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1989-019
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1989-019
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Last modified
6/25/2021 11:20:07 AM
Creation date
2/4/2021 9:40:52 AM
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Resolutions
Resolution Number
1989-019
Approved Date
02/14/1989
Resolution Type
Sewer Revenue Refunding Bonds
Subject
Provide for issuance of not exceeding $7,500,000 Water & Sewer Refunding Bonds, Series 1989
to refund certain outstanding bonds
Document Relationships
1989-046
(Cover Page)
Path:
\Resolutions\1980'S\1989
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unrelated or disproportionate to the County's use of the System, will not <br />excsed more than five percent (5%) of the use of the System. <br />The County covenants that no more than ten percent (10%) of the <br />Gross Revenues will be derived directly or indirectly from payments from <br />any nongovernmental user, other than payments by a nongovernmental user as <br />a member of the general public. <br />SECTION 17. APPLICATION OF SERIES 1989 BOND PROCEEDS. All <br />moneys received from the sale of the Series 1989 Bonds shall be deposited <br />and applied by the County as follows: <br />A. All accrued interest on the Series 1989 Bonds shall be <br />deposited into the Sinking Fund and applied exclusively for the payment of <br />interest first becoming due on the Series 1989 Bonds. <br />B. A sum, if any, specified by subsequent resolution of the <br />County shall be deposited into the Reserve Account in the Sinking Fund. <br />C. The amount necessary to purchase and thereby retire all of <br />the outstanding Original Bonds shall be paid to the Government. <br />D. Next, the amount necessary to pay all engineering fees, <br />costs and expenses of financial reports, studies and projections, legal <br />fees, fees of financial advisors, costs of the issuance of the Series 1989 <br />Bonds, and all other similar costs incurred in connection with the <br />retirement of the Original Bonds and the issuance of the Series 1989 <br />Bonds shall be paid or provided for. <br />If for any reason any proceeds of the Series 1989 Bonds are <br />not necessary for or are not applied to the payment of such costs, then <br />such moneys shall be deposited by the County into the Sinking Fund and <br />used only to pay the principal of and interest on the Bonds. <br />SECTION 18. REBATE. Anything to the contrary contained herein <br />notwithstanding, the County shall at least annually transfer appropriate <br />amounts from the funds and accounts hereunder to which income on <br />investments has been deposited into an account to be known as the "Series <br />1989 Rebate Account" (herein referred to as the "Rebate Account") <br />sufficient to pay to the United States of America all amounts due with <br />respect to the Series 1989 Bonds under the provisions of Section 148 (f) <br />of the Internal Revenue Code of 1986, as amended and supplemented, or <br />under similar provisions of subsequent federal revenue laws. The earnings <br />on the Rebate Account shall be added to and become a part of the Rebate <br />Account. Moneys in the Rebate Account shall only be used to pay the <br />amounts due to the United States of America under said Section of the Code <br />as the same shall become due and payable. It is the intent of this <br />paragraph to provide for payment of all amounts due under said Section of <br />the Code with respect to the Series 1989 Bonds, in such installments and <br />- 26 - <br />
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