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0. 5 To the full ,tell Permitted by ".. he County
<br />mill rot grant,
<br />SYSTEM .
<br />1, 1*11, 1...I,
<br />... I, I all.t to spend any frx.rht.. - P. -Il .I any
<br />I.- similar to the System within the M-111 are, If the Sy.t-
<br />P. ISSUANCE OF ADDITIONAL PARITY OBLIGATIONS. Additional Parity Bond..
<br />partly Eros the Pledged Fund, with the ..do, my be Issued f...
<br />ter
<br />to it_ to final,, any portion of the Go to I I *=I," dl,,
<br />ti.Ltic to the Io[ any
<br />in
<br />,h,.I..II d..l ... d by .... 1.-o of the Beard to
<br />be Par' of the System. I for .f.min. Pulp -1. I. the -- h-1. 11.11uld.
<br />Bef.l. issuing any such Additional Partly Bonds, thata hall have b..n
<br />obt.,00d am filed with the County . I.,tific.t. If an Independent fit. of
<br />certified Public a of suitable ,Paris... and -p-ibil icy. "i
<br />a
<br />,ting ch T he b..k. and t. orae of the loutty relatl ng t* the ,elle, [len am
<br />rmc.lpt of the Ra -m... In. Uniform Met.- and In. Olac.ri.. E.P..- have been
<br />audited the. for the F1 ... I Year Immediately plot
<br />*dl", the d to of ..Is of eM1e
<br />p,epotad *bllgltl*", or For any twelve (12) ..,h paned out h
<br />, of
<br />:
<br />d bl
<br />eight. (I. ) moth. immediately preceding the .l.,,t
<br />proposed ("I I-Ih the --. I". the
<br />Op .Clog
<br />Pan. in i�
<br />- Beama I'd the Net __ for the miced period x.f.-d
<br />alth ...pact to Mill, much ...lift.... I. -do; an. ( Ill) -II., the,:
<br />lich I ... Im the ... y .. "
<br />N.covenant ..I forth 1. Sub ... it... above; and
<br />'.dpl""*
<br />equal (b) at the H - JR " led., he ,!n,,flr pr.aldmi. .:.d
<br />to lout 20 titin [he
<br />let,.. as _ IT
<br />he I PlAnct'.1
<br />inter. It clue alit u bac due 1. any Fiscal Is,
<br />. ..... -:�_dlog. III I d I I, the plop ... d
<br />I
<br />r=111al "Ilb
<br />Illy MI: .. Man
<br />the U--.. incIms receipts Im
<br />cous in addition I. Uniform [he
<br />the Uniform Merge. I...
<br />OperetI.. p . Is . I. adjusted am hereinafter pr-ld.d, lare equal to
<br />`-I.00
<br />the largest aunt of p"in,..u[
<br />ncl,.l and in... I
<br />. = 11
<br />chat ,n: mo
<br />- due In any Fiscal Year th .... ft.r on .11
<br />Unds Including the plIpolld Additional Partly Bonds.
<br />For Wr,ls..R
<br />, (
<br />b,
<br />(ill) of (I,,A) - GlalgeI.a
<br />Us I . to It cap ... tt� Uoif. s amP.,.".g E .. of
<br />the System, p
<br />may III adjusted fatly be permit..provided
<br />that2secult It , detailed r ..... for each such adjustment is act forth In
<br />much c.filets; (5) Net Revenue. may I.. be adjusted for: (I) the pro force
<br />Iffill If to, a I:pl-,ted prior to I -ox. of the Addict ... I Partly Bonds.
<br />(ii)
<br />nam added to In, System during Natest period. (ill) .1 ... dy
<br />:.tell" occupied resident.. or operating business stabli.luall. Mich .111 be
<br />-
<br />,ad I. he EyePon M - of Projects under .... tructior to be
<br />funded with bond proceeds. and (1v) Net R-rus. attributable to ..at ... I. for
<br />who.ImPect V.. h-. b..n paid. and MachIll be -acted to the System up.n
<br />of
<br />or to be fumed with bond proceed,
<br />(,r-Ild that .0 long " that. I. m Irma
<br />I. 1-11-Y. -I -I. than cu. of
<br />it. at do ... Mad I. this (iv) shall be ..ad .. an adjust ... I
<br />It this .1.... I.) without 111 .1 be Bond I -c -I); .. (I) :oy
<br />ul
<br />exct
<br />:X*d by the County to the I .... r of I Rome-. A-- Credit I --
<br />It
<br />It of a dr- .-Pas pp.priats, hall be added to III P.,
<br />am Into ... I V.ymbl. on In. ...do to determine -pl-ta with the f -pin,
<br />,.at.
<br />T. ABAITRUUGE. Th. County I-loolt- to am with -hs-. of he is...
<br />.h,,b is of In. So"-- =.�m that It Ill ..is .. ... of In
<br />proceeds I ... which Ill he Series 1111 Bond. 1. be or b...
<br />-bit,,f1ha' ithl.the of Section I.IMM am S -c".. 1'. of in.
<br />11-:11 Ba Im, If I'll. as awned (the -lma-) I any applicable
<br />I.Bul I,.l '.pl=i,.g �,�l.d Sections
<br />an. the County further I.venanls co.b;.opl Y
<br />.1ch all that .. of the Code If and 1. 0e pFIj to
<br />-Intel. I-Lnc ... IF the Rd -I illos. u. .... pit., of Interne In the Set -
<br />1993 Boma.
<br />I -blisho- of the various
<br />and =ABG A'MUNTS. no designation and I. t
<br />--
<br />.to .,..,ad herein do.. lot I.q.t he establishment of any
<br />... P'*t*'y self -balancing ..If-boti.a funds I such to,. 1. --ly defined and
<br />..ad I. p-res._1 _counting. but rather Is Intended solely to I.nstl cu to an
<br />..rearki., of and .... 1. .. -ld.d herein.
<br />V.
<br />MER TO ISSUE BONDS AND PLEDGE PUKED FUNDS. The County 1. duty
<br />,Uth,rI:.d nl,,.,Ilt.pp liable J.- to I-Im and x,.,I t
<br />.1. Be to I In
<br />'utl M pledge the Pledged Fund, 11 the in It
<br />p,oaldadinc.L.. Except to the lltllt Illetruill p ... load 1. his the
<br />Pledged Fund' arm lot Fledged or hyp,th ... led (.sept .1th ..s part to the Retired
<br />Undo Mich
<br />,, to be retired with proceeds of the Serlao
<br />199) Berns) and, open
<br />of the Bell.. 1993 Bond., will be from and clear of any Fledge. It..,
<br />therg, or be,.., or lith ,.Pa., the. to, II prior I of equal r
<br />sith, Ill :.,Yu,l,y flue I. pl,d,, sine, I Else- .... led by this 1*,,Iutl,n.
<br />nc
<br />Iluding pled.. thereof to, Ill. benefit It the Retired Bond,, old .11 action
<br />,he Fact of the County 1. that and hes be.n am mill be duly and validly
<br />The Bond, am the plo,Wcom If this Ral.1-1. "I am will be,:Ill ansa
<br />legally enforceable Initial I,., of the County In at ... delta with their
<br />t:m
<br />the ter
<br />lItls of this
<br />R ... I" I.I. no County hall It Ill cls.,,in the
<br />c.. .....
<br />P.-t.d by tax. defend, pro,, rut and protect the pledge If the Pledged I.M.
<br />and .11 the right, of the Registered - Under this Resolution all
<br />claims am demand. If .11 are... h ..... -r.
<br />W. BONDS SECURED BY PUMB OF PLEDGED FUNDS. no Und, I .... I hounder
<br />,bell b direct am special obligation, of the County payable I. Illords.l. with
<br />..I, t:,_ I, Is I'
<br />,he pl-W of this Resolution from the Pledged Fund, hereby
<br />Pledged for the benefit of the R.Sit:It ,,d O,rmt -
<br />I.. subject to the P1 -I. of
<br />this P. ittl,g In* 'pp'I,*1 Install for In. p....... sad .. Its
<br />terms am conditions at forth 1. him Ill.
<br />Tho Fledged Fume shall Immediately be subject I. the it.. ..h:,, .
<br />R ... I.till 1
<br />this ul
<br />11'. 'fthout any phySI,I1d.IL-y thereof or further act. m in
<br />am her,. this R ... .hall be -114 .. binding .. ..*Inst all
<br />pstctes haling ItI.Ill of any kind I. -t. -tr- or th-l... against the
<br />Ire... MatherI,. IF .11ur ... h parties hal,.[Ice ch -..f.
<br />R. TAR
<br />respect
<br />county I-oxot. that it will .1 take any still.
<br />or fail to ill* any action Ilh to the proud* of he Bos that would
<br />alt
<br />I. 1.1. of
<br />he flea..... I It . as for federal I-, to, pulp...,
<br />put, I to action 103(l) If the Code It Interest Paid I. outstanding BOM,
<br />aht,hT�- Initially I .... d old sold, or. the subject of an plot,, of I ... -1
<br />to the affect the, lot .... I that... w .. .. ... lud.bi..
<br />Ulth rd pant to any -[lea of bond.. the County . ante at say ,, of
<br />the SY.... In
<br />the tied. or buatnsss of any Person or entity other than the
<br />All or any par,
<br />.It b:frth. .,,Ul,.d under he .. .old paragraph of
<br />.,. .
<br />ub. Ion may and ... d by -lulting In,in-1, or the,
<br />Pat,.,. with requisite kI,,I,dg, and x,,,I-c. who ... no[ .....nobly objected
<br />to by the Bond I --.
<br />Each .... Will. bottling the Additional
<br />,hof Additiol Partly Bond, hall
<br />:.I
<br />It, that III If .0u.n.- Berlin I,t.i,,d mill be applicable to such
<br />Additional Parity Bond..
<br />Additional Policy Bond, may Ill be [,,.ad h-und., at any ties Mil. the
<br />-Ity Is In default in p.amt,g any If the --t, and obligations ....d
<br />he, ... Get, or III p,,a-, h -i, required to he,* b to the ll I -to
<br />h_ lot
<br />prowl dad hereunder, bum .. de I .,I extant I:
<br />and (..do;.o-,
<br />Tho I ..going conditions shall not apply Sth reaped Additional. Partly
<br />Bond, In. p ..... do of uhtch Ill be used to Complete : p J,,t .
<br />p.lti.n of the = of -ch hes been or ill be paid out If the p..... as If
<br />Bond. Issued he or.
<br />Tho County I-ne- for the benefit of the Registered Gurall of the Sell
<br />1991 gond. ,, fine, = .1;.U.d and mIn, h-- at he C-ly
<br />.I . at it.. Is, any Addle Policy E.m.. sake I deposit to
<br />,be Be,, - Account In the SLnkio, Fund ... led her...do, do, . the, the R ... -
<br />A,,:%.t hall 1- . .IU. of cash and I. -t ... 1. at uch I Is. _I I. the
<br />... Account B*qlll. ..I (glut., affect 1. the Additional .city ... am the
<br />__txor of any Bond: being ,funded with p ..... d, of theAdditional Partly
<br />Model, "I- the Bond I ... *, anal I air.. th.-I... I-Ld.d, h... -r, t. no
<br />_.It b.,l such d*p..l I . required to exceed 'mount
<br />unt which if deposited from the pre d, of th:nAdditi..:VJa1r1't0y thm. u-11
<br />...I..Iy effort the ..I!u.!,n of --
<br />ical to the Addl -I Parity
<br />old.
<br />Ices the gross Inc... of the
<br />h .,. ad Oul.re thereof for P.,P.... or federal
<br />Q. ISSUANCE OF MER OBLIGATIONS. no County will lot Is,., ..y .,he,
<br />oblig.ti .... .... It undo. the condition am in the =
<br />payable .. the ll.d,.d me. -I cast. I I be ad
<br />from any
<br />debt, Its., Pledge, he, ch.... haven, r!-I.p.t.
<br />in . n the
<br />nL,..d _I:,
<br />.r.b;lng :n , partly .1 of the at that
<br />,h to" , -do. =pl :. my,. I fLI,lly p-d,d he ':to. The
<br />County say T..
<br />.b llgeclona that the Bonds payable from the PI Bad Fund. P-id.d -
<br />I. J-,- . in It -cr as to ill. on
<br />ands .,stat
<br />J�j that
<br />Id ... Its and statef. ffth. Pledged d, and such obligation,
<br />r ... at. In Iclm all h .11.
<br />N. MANAGIUUM OF SYSTEM. no C ... ly I, operating the Sylls. rill employ
<br />p ... on, of demonstrated ability and experience and will require Ill employ... Me
<br />may have p-acest.. of moneys de -ed fr.. pecall.. of he SystemI'd
<br />V* ':.I
<br />by A fidelity bond bye I— ... lbi I it, im ... It, company In amount
<br />..fficl- to ir-ct the County fr.. lose.
<br />S. CONNECTION WITH SYSTEM. no County veil, to the full *,tell "ttt.d
<br />by Is.. require .11 IsM., buildings, or .1,h1, it,
<br />1;11 tI..11I=dlIlsm can use he System I= 1h.-Ith It'nod1h
<br />S ,!v
<br />d to us*
<br />I o;
<br />any ,her pliable at,, yet,, and any the
<br />sewage dispose 1.
<br />county. ---
<br />11, .1. under . -l-'s, contract I
<br />contract. (-plic- bull.... us,-). If such us, 1. related to the county
<br />of the System. �tll lot ... ad -. the. to. Pat ... t (10% ) If the ... If the
<br />Sy.tc,, or if much privet, b -Ins.. u.. I. .,listed or di.plop-L,nxt, to the
<br />Go
<br />amyl: us. of the System. .111 net exceed -to than it,. percent (54) of the
<br />- of the System.
<br />County ... ty c-lant, that - sou hen tan percent (100) of the Rm- me,
<br />.111 be derived directly or Indirectly from ps",- from any no.g.-tom .... I
<br />,th*, ill" Pays-, by g--nt.I u... I. I mambo of the I
<br />,ubI,.
<br />T. no furtherto=, and q.. Mich the R. -I All
<br />regal
<br />may be .. in . h '* I ..
<br />.Lih . Reserve
<br />Itch 1Account% neub..IIl.n .(I)
<br />suit Itruall, all. -1... the .R.nd
<br />,ch--, as follows:
<br />(1) With ..pact to any letter If ,suit:
<br />(.) ...h let,., of credit hall be pl.bi. In ...
<br />or ' d....
<br />. on by the P'yl'& Agent of
<br />. .,ht draft I ..pentad by It. clItificat. hot it
<br />the, hold, L-ffict- fund. to exi,. . required payment
<br />If Principal or Interest on the Bond.:
<br />(b) th, d,,., shall be payable vlthln - day,
<br />of pres.-t-, of the eight draft:
<br />(c) the
<br />"T' of
<br />E:r.dlt,h,ll . for I tell of
<br />not I..s than three year and , hall be subject to an
<br />v, r,reening• feeiu.e .o .t. provide id. he 1-ty with
<br />at I. eat Ifna
<br />termition; the Issue[ of
<br />the I.tc: month'
<br />of Iir shall be F.,u-d to -ill, In
<br />Gouty and
<br />"' "In' A "It "' ' th an . month,
<br />Prior to Ine stated do,. of he tette, I
<br />credit as to Mather I.
<br />much ..ptt1.n data hall be
<br />..... d.d, am it so, bell indicate the nom ex Dl cation
<br />data
<br />If such notice Indicate, the' the expiration data
<br />.hall not be .-mm. the Count, hall deposit In the
<br />R--- - A-Ou I -- --It sufficient 1. 1.... theooh
<br />or FZ. 11, Invests In deposit in be R....va
<br />Account, t:d tl with
<br />any I u
<br />Be he' that q 'Illy'", 1:=t
<br />Ac .... i Credit to -.1 it. Is.- .,count
<br />..quit .... t on .11 " I - t:nd'"' to be
<br />paid 1. equal In-li. 11 on ... I.. I
<br />besthe the tell.,
<br />..I is
<br />by -thsr" - re. AtIlIlt GI.d1r1=t1-p.xmjtt.d
<br />h-urd and
<br />(d) no letter of credit shall Perot, . d- In
<br />full priorx
<br />e t
<br />to hexpiration or termination of such
<br />c iaI1. an
<br />':Pit I tt ... d. letter of -dit has not b:.d
<br />
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