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1989-042
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1989-042
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Last modified
6/25/2021 1:27:48 PM
Creation date
2/4/2021 9:51:33 AM
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Resolutions
Resolution Number
1989-042
Approved Date
04/27/1989
Subject
Water & Sewer Revenue Refunding Bonds, Series 1989 - $6,510,000 aggregate
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"Uniform Charges"); (ii) with the consent of the Bond Insurer so <br />long as any Series 1989 Bonds are outstanding, such Surcharges, <br />Impact Fees, Special Assessments, Franchise Fees and Fees in lieu of <br />Franchise Fees as the County, by resolution, may pledge specifically <br />in connection with the Series 1989 Bonds; and (iii) with the consent <br />of the Bond Insurer so long as any Series 1989 Bonds are <br />outstanding, such other revenues of the County as the County, by <br />resolution, may pledge specifically in connection with the Series <br />1989 Bonds. <br />THE REVENUES PLEDGED IN CONNECTION WITH THE SERIES 1989 BONDS <br />INCLUDE ONLY THE UNIFORM CHARGES OF THE SYSTEM AND DO NOT INCLUDE <br />ANY SURCHARGES, IMPACT FEES, SPECIAL ASSESSMENTS, FRANCHISE FEES, <br />FEES IN LIEU OF FRANCHISE FEES OR OTHER REVENUES OF THE SYSTEM, <br />The County may, by resolution of the Board filed with the Clerk <br />of the Board of County Commissioners, except and release from the <br />foregoing pledge and lien, and the phrase "Revenues" as used in <br />connection with the Series 1989 Bonds shall no longer include, the <br />receipts and revenues of the County derived from the Uniform Charges <br />for the use of and services furnished or to be furnished by any <br />water and/or sewer facilities constituting a physically independent <br />system of the County, or any Impact Fees, Special Assessments, <br />Surcharges, Franchise Fees, Fees in Lieu of Franchise Fees or other <br />receipts and revenues (other than Uniform Charges) theretofore <br />pledged in connection with the Series 1989 Bonds, if there shall be <br />filed with the Clerk of the Board of County Commissioners the <br />following: <br />(1) A certificate of an independent firm of certified <br />public accountants of suitable experience and <br />responsibility: (i) stating that the books and records of <br />the County relating to the collection and receipt of the <br />Revenues and the Operating Expenses have been audited by <br />them for the Fiscal Year immediately preceding the date of <br />the proposed release of such receipts and revenues from the <br />pledge hereunder or for any twelve (12) consecutive month <br />period out of the eighteen (18) consecutive months <br />immediately preceding such date; (ii) setting forth the <br />Revenues, the Uniform Charges, the Operating Expenses and <br />the Net Revenues for the audited period referred to in (i) <br />above, with respect to which such certificate is made; and <br />(iii) stating that the Net Revenues, adjusted to give <br />effect to the proposed release of such receipts and <br />revenues as if the same had occurred at the beginning of <br />such audited period, were equal to at least 1.20 times the <br />largest amount of principal and interest which will mature <br />and become due in any Fiscal Year thereafter on all Bonds <br />then outstanding. For purposes of (iii) above <br />(A) Revenues, Uniform Charges and Operating Expenses may be <br />further adjusted so as to fairly represent the operation of <br />the System, provided that the amount and a detailed reason <br />for such adjustment is set forth in such certificate; <br />(B) Net Revenues may also be adjusted for (I) the pro forma <br />
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