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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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amount, if any, from other funds of the County to be specified by subsequent <br />resolution of the Board, which amounts, in the aggregate, together with the <br />interest to be earned thereon, when invested as provided in the Escrow Agreement <br />hereinafter mentioned, shall be sufficient to provide for timely retirement of <br />the Retired Bonds. The County shall enter into an Escrow Agreement with the <br />Escrow Agent providing for the retirement of the Retired Bonds, the form of which <br />shall be approved by the Chairman or Vice Chairman of the Board prior to the <br />execution thereof. Such approval shall be conclusively presumed by the execution <br />of the Escrow Agreement by the Chairman or Vice Chairman. The amount transferred <br />to the Escrow Agent from each of the various sinking funds and reserve accounts <br />shall be used only for the purpose of paying the interest on, the principal of <br />and the premium, if any, which first become due on the Retired Bonds to which <br />said sinking funds and reserve accounts relate and as may be more specifically <br />specified by the County. <br />SECTION 6. AUTHORIZATION AND DESCRIPTION OF SERIES 1993 BONDS. Subject <br />and pursuant to the provisions of this Resolution, obligations of the County to <br />be known as "Recreational Revenue Refunding Bonds, Series 1993", are hereby <br />authorized to be issued in the aggregate principal amount of not exceeding <br />$9,875,000. The Series 1993 Bonds shall be dated as of a date to be fixed by <br />subsequent resolution of the County and may be numbered consecutively from R-1 <br />upward or in such other manner as agreed upon between the County and the Bond <br />Registrar. The Series 1993 Bonds shall be issued in such denominations, shall <br />bear interest at such rate or rates, not exceeding the maximum rate authorized <br />by applicable law, be payable at such times, shall mature on such dates and in <br />such years and in such amounts, shall be subject to redemption, in whole or in <br />part, prior to their respective stated dates of maturity, at the option of the <br />County or otherwise, at such times and in such manner and shall have such other <br />terms and conditions all as may be determined by subsequent resolution of the <br />Board adopted at or prior to the sale of the Series 1993 Bonds. <br />The Series 1993 Bonds shall be issued in fully registered form without <br />coupons; shall be payable with respect to principal at a corporate trust office <br />of the Paying Agent; shall be payable in lawful money of the United States of <br />America; and shall bear interest from their date, payable by checks mailed to the <br />Registered Owners at their addresses as they appear on the registration books <br />kept by the Bond Registrar on behalf of the County. At the option of any <br />Registered Owner of $1,000,000 or more in aggregate principal amount of the <br />Series 1993 Bonds as of any Record Date, interest shall be payable by domestic <br />wire transfer pursuant to written instructions from such Registered Owner; <br />provided that such instructions are on file with the Paying Agent not later than <br />such Record Date. <br />Notwithstanding any other provisions of this Resolution, the Board may, at <br />its option, prior to the date of issuance of any series of Bonds and subject to <br />the approval of the purchasers of such Bonds, elect to use an immobilization <br />;.� system or pure book -entry system with respect to issuance of such Bonds, provided <br />adequate records will be kept with respect to the ownership of such Bonds issued <br />in book -entry form or the beneficial ownership of the such Bonds issued in the <br />r1 name of a nominee. As long as any of such Bonds are outstanding in book -entry <br />form, the provisions of Sections 7, 9, 10 and 11 of this Resolution shall not be <br />=A applicable to such Bonds. The details of any alternative system of bond <br />issuance, as described in this paragraph, shall be set forth in a resolution of <br />the Board duly adopted at or prior to the delivery of such Bonds. <br />
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