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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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and all other property or interests in property of whatsoever nature, <br />including but not limited to vehicles, rolling stock, buildings, pipes, <br />Pumps, machinery, tanks, mains, conduits, meters and other equipment, used <br />or useful in connection with ownership, operation and maintenance of such <br />water or sewer systems by the County. <br />EE. "Term Bonds" shall mean the Bonds of a series all of which <br />are stated to mature on one date but which shall be subject to earlier <br />retirement by operation of the Bond Amortization Account. <br />Words importing singular number shall include the plural number <br />and vice versa and words importing persons shall include firms and <br />corporations or other entities and vice versa. <br />follows: SECTION 3. FINDINGS. It is hereby found and determined as <br />A. The County presently owns and operates the System. <br />B. The County has previously issued the Original Bonds to <br />finance the costs of acquisition and/or construction of the System and, <br />pursuant to Resolution 82-61, as amended, of the Board, declared all of <br />such Original Bonds to be secured by a pledge of the gross revenues of the <br />System. <br />C. The Government is the owner of the outstanding Original <br />Bonds and the Government, by letter dated January 10, 1989, has offered to <br />the County the opportunity to purchase the outstanding Original Bonds at <br />a substantial discount from the remaining outstanding principal amount <br />thereof. <br />D. It is in the best interests of the County to purchase the <br />outstanding Original Bonds at a discount. <br />E. It is necessary to issue the Series 1989 Bonds to provide <br />funds to purchase the Original Bonds. <br />F. The estimated annual Pledged Funds will be sufficient to pay <br />the costs of maintenance, repair and operation of the System and the <br />interest and principal of the Series 1989 Bonds as the same shall become <br />due. <br />G. The principal of and interest on the Bonds and all required <br />sinking fund, reserve and other payments in connection therewith shall be <br />payable solely from the Pledged Funds. The County shall never be required <br />to levy ad valorem taxes on any property therein to pay the principal of <br />and interest on the Bonds or to make any of the required sinking fund, <br />reserve or other payments in connection therewith and such obligations <br />shall not constitute a lien upon any property of or in the County. <br />- 5 - <br />
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