1993-080 - Laserfiche WebLink

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S. CONNECTION WITH SYSTEM. The County will, to the full extent permitted by law, require all lands, buildings, residences and other structures within its territorial boundaries which can use the System to connect therewith and use the System and cease to use any other potable water system and any other method of sewage disposal. T. ARBITRAGE. The County covenants to and with purchasers of the issue which is comprised of the Series 1993 Bonds that it will make no use of the proceeds of such issue which will cause the Series 1993 Bonds to be or become "arbitrage bonds" within the meaning of Section 103(b)(2) and Section 148 of the Internal Revenue Code of 1986, as amended (the "Code") or any applicable regulations implementing said Sections and the County further covenants to comply with all other requirements of the Code if and to the extent applicable to maintain continuously the exclusion from gross income for Federal income tax purposes of the interest on the Series 1993 Bonds. U. FUNDS AND ACCOUNTS. The designation and establishment of the various funds and accounts created herein does not require the establishment of any completely independent, self -balancing funds as such term is commonly defined and used in governmental accounting, but rather is intended solely to constitute an earmarking of certain revenues and assets as provided herein. V. POWER TO ISSUE BONDS AND PLEDGE PLEDGED FUNDS. The County is duly authorized under all applicable laws to create and issue the Bonds and to adopt this Resolution and to pledge the Pledged Funds in the manner and to the extent provided herein. Except to the extent otherwise provided in this Resolution, the Pledged Funds are not pledged or hypothecated (except with respect to the Retired Bonds which are to be retired with prnceeds of the Series 1993 Bonds) and, upon issuance of the Series 1993 Bonds, will be free and clear of any pledge, lien, charge or encumbrance thereon or with respect thereto prior to, or of equal rank with, the security interest, pledge and assignment created by this Resolution, including any pledge thereof for the benefit of the Retired Bonds, and all action on the part of the County to that end has been and will be duly and validly taken. The Bonds and the provisions of this Resolution are and will be valid and legally enforceable obligations of the County in accordance with their terms and the terms of this Resolution. The County shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of the Pledged Funds and all the rights of the Registered Owners under this Resolution against all claims and demands of all persons whomsoever. W. BONDS SECURED BY PLEDGE OF PLEDGED FUNDS. The Bonds issued hereunder shall be direct and special obligations of the County payable in accordance with their terms and the provisions of this Resolution from the Pledged Funds hereby pledged for the benefit of the Registered Owners, to the extent and in the manner provided herein. The Pledged Funds shall be held in trust by the Clerk of the Circuit Court of the County for the benefit of the Registered Owners of the Bonds. The Pledged Funds shall immediately be subject to the lien and charge of this Resolution without any physical delivery thereof or further act, and the lien and charge of this Resolution shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise, against the County, irrespective of whether such parties have notice thereof. 27