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1993-080
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1993-080
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Last modified
8/8/2019 12:41:48 PM
Creation date
8/8/2019 12:41:08 PM
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Resolutions
Resolution Number
1993-080
Approved Date
04/13/1993
Resolution Type
Bond retirement
Subject
retirement of certain outstanding Water & Sewer Revenue Bonds (authorizes $47,190,000 and $3,330,000
Document Relationships
1993-081
(Cover Page)
Path:
\Resolutions\1990'S\1993
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approved in writing by the County and, where applicable, by the Consulting <br />Engineers. The date of completion of each phase of each of the Series 1993 <br />Projects shall be determined by the Consulting Engineers, who will certify such <br />facts in writing to the Board. <br />SECTION 21. REBATE. Anything to the contrary contained herein <br />notwithstanding, the County shall at least annually transfer into the "Series <br />1993 Rebate Account" which is hereby created and established from the funds and <br />accounts under this Resolution to which income on investments attributable to the <br />Series 1993 Bonds has been deposited appropriate amounts sufficient to pay to the <br />United States of America all amounts due with respect to the Series 1993 Bonds <br />under the provisions of Section 148 (f) of the Code. The earnings on the Series <br />1993 Rebate Account shall be added to and become a part of the 1993 Rebate <br />Account. Moneys in the Series 1993 Rebate Account shall only be used to pay the <br />amounts due to the United States of America under said Section of the Code with <br />respect to the Series 1993 Bonds as the same shall become due and payable. It <br />is the intent of this paragraph to provide for payment of all amounts due under <br />said Section of the Code with respect to the Series 1993 Bonds, in such <br />installments and at such times as may be required by said Section of the Code. <br />In the event of any amendment to the Code or the promulgation of regulations <br />under the Code which provide or require otherwise than as provided or required <br />in this paragraph, this paragraph shall be deemed to be amended to incorporate <br />such amendments or regulations, to the extent applicable, and any provisions <br />hereof which conflict with the provisions thereof shall be deemed to be null and <br />void. <br />SECTION 22. SALE OF THE SERIES 1993 BONDS. The Series 1993 Bonds may be <br />sold at public or private sale pursuant to the Act, all at one time or from time <br />to time, as shall be provided by subsequent resolution of the Board. <br />SECTION 23. SPECIAL COVENANTS. So long as the Series 1993 Bond Insurance <br />Policy is in effect, the County covenants to comply with the following provisions <br />and the Registered Owners of the Bonds, by their acceptance of such Bonds, shall <br />be deemed to consent to the following provisions: <br />A. The County shall provide the Series 1993 Bond Insurer with such <br />additional information as is reasonably requested by the Series 1993 Bond Insurer <br />from time to time. <br />B. Any notice or information required to be furnished to the Series 1993 <br />Bond Insurer under the Resolution shall be addressed as follows, unless a notice <br />of change of address shall have been given by the Series 1993 Bond Insurer to the <br />County: <br />Financial Guaranty Insurance Company, <br />115 Broadway <br />New York, New York 10038, <br />Attention: President. <br />C. The Series 1993 Bond Insurer shall be deemed a party in interest <br />under this Resolution. <br />D. Upon the occurrence of a default which would require the Series 1993 <br />Bond Insurer to make payments under the Series 1993 Bond Insurance Policy, the <br />Series 1993 Bond Insurer and its designated agent shall be provided with access <br />to the registration books of the County maintained by the Bond Registrar. <br />34 <br />
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