1989-042 - Laserfiche WebLink

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Moneys in the Reserve Account may be invested and reinvested in Authorized Investments maturing not later than five (5) years from the date of purchase. Except as may be provided in a resolution adopted in connection with the issuance of Additional Parity Bonds, any and all income from such investments shall be deposited into the Rebate Account to the extent required and the excess, if any, into the Revenue Account. Defeasance. If at any time the County shall have paid, or shall have made provision for the payment of, the principal, interest and premiums, if any, with respect to any of the Series 1989 Bonds, then, and in that event, the pledge of and lien on the Pledged Funds in favor of the Registered owners of such Bonds shall no longer be in effect. The Resolution provides that, for purposes of the preceding sentence, the deposit of sufficient cash and/or direct obligations of the United States or obligations the principal of and interest on which are fully guaranteed by the United States, none of which permit redemption prior to maturity at the option of the obligor ("Federal Securities"), or bank certificates of deposit fully secured as to principal and interest by Federal Securities (or deposit of any other securities or investments which may be authorized by law from time to time and sufficient under such law to effect such a defeasance) in irrevocable trust with a banking institution or trust company, for the sole benefit of the Holders, the principal of and interest on which will be sufficient to pay when due the outstanding Series 1989 Bonds, shall be considered '.provision for payment". Events of Default: Remedies. No event of default is expressly stated in the Resolution. In addition, no trustee has been appointed under the Resolution to enforce any failure by the County to pay principal of or interest on the Series 1989 Bonds, when due, or to enforce any remedies provided by the Resolution to the holders of the Series 1989 Bonds. In determining whether an event of default has occurred no effect shall be given to payments made by the Bond Insurer. No remedial action shall be taken without the consent of the Bond Insurer and the Bond Insurer acting alone, shall have the right to direct remedies upon default. Subject to the foregoing, any Holder of any Series 1989 Bond may either at law or in equity by suit, action, mandamus or other proceeding in any court of competent jurisdiction, protect or enforce any and all rights existing under Florida law or granted and contained in the Resolution, and may enforce and compel the performance of all duties required by the Resolution or by any applicable state or Federal statutes to be performed by the County or any officer thereof. Modification. No adverse material. modification or amendment of the Resolution, or of any resolution amendatory thereof or supplemental thereto, may be made without the consent in writing of the Holders of 51% or more in aggregate principal amount of the Series 1989 Bonds and any Additional Parity Bonds then outstanding affected by such adverse material modification or amendment; provided, however, that no modification or amendment shall permit a change in the maturity of any Series 1989 Bonds or any Additional 29