1993-080 - Laserfiche WebLink

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The retirement of all of the outstanding Series 1991 Bonds is hereby authorized. The Series 1991 Bonds maturing before May 1, 2002 shall be retired at maturity at the price of par, plus accrued interest to the maturity date. The Series 1991 Bonds maturing on or after May 1, 2002 shall be retired on May 1, 2001, the earliest optional redemption date, at the price of 1028 of par, plus accrued interest to the redemption date. The retirement of all of the outstanding Series 1989 Special Assessment Bonds is hereby authorized. The Series 1989 Special Assessment Bonds subject to mandatory redemption on October 1, 1993 and October 1, 1994 shall be retired on October 1, 1993 and October 1, 1994, respectively, at the price of par, plus accrued interest to the redemption date. The other Series 1989 Special Assessment Bonds shall be retired on October 1, 1994, the earliest optional redemption date, at the price of 1018 of par, plus accrued interest to the redemption date. The retirement of all of the outstanding Series 1990 Special Assessment Bonds is hereby authorized. The Series 1990 Special Assessment Bonds maturing before June 1, 1996 shall be retired at maturity at the price of par, plus accrued interest to the maturity date. The Series 1990 Special Assessment Bonds maturing on or after June 1, 1996 shall be retired on June 1, 1995, the earliest optional redemption date, at the price of par, plus accrued interest to the redemption date. The County shall provide for the retirement of the Retired Bonds by: (a) transferring to the Escrow Agent, to be named by subsequent resolution of the Board, from the various sinking funds for the Retired Bonds the amounts therein allocable to the Retired Bonds; (b) transferring to the Escrow Agent from the various reserve accounts for the Retired Bonds amounts, if any, to be specified by subsequent resolution of the Board; (c) depositing with the Escrow Agent an amount from the proceeds of the sale of the Series 1993 Bonds to be specified by subsequent resolution of the Board; and (d) depositing with the Escrow Agent an amount, if any, from other funds of the County to be specified by subsequent resolution of the Board, which amounts, in the aggregate, together with the interest to be earned thereon, when invested as provided in the Escrow Agreement hereinafter mentioned, shall be sufficient to provide for timely retirement of the Retired Bonds. The County shall enter into an Escrow Agreement with the Escrow Agent providing for the retirement of the Retired Bonds, the form of which shall be approved by the Chairman or Vice Chairman of the Board prior to the execution thereof. Such approval shall be conclusively presumed by the execution of the Escrow Agreement by the Chairman or Vice Chairman. The amount transferred to the Escrow Agent from each of the various sinking funds and reserve accounts shall be used only for the purpose of paying the interest on, the principal of and the premium, if any, which first become due on the Retired Bonds to which said sinking funds and reserve accounts relate and as may be more specifically specified by the County. SECTION 6. AUTHORIZATION OF THE SERIES 1993 PROJECTS. The acquisition, construction, furnishing and equipping of the Series 1993 Projects is hereby authorized in accordance with plans and specifications on file or to be placed on file with the County, as modified from time to time as deemed necessary or desirable by the County. SECTION 7. AUTHORIZATION AND DESCRIPTION OF SERIES 1993 BONDS. Subject and pursuant to the provisions of this Resolution, obligations of the County to be known as "Water and Sewer Revenue Bonds, Series 1993A", are hereby authorized