1993-145 - Laserfiche WebLink

Home Browse Search

r Cent Sales Tax. The County hereby irrevocably pledges the Half -Cent Sales Tax to the payment of the principal of, premium, if any, and interest on the Bonds. Such lien and pledge shall be junior and subordinate in all respects to the lien upon and the pledge of the Half -Cent Sales Tax to the payment of the principal of, premium, if any, and interest on the bonds, now outstanding or hereafter issued, under the Sales Tax Resolution. The County shall be obligated to take all lawful action necessary or required to continue to be entitled to receive the Half -Cent Sales Tax. The County hereby covenants that it will not issue any additional installments of bonds authorized under the Sales Tax Resolution or any additional parity obligations under the Sales Tax Resolution unless there shall have been obtained and filed with the County a certificate of the Accountant stating and setting forth the same information as required by Section 17J(1) of the Sales Tax Resolution, except that for purposes of said certificate the Maximum Debt Service Requirement shall include the maximum amount of principal and interest on all outstanding Bonds becoming due in any ensuing Fiscal Year and Sales Tax receipts shall include Race Track Funds and Jai Alai Fronton Funds. However, said certificate shall not be required if compliance with the first paragraph of said Section 17J(1) is not required. If at any time hereafter 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, then the foregoing lien upon and pledge of the Half -Cent Sales Tax shall no longer be in effect and the principal of, premium, if any, and interest on the Bonds shall thereafter be secured forthwith equally and ratably by a first lien upon and pledge of fourteen percent (14%) of the Half -Cent Sales Tax. The County in such event hereby irrevocably pledges said fourteen percent (14%) of the Half -Cent Sales Tax to the payment of the principal of, premium, if any, and interest on the Bonds. In each Fiscal Year the Half -Cent Sales Tax available after the application of the Sales Tax Resolution and the Racetrack and Jai Alai Fronton Funds shall be used to pay the principal of, premium, if any, and interest on the Bonds in such Fiscal Year to the extent that amounts in the Sinking Fund (other than in the Reserve Account) are insufficient to make such payments. To the extent that the Half -Cent Sales Tax and the Racetrack and Jai Alai Fronton Funds received by the County in any Fiscal Year are not required for the payment of the principal of, premium, if any, and interest on the Bonds in such Fiscal Year, they may be used by the County for any lawful purpose. The Half -Cent Sales Tax and the Racetrack and Jai Alai Fronton Funds liened and pledged hereunder may be invested and reinvested only in Authorized Investments maturing not later than the date on which the same will be needed for the purposes therefor. Any and all income received by the County from such investments may be used by the County for any lawful purpose. The foregoing covenants and provisions shall be no longer in effect when no Bonds are outstanding or when all of the Bonds have been defeased pursuant to Section 32. Nothing in this Resolution shall constitute or be construed to constitute a conveyance or mortgage of the Recreational Facilities. 15