1989-042 - Laserfiche WebLink

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For purposes of the foregoing, Senior Lien Debt Service, Required Renewal Fund Payments and Senior Lien Bonds Reserve Account Payments shall be treated as Operating Expenses. All or any part of the certificate required under the second paragraph of this subsection may be rendered by consulting engineers, consultants or other persons with requisite knowledge and experience who are not reasonably objected to by the Bond Insurer. See "FUTURE FINANCING PLANS - Prior Pledge to and Lien for Series 1986 Bonds." Additional Parity Bonds may not be issued at any time at which the County is in default in performing any of the covenants and obligations under the Resolution, or all payments herein required to have been made into the accounts and funds, as provided under the Resolution, have not been made to the full extent required. The foregoing conditions shall not apply with respect to Additional Parity Bonds the proceeds of which will be used to complete a project a substantial portion of the cost of which has been or will be paid out of the proceeds of Bonds issued under the Resolution. The County covenants for the benefit of the Registered Owners of the Series 1989 Bonds and any other Bonds issued and outstanding under the Resolution that the County shall, at the time of issuance of any Additional Parity Bonds, make a deposit to the Reserve Account in the Sinking Fund created under the Resolution so that the Reserve Account shall have a value of cash and investments at such time equal to the maximum amount of principal and interest on all outstanding Bonds (including the Additional Parity Bonds and giving effect to the retirement of any Bonds being refunded with proceeds of the Additional Parity Bonds) becoming due in any ensuing fiscal year, unless the Bond Insurer shall agree otherwise. The County presently has outstanding an aggregate of $3,900,000, 6 7/8% Water Revenue Bonds, Series 1988, Anticipation Notes due December 1, 1991 (the "1988 Anticipation Notes"). Such Notes were issued in anticipation of the receipt by the County of the proceeds from the future sale of its Water Revenue Bonds, Series 1988 which have been authorized in an amount up to $4,000,000 (the "Series 1988 Bonds"). The County expects that the Series 1988 Bonds will be sold at public or private sale pursuant to the laws of the State of Florida and Resolution No. 88-44 duly adopted by the County on August 2, 1988, as amended and supplemented from time to time, on or prior to the maturity of the 1988 Anticipation Notes. Upon issuance, the Series 1988 Bonds will be either (i) payable on a parity from the Net Revenues with the Series 1989 Bonds or (ii) payable from and secured by a pledge of and lien upon the Surcharges from the North Beach Water System operations of the System, which Surcharges are not included in the Net Revenues pledged in the Resolution as of the date hereof. 15