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1989-046
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1989-046
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Last modified
6/25/2021 1:40:10 PM
Creation date
2/4/2021 9:58:00 AM
Metadata
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Resolutions
Resolution Number
1989-046
Approved Date
05/02/1989
Subject
Amend & restate Resolution 89-19 - providing for issuance of $7,500,000 water & sewer revenue
refunding bonds, Series 1989
Document Relationships
1989-019
(Agenda)
Path:
\Resolutions\1980'S\1989
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to impair the discretion of the County in determining whether to exercise any <br />such option for early redemption. <br />"SECTION 21. MODIFICATION OF RESOLUTION. No adverse material <br />modification or amendment of this Resolution, or of any resolution amendatory <br />hereof or supplemental hereto, may be made without the consent in writing of the <br />Registered Owners of 518 or more in aggregate principal amount of the Bonds then <br />outstanding affected by such adverse material modification or amendment; <br />provided, however, that no modification or amendment shall permit a change in <br />the maturity of any Bonds or a reduction in the rate of interest thereon or in <br />the amount of the principal obligation thereof, or affect the unconditional <br />promise of the County to levy, impose and/or collect the Revenues or other <br />receipts and revenues pledged hereunder, if any, as herein provided, or to pay <br />the principal of and interest on the Bonds as the same shall become due from <br />the Pledged Funds or reduce the percentage required above for an adverse <br />material modification or amendment, without the consent of the Registered Owners <br />of all of the Bonds affected thereby. The foregoing shall not apply with <br />respect to supplemental resolutions adopted for the sole purpose of issuing <br />Additional Parity Bonds or junior and subordinate obligations issued hereunder <br />in accordance herewith or any resolution authorizing the issuance of the Senior <br />Lien Bonds. <br />"SECTION 22. SPECIAL COVENANTS. So long as the Series 1989 Bonds <br />are outstanding and the Bond Insurance Policy is in effect, the County covenants <br />to comply with the following provisions and the Registered Owners of the Bonds, <br />by their acceptance of such Bonds, shall be deemed to consent to the following <br />provisions: <br />"A. The County shall provide the Bond Insurer with such additional <br />information as is reasonably requested by the Bond Insurer from time to time, <br />"B. Any notice or information required to be furnished to the Bond <br />Insurer under the Resolution shall be addressed as follows, unless a notice of <br />change of address shall have been given by the Bond Insurer to the County: <br />Financial Guaranty Insurance Company, <br />175 Water Street, <br />New York, New York 10038, <br />Attention: President. <br />"C. The Bond Insurer shall be deemed a party in interest under <br />this Resolution. <br />"D. Upon the occurrence of a default which would require the Bond <br />Insurer to make payments under the Bond Insurance Policy, the Bond Insurer and <br />- 40 - <br />
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