1989-046 - Laserfiche WebLink

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and will be valid and legally enforceable obligations of the County in accordance with their terms and the terms of this Resolution. The County shall at all times, to the extent permitted by law, defend, preserve and protect the pledge of the Pledged Funds and all the rights of the Registered Owners under this Resolution against all claims and demands of all persons whomsoever. "X. BONDS SECURED BY PLEDGE OF PLEDGED FUNDS. The Bonds issued hereunder shall be direct and special obligations of the County payable in accordance with their terms and the provisions of this Resolution from the Pledged Funds hereby pledged for the benefit of the Registered Owners, subject to the provisions of this Resolution permitting the application thereof for the purposes and on the terms and conditions set forth in this Resolution. "The Pledged Funds shall immediately be subject to the lien and charge of this Resolution without any physical delivery thereof or further act, and the lien and charge of this Resolution shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise, against the County, irrespective of whether such parties have notice thereof. action or fail to take any action wcovenantse County that it l any with respect to heproceeds oftheoBondsethat would result in loss of the exclusion from gross income for federal income tax purposes pursuant to section 103(a) of the Code of interest paid on Outstanding Bonds which, when initially issued and sold, were the subject of an opinion of counsel to the effect that interest thereon was so excludable. "With respect to any series of Bonds, the County covenants that any use of the System in the trade or business of any person or entity other than the County, including use under a take -or -pay contract or certain management contracts ("private business use"), if such use is related to the County's use of the System, will not exceed more than ten percent (108) of the use of the System, or if such private business use in unrelated or disproportionate to the County's use of the System, will not exceed more than five percent (58) of the use of the System. "The County covenants that no more than ten percent (108) of the Revenues will be derived directly or indirectly from payments from any nongovernmental user, other than payments by a nongovernmental user as a member of the general public. "Z. The further terms and conditions upon which the Reserve Account requirement set forth in subsection B(4) above may be met in whole or in part with a Reserve Account Credit Instrument are, unless the Bond Insurer agrees otherwise, as follows: (1) With respect to any letter of credit: - 34 -