1989-019 - Laserfiche WebLink

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SECTION 14. BONDS NOT GENERAL OBLIGATIONS. The Bonds shall not be or constitute general or moral obligations or a pledge of the faith, credit or taxing power of the County, the State of Florida or any political subdivision thereof or an indebtedness of any of them as "bonds" within the meaning of the Constitution of the State of Florida, but shall be special obligations of the County payable solely from and secured solely by a lien upon and a pledge of the Pledged Funds. No Registered Owner shall ever have the right to compel the exercise of the ad valorem taxing power of the County, the State of Florida or any political subdivision thereof, or taxation in any form of any real property therein, to pay the Bonds or the interest thereon, or be entitled to payment of such principal and interest from any funds of the County other than the Pledged Funds. SECTION 15. SECURITY FOR BONDS; RELEASE OF CERTAIN PLEDGED REVENUES. The payment of the principal of, premium, if any, and interest on the Bonds shall be secured forthwith equally and ratably by a pledge of and a first lien upon the Pledged Funds. The County does hereby irrevocably pledge the Pledged Funds to the payment of the principal of, premium, if any, and interest on the Bonds. Nothing in this Resolution shall constitute or be construed to constitute a conveyance or mortgage of any water supply or sewage disposal system or of any water or sewer system improvements or any part of any of the foregoing. Notwithstanding any other provision of this Resolution to the contrary, the County may, by resolution of the Board filed with the Paying Agent for each series of Bonds outstanding hereunder, except and release from the pledge and lien created by this Resolution, and the phrase "Gross Revenues" as used in this Resolution shall no longer include, the receipts and revenues of the County derived from the imposition, collection and enforcement of uniform water and/or sewer service rates, fees and charges for the use of and services furnished or to be furnished by any water and/or sewer facilities constituting a physically independent system of the County, or any Impact Fees, Special Assessments, Surcharges or other receipts and revenues theretofore pledged in connection with the Bonds, as stated in such resolution, if there shall be filed with the County and such Paying Agent(s) the following: (1) A certificate of an independent firm of certified public accountants of suitable experience and responsibility: (i) stating that the books and records of the County relating to the collection and receipt of the Gross Revenues and other receipts, funds and revenues pledged hereunder, if any, and the Operating Expenses have been audited by them for the Fiscal Year immediately preceding the date of the - 15 -