Laserfiche WebLink
IN <br />D. The Bonds shall be special obligations of the County payable <br />solely from, and secured solely by a prior lien upon, the Pledged Funds. <br />E. It is deemed necessary and desirable to pledge the Pledged Funds <br />for the payment of the principal of and interest on the Bonds. <br />F. The amount of the Pledged Funds, as estimated, will be <br />sufficient in the aggregate to pay the principal of and interest on the Bonds. <br />G. The principal of and interest on the Bonds and all other <br />payment] specified herein will be paid solely from the Pledged Funds to the <br />extent that the same shall be lawfully levied and collected or otherwise made <br />available. The County shall not be authorized to levy ad valorem taxes on any <br />real property in the County to pay the principal of or interest on the Bonds or <br />to make any other payments specified by this Resolution. <br />SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of <br />the acceptance of the Bonds by the Registered Owners who shall hold the same <br />from time to time, this Resolution shall be deemed to be and shall constitute <br />a contract between the County and such Registered Owners. The covenants and <br />agreements herein set forth 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 <br />therein and herein. <br />SECTION 5. AUTHORIZATION AND DESCRIPTION OF BONDS. Subject and <br />pursuant to the provisions of this Resolution, obligations of the County to be <br />known as "Special Assessment Revenue Bonds, Series 1990," are hereby authorized <br />to be issued in an aggregate principal amount not to exceed $1,315,000. The <br />Bonds shall be dated as of a date to be fixed by subsequent resolution of the <br />County and may be numbered consecutively from one upward or in such other manner <br />as agreed upon between the County and the Bond Registrar. The Bonds shall be <br />issued in such denominations, shall bear interest at such rate or rates, not <br />exceeding the maximum rate authorized by applicable law, payable at such times, <br />shall mature on such dates and in such years and in such amounts and shall have <br />such other terms and conditions as may be determined by subsequent resolution <br />of the County adopted at or prior to the sale of the Bonds. <br />Each of the Bonds shall bear a certificate, signed by the manual or <br />facsimile signature of the Clerk of the Board, certifying that the aggregate <br />amount of Assessments pledged hereunder is at least equal to the aggregate <br />principal amount of the Bonds. <br />The Bonds shall be issued in fully registered form without coupons; <br />shall be payable with respect to principal at the office of the Paying Agent; <br />shall be payable in lawful money of the United States of America; and shall bear <br />- 4 - <br />