1993-080 - Laserfiche WebLink

Home Browse Search

Bond Insurer); and (C) any amounts owed by the County to the issuer of a Reserve Account Credit Instrument as a result of a draw thereon, as appropriate, shall be added to the principal and interest payable on the Bonds to determine compliance with the foregoing test. All or any part of the certificate required under the second paragraph of this subsection may be rendered by consulting engineers, consultants or other persons with requisite knowledge and experience who are not reasonably objected to by the Series 1993 Bond Insurer. Each resolution authorizing the issuance of Additional Parity Bonds shall recite that all of the covenants herein contained will be applicable to such Additional Parity Bonds. Additional Parity Bonds may not be issued hereunder at any time while the County is in default in performing any of the covenants and obligations assumed hereunder, or all payments herein required to have been made into the accounts and funds, as provided hereunder, have not been made to the full extent required. The foregoing conditions shall not apply with respect to Additional Parity Bonds the proceeds of which will be used to complete a project a substantial portion of the cost of which has been or will be paid out of the proceeds of Bonds issued hereunder. The County covenants for the benefit of the Registered Owners of the Series 1993 Bonds and any other Bonds issued and outstanding hereunder that the County shall, at the time of issuance of any Additional Parity Bonds, make a deposit to the Reserve Account in the Sinking Fund created hereunder so that the Reserve Account shall have a value of cash and investments at such time equal to the Reserve Account Requirement (giving effect to the Additional Parity Bonds and the retirement of any Bonds being refunded with proceeds of the Additional Parity Bonds), unless the Series 1993 Bond Insurer shall agree otherwise. Provided, however, in no event shall such deposit be required to exceed an amount equal to the maximum amount which if deposited from the proceeds of the Additional Parity Bonds would not adversely affect the exclusion of the interest on the Additional Parity Bonds from the gross income of the Registered Owners thereof for purposes of federal income taxation. Q. ISSUANCE OF OTHER OBLIGATIONS. The County will not issue any other obligations, except under the conditions and in the manner provided herein, payable from the Pledged Funds, nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or being on a parity with the lien of the Bonds and the interest thereon, upon the Pledged Funds, except as specifically provided herein. The County may issue obligations other than the Bonds payable from the Pledged Funds provided such obligations are junior and subordinate in all respect to the Bonds as to lien on and source and security for payment from the Pledged Funds and such obligations contain an express statement to that effect. R. MANAGEMENT OF SYSTEM. The County in operating the System will employ persons of demonstrated ability and experience and will require all employees who may have possession of moneys derived from operation of the System to be covered by a fidelity bond written by a responsible indemnity company in an amount sufficient to protect the County from loss. 26