 1989 Bonds or the Series 1991 Bonds <br />are outstanding and the 1989 Bond Insurance Policy or the 1991 Bond Insurance Policy is in effect, not more than 40% <br />of the Net Revenues described in this subclause (iv) shall be used as an adjustment under this clause (B) without the <br />consent of the Bond Insurer); and (C) any amounts owed by the County to the issuer of a Reserve Account Credit <br />Instrument as a result of a draw thereon, as appropriate, shall be added to the principal and interest payable thereon on <br />the Bonds to determine compliance with the foregoing teat. <br />For purposes of the foregoing, Senior Lien Debt service, Required Renewal Fund Payments and Senior Lien Bonds <br />Reserve Account Payments shall be treated u Operating Expenses. All or any part of the certificate required under the <br />second paragraph of this subsection may be rendered by consulting engineers, consultants or other persons with requisite <br />knowledge and experience who are not reasonably objected to by the Bond Insurer. <br />Additional Parity Bonds may not be issued at any time at which the County is in default in performing any of the <br />covenants and obligations under the Resolution, or all payments herein required to have been made into the accounts and <br />funds, as provided under the Resolution, have not been made to the full extent required. <br />The foregoing conditions shall not apply with respect to Additional Parity Bonds the proceeds of which will be used to <br />complete a project a substantial portion of the cost of which has been or will be paid out of the proceeds of Bonds issued <br />under the Resolution. <br />The County covenants for the benefit of the Registered Owners of the Series 1991 Bonds and any other Bonds issued <br />and outstanding under the Resolution that the County shall, at the time of issuance of any Additional Parity Bonds, make <br />a deposit to the Reserve Account in the Sinking Fund created under the Resolution so that the Reserve Account shall have <br />a cash and investments at such time equal to the maximum amount of principal and interest on all outstanding Bonds <br />(including the Additional Parity Bonds and giving effect to the retirement of any Bonds being refunded with proceeds of the <br />Additional Parity Bonds) becoming due in any ensuing fiscal year, unless the Bond Insurer shall agree otherwise. <br />The County presently has outstanding an aggregate of $3,900,000, 6 7/8 % Water Revenue Bonds, Series 1988, <br />Anticipation Notes due December 1, 1991 (the "Series 1988 Notes"). The Series 1988 Notes were issued in anticipation <br />of the receipt by the County of the proceeds from the future sale of its Water Revenue Bonds, Series 1988 which were <br />authorized in an amount up to $4,000,000, but were not issued. Rather, the County intends to fund the retirement of the <br />Series 1988 Notes from a portion of the proceeds of the sale of the Series 1991 Bonds. See "PURPOSE OF THE SERIES <br />1991 BONDS" and "ESTIMATED SOURCES AND USES OF FUNDS." <br />
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