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1990-040
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1990-040
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Last modified
2/26/2021 11:28:36 AM
Creation date
1/26/2021 11:03:10 AM
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Resolutions
Resolution Number
1990-40
Approved Date
03/27/1990
Entity Name
Rockridge Water System
Subject
Special Assessment Revenue Bonds, Series 1990
Expansion of Low Pressure Grinder Pump Sewage System
Document Relationships
1990-067
(Cover Page)
Path:
\Resolutions\1990'S\1990
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C. The balance of the proceeds of the Bonds shall be <br />transferred to the Impact Fee Trust Fund to be used for the expansion of <br />the wastewater treatment system of the County, including without <br />limitation the reimbursement of the County for the costs of certain sewer <br />line extensions and a certain low pressure grinder pump sewer system in <br />connection with the Rockridge Wastewater System and the acquisition and <br />construction of the Rockridge Wastewater System. <br />SECTION 18. REMEDIES. Any Registered Owners or any trustee acting for <br />such Registered Owners may, by suit, action, mandamus or other proceedings in <br />any court of competent jurisdiction, protect and enforce any and all rights, <br />including the right to the appointment of a receiver, existing under the laws <br />of the State of Florida, or granted and contained herein, and may enforce and <br />compel the performance of all duties herein or by any applicable statutes <br />required to be performed by the County or by any officer thereof, including the <br />collection of the Assessments. <br />SECTION 19. DEFEASANCE. If at any time the County shall have paid, <br />or shall have made provision for payment of, the principal, interest and <br />premiums, if any, with respect to any of the Bonds, then, and in that event, the <br />pledge of and lien on the Pledged Funds in favor of the Registered Owners of <br />such Bonds shall be no longer in effect. For purposes of the preceding <br />sentence, the deposit of Federal Securities, bank certificates of deposit fully <br />secured as to principal and interest by Federal Securities, or investment <br />agreements with banks or insurance companies rated not less than AA or As. by <br />Standard & Poor's Corporation or Moody's Investors Service, respectively, and <br />similarly secured (or the deposit of any other securities or investments which <br />may be authorized by law from time to time and sufficient under such law to <br />effect such a defeasance) in irrevocable trust with a banking institution or <br />trust company, for the sole benefit of the Registered Owners of such Bonds, the <br />principal of and interest on which will be sufficient to pay, when due, the <br />principal, interest and premiums, if any, on such Bonds, shall be considered <br />"provision for payment". Nothing in this section shall be deemed to require the <br />County to call any of the outstanding Bonds for redemption prior to maturity <br />pursuant to any applicable optional redemption provisions, or to impair the <br />discretion of the County in determining whether to exercise any such option for <br />early redemption. <br />SECTION 20. MODIFICATION OF RESOLUTION. No adverse material <br />modification or amendment of this Resolution, or of any resolution amendatory <br />hereof or supplemental hereto, may be made without the consent in writing of the <br />Registered Owners of 518 or more in aggregate principal amount of the Bonds then <br />outstanding affected by such adverse material modification or amendment; <br />provided, however, that no modification or amendment shall permit a change in <br />the maturity of any Bonds or a reduction in the rate of interest thereon or in <br />the amount of the principal obligation thereof, or affect the unconditional <br />- 25 - <br />
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