Laserfiche WebLink
COUNTY; REVISING CERTAIN COVENANTS IN THE RESOLUTIONS <br />AUTHORIZING THE ISSUANCE OF ALL OUTSTANDING WATER <br />AND/OR SEWER REVENUE OBLIGATIONS OF THE COUNTY; AND <br />PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH <br />OBLIGATIONS." <br />(which, together with all amendments and supplements <br />thereto heretofore adopted, is hereinafter called the <br />"Senior Lien Bond Resolution"). <br />B. The Board of the County, on February 14, 1989, duly <br />adopted Resolution No. 89-19 (which Resolution and all <br />amendments and supplements thereto is herein referred <br />to as the "1989 Bond Resolution") authorizing, among <br />other things, the issuance of a series of water and <br />sewer revenue refunding bonds, designated as "Water and <br />Sewer Revenue Refunding Bonds, Series 1989" (the 111989 <br />Bonds"), for the purpose of retiring all series of water <br />and/or sewer revenue obligations heretofore issued, <br />presently outstanding and secured by the Senior Lien <br />Bond Resolution (the "Original Bonds"). <br />C. The Board of the County, by Resolution No. 89-42 <br />adopted on April 27, 1989, has awarded the 1989 Bonds <br />and authorized and directed such other action as may be <br />necessary or desirable to effect issuance of the 1989 <br />Bonds and contemporaneous retirement of the Original <br />Bonds. <br />D. The Board of the County has received from the United <br />States of America, acting by and through the Farmers <br />Home Administration, United States Department of <br />Agriculture (the "FmHA"), certain letters of conditions <br />and amendments thereto providing the terms and <br />conditions upon which the FmHA shall purchase additional <br />water and sewer revenue bonds of the County in an <br />aggregate principal amount not to exceed $9,650,000, to <br />be issued under the Senior Lien Bond Resolution and to <br />be secured by a pledge of and first lien upon the "Gross <br />Revenues" of the "System", as those phrases are defined <br />in the Senior Lien Bond Resolution (the "Senior Lien <br />Bonds"). <br />E. The 1989 Bond Resolution permits the issuance of the <br />Senior Lien Bonds under the terms and provisions of the <br />Senior Lien Bond Resolution and having a right to <br />2 - <br />