1993-102 - Laserfiche WebLink

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Treasury of the State of Florida (the "Half -Cent Sales Tax"), allocated for and distributed monthly to the County pursuant to Chapter 218, Part VI, Florida Statutes. The lien upon and pledge of the Half -Cent Sales Tax is subordinate to the lien upon and pledge of the Half -Cent Sales Tax created for the benefit of the Senior Half - Cent Sales Tax Bonds and any additional bonds issued on a parity with the Senior Half -Cent Sales Tax Bonds pursuant to the resolution which authorized the issuance of the Senior Half -Cent Sales Tax Bonds (the "Sales Tax Resolution"). See *THE SENIOR HALF -CENT SALES TAX BONDS" herein. Also, in the event that at any time after the issuance of the Series 1993 Bonds there are no bonds outstanding under the Sales Tax Resolution and the County covenants not to thereafter issue any bonds under the Sales Tax Resolution, the principal of, redemption premium, if any, and interest on the Series 1993 Bonds shall thereafter be secured by a fast lien upon and pledge of fourteen percent (1401o) of the Half -Cent Sales Tax in lieu of the aforesaid subordinate lien upon and pledge of the Half -Cent Sales Tax and in such event the County irrevocably pledges said fourteen percent (14%) of the Half -Cent Sales Tax to the payment of the principal of, redemption premium, if any, and interest on the Series 1993 Bonds. The Net Revenues, the Racetrack and Jai Alai Fronton Funds and the Half -Cent Sales Tax are collectively referred to herein as the "Pledged Funds." The Series 1993 Bonds shall not be or constitute general or moral obligations or a pledge of the faith, credit or taxing power of the County, the State of Florida, or any political subdivision thereof, or an Indebtedness of any of them as "bonds" within the meaning of the Constitution of the State of Florida, but shall be special obligations of the County payable solely from and secured solely by a lien upon and pledge of the Pledged Funds as more fully described herein. No Registered Owner shall ever have the right to compel the exercise of the ad valorem taxing power of the County, the State of Florida or any political subdivision thereof or taxation in any form of any real property therein, to pay the principal of, redemption premium, if any, and interest.on the Series 1993 Bonds or be entitled to payment of such principal, redemption premium, if any, or Interest from any funds of the County other than Pledged Funds. Rate Covenant The County will, to the extent practicable, fix, establish, revise from time to time whenever necessary, maintain and collect such fees, rates, rentals and other charges for the use of the services of the Recreational Facilities so as to provide Net Revenues in each Fiscal Year sufficient to pay (a) 100% of all required deposits into the Reserve Account and (b) 100% of the principal and interest becoming due in such Fiscal Year on the Bonds outstanding. Reserve Account Under the Resolution, the County is required to establish a Reserve Account. The Reserve Account is required to be funded in an amount equal to the Reserve Account Requirement. The Reserve Account Requirement is defined in the Resolution as the lesser of (i) the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year or (ii) 125% of the average annual amount of principal and interest on all outstanding Bonds becoming due in the enduing Fiscal Years. The County may provide for this deposit to the Reserve Account either from the proceeds of the sale of the Bonds, from other available moneys of the County and/or by providing an insurance policy or a letter of credit meeting the quality of credit criteria required by the Resolution. Money in the Reserve Account shall be used only for the purpose of payment of maturing principal of or interest on the Bonds as the same shall become due and payable, when the other money in the Sinking Fund is insufficient therefor, and for no other purpose.