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1993-145
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1993-145
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Last modified
7/29/2020 3:13:16 PM
Creation date
7/29/2020 2:54:47 PM
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Resolutions
Resolution Number
93-145
Approved Date
08/17/1993
Resolution Type
authorizing
Subject
Authorizing retirement of outstanding recreational Revenue Bonds $9,875,000
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GG. "Term Bonds" shall mean the Bonds of a series all of which are stated <br />to mature on one date but which shall be subject to earlier retirement by <br />operation of the Bond Amortization Account. <br />Words importing singular number shall include the plural number and vice <br />versa and words importing persons shall include firms and corporations or other <br />entities and vice versa. <br />SECTION 3. FINDINGS. It is hereby ascertained, determined and declared <br />that: <br />A. It is necessary, desirable and in the best interest of the County to <br />retire the Retired Bonds. <br />B. It is necessary, desirable and in the best interest of the County to <br />finance the amount necessary to retire the Retired Bonds by the issuance of the <br />Series 1993 Bonds. <br />C. The Bonds shall be payable solely from the Pledged Funds. <br />D. It is expected that the Pledged Funds will be sufficient to pay the <br />principal of, premium, if any, and interest on the Bonds. <br />SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the <br />acceptance of the Bonds by the Registered Owners thereof who shall hold the same <br />from time to time, this Resolution shall be deemed to be and shall constitute a <br />contract between the County and such Registered Owners. The covenants and <br />agreements set forth herein to be performed by the County shall be for the equal <br />benefit, protection and security of the Registered Owners of the Bonds, all of <br />which Bonds shall be of equal rank and without preference, priority or <br />distinction with respect to any other Bonds, except as expressly provided in this <br />Resolution and in the Bonds. <br />SECTION 5. AUTHORIZATION TO RETIRE THE RETIRED BONDS. The retirement of <br />all of the outstanding Series 1985 Bonds is hereby authorized. The Series 1985 <br />Bonds maturing before September 1, 1996 shall be retired at maturity at the price <br />of par, plus accrued interest to the maturity date. The Series 1985 Bonds <br />maturing on or after September 1, 1996 shall be retired on September 1, 1995, the <br />earliest optional redemption date, at the price of 1028 of par, plus accrued <br />interest to the redemption date. <br />The retirement of all of the outstanding Series 1991 Bonds is hereby <br />authorized. The Series 1991 Bonds maturing before September 1, 2000 shall be <br />retired at maturity at the price of par, plus accrued interest to the maturity <br />date. The Series 1991 Bonds maturing on or after September 1, 2000 shall be <br />retired on September 1, 1999, the earliest optional redemption date, at the price <br />of 1028 of par, plus accrued interest to the redemption date. <br />The County shall provide for the retirement of the Retired Bonds by: (a) <br />transferring to the Escrow Agent, to be named by subsequent resolution of the <br />Board, from the various sinking funds for the Retired Bonds the amounts therein <br />allocable to the Retired Bonds; (b) transferring to the Escrow Agent from the <br />various reserve accounts for the Retired Bonds amounts, if any, to be specified <br />by subsequent resolution of the Board; (c) depositing with the Escrow Agent an <br />amount from the proceeds of the sale of the Series 1993 Bonds to be specified by <br />subsequent resolution of the Board; and (d) depositing with the Escrow Agent an <br />
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