1989-046 - Laserfiche WebLink

Home Browse Search

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. "Q. ISSUANCE OF SENIOR LIEN BONDS. Additional bonds having a right to payment from and a lien on the Pledged Funds senior to the lien granted hereunder for the benefit of the Bonds may be issued only to the Government, in an aggregate principal amount not greater that $9,650,000, under and pursuant to the terms and conditions of a Letter of Conditions dated July 2, 1985, as amended by a letter dated November 4, 1985, and a letter dated September 1, 1988, all from the Government to the County, and upon the terms and conditions set forth in the Senior Lien Bond Resolution heretofore adopted by the County. No Bonds other than the aforesaid $9,650,000 aggregate principal amount may be issued with a lien upon the Pledged Funds senior to the Series 1989 Bonds and other Bonds issued hereunder. The County covenants with the Registered Owners of the Bonds issued hereunder that it will not issue the Senior Lien Bonds unless the Senior Lien Bonds would meet the conditions for the issuance of Additional Parity Bonds under subsection P of this Section if the Senior Lien Bonds were Additional Parity Bonds. "The Senior Lien Bonds shall not in any manner whatsoever be considered Additional Parity Bonds or be subject to the terms and conditions of this Resolution. "The County covenants for the benefit of the Registered Owners of the Series 1989 Bonds and any other Bonds issued hereunder that the County shall fund fully the reserve account in the sinking fund created under the Senior Lien Bond Resolution for the benefit of the Senior Lien Bonds at the time of issuance of the Senior Lien Bonds with available money of the County, other than Revenues or ad valorem taxes, unless the Bond Insurer shall agree otherwise. "The County further covenants for the benefit of the Registered Owners of the Series 1989 Bonds and any other Bonds issued hereunder that it will make all Required Renewal Fund Payments from available money of the County, other than Revenues or ad valorem taxes, to the extent that such money is available or can be made available by the County for such purpose. "R. ISSUANCE OF OTHER OBLIGATIONS. The County will not issue any other obligations, except under the conditions and in the manner provided herein, payable from the Pledged Funds, nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge having priority to or being on a parity with the lien of the Bonds and the interest thereon, upon the Pledged Funds, except as specifically provided herein. The County may issue obligations other than the Bonds and the Senior Lien Bonds payable from the Pledged Funds provided such obligations are junior and - 32 -