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1992-216
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1992-216
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Last modified
2/25/2021 2:20:53 PM
Creation date
10/20/2020 3:39:29 PM
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Resolutions
Resolution Number
1992-216
Approved Date
11/24/1992
Subject
Authorizing th Issuance of not exceeding $7,530,000 Refunding Revenue Bonds, Series 1992
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River County Resolution No. 89-78, adopted July 17, 1985, as amended and supplemented (the "Subordinate <br />Bonds Resolution"). The Subordinate Bonds are secured primarily by the Net Revenues of the County's Golf <br />Course and a first lien on the racetrack funds and jai alai fronton funds accruing annually to the County <br />pursuant to Chapter 550 and 551, Florida Statutes. <br />The Subordinate Bonds are additionally secured by a lien on the Half -Cent Sales Tax (as described <br />herein) subordinate to the lien and pledge in favor of the herein described Series 1992 Bonds, the remaining <br />outstanding Refunding and Improvement Revenue Bonds, Series 1985 that were not refunded as part of this <br />bond issue, and any additional bonds issued on a parity with the Series 1992 Bonds and the remaining <br />Outstanding Refunding and Improvement Revenue Bonds, Series 1985. <br />In the Subordinate Bonds Resolution, the County has covenanted that it will issue no additional <br />obligations on a parity with the Subordinate Bonds, except for refunding purposes and then only if such <br />refunding does not increase in the maximum annual debt service requirements with respect to the bonds <br />issued under the Subordinate Bonds Resolution. <br />Issuance of Additional Parity Obligations <br />Under the Resolution, before Additional Parity Obligations may be issued, there shall have been <br />obtained and filed with the County not later than the date of delivery of the Additional Parity Obligations, <br />a certificate of the Accountant: (a) stating that the books and records of the County relating to the Sales <br />Tax have been audited by him; (b) selling forth the amount of the Half -Cent Sales Tax, as defined therein, <br />received by the County for either (i) the immediately preceding Fiscal Year or (ii) any twelve (12) <br />consecutive months of the eighteen (18) months immediately preceding the proposed date of sale of the <br />Additional Parity Obligations with respect to which such certificate is made, at the option of the County, and <br />(c) slating that the Half -Cent Sales Tax receipts and certain investment income for such Fiscal Year or such <br />twelve (12) months period, as the case may be, are equal to at least 1.35 times the Maximum Debt Service <br />Requirement on (i) all Bonds then outstanding and (ii) the Additional Parity Obligations with respect to <br />which such certificate is made. <br />In addition, the issuance of Additional Parity Obligations is further restricted under the Subordinate <br />Bonds Resolution , so long as any of the Subordinate Bonds remain outstanding. <br />MUNICIPAL BOND INSURANCE <br />The following information has been furnished by Municipal Bond Investors Assurance Corporation <br />(the "Insurer") for use in this Official Statement. Reference is made to Appendix D for a specimen of the <br />Insurer's Policy. <br />The Insurer's policy unconditionally and irrevocably guarantees the full and complete payment <br />required to be made by or on behalf of the County to the Paying Agent or its successor of an amount equal <br />to (i) the principal of (either at the stated maturity or by an advancement of maturity pursuant to a <br />mandatory sinking fund payment) and interest on, the Series 1992 Bonds as such payments shall become due <br />but shall not be so paid (except that in the event of any acceleration of the due date of such principal by <br />reason of mandatory or optional redemption or acceleration resulting from default or otherwise, other than <br />any advancement of maturity pursuant to a mandatory sinking fund payment, the payments guaranteed by <br />the Insurer's policy shall be made in such amounts and at such times as such payments of principal would <br />have been due had there not been any such acceleration); and (ii) the reimbursement of any such payment <br />which is subsequently recovered from any owner of the Series 1992 Bonds pursuant to a final judgment by <br />a court of competent jurisdiction that such payment constitutes an avoidable preference to such owner within <br />the meaning of any applicable bankruptcy law (a "Preference"). <br />
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