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5/16/1995
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5/16/1995
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7/23/2015 12:05:11 PM
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6/16/2015 2:32:44 PM
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Meetings
Meeting Type
Regular Meeting
Document Type
Minutes
Meeting Date
05/16/1995
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BOOK 95 FAGS 92 <br />RESOLUTION NO. 95-63 <br />All income and earnings from the investment and reinvestment of <br />moneys shall be retained in the respective fund or account from <br />which such investment was made and shall be a credit against <br />deposits required by this Resolution. <br />SECTION 17. TAX COVENANT. No use will be made of the pro- <br />ceeds of the Bonds, which, if such use were reasonably expected on <br />the date of issuance of the Bonds, would cause the same to be <br />"arbitrage bonds" within the meaning of the Internal Revenue Code <br />of 1986. The County at all times while the Bonds and the interest <br />thereon are outstanding will comply with the requirements of the <br />Internal Revenue Code of 1986 and any valid and applicable rules <br />and regulations promulgated thereunder. The County will comply <br />with the requirements of the Internal Revenue Code of 1986, as <br />amended, and any valid and applicable rules and regulations prom- <br />ulgated thereunder necessary to maintain the exclusion from gross <br />income of interest on the Bonds, including the creation of any <br />funds and/or accounts required in that regard. The County <br />covenants and agrees to make any and all payments required to be <br />made to the United States Department of the Treasury in connection <br />with the Bonds pursuant to Section 148(f) of the Code from amounts <br />on deposit in the funds and accounts established in connection with <br />the Bonds or from other legally available funds of the County. <br />SECTION 18. OWNERS NOT RESPONSIBLE FOR APPLICATION OF BOND <br />PROCEEDS. The Owners of the Bonds issued hereunder shall have no <br />responsibility for the use of the proceeds of said Bonds, and the' <br />use of such Bond proceeds by the County shall in no way affect the <br />rights of such Owners. The County shall be irrevocably obligated <br />to continue to levy and collect the ad valorem taxes as provided <br />herein to pay the principal of and interest on said Bonds annually <br />as they become due and to make all other payments provided for <br />herein from said ad valorem taxes notwithstanding any failure of <br />the County to use and apply such Bond proceeds in the manner <br />provided herein. <br />66 <br />May 16, 1995 <br />M M M <br />
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