1989-046 - Laserfiche WebLink

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"C. The Government is the owner of the outstanding Original Bonds and the Government, by letter dated January 10, 1989, has offered to the County the opportunity to purchase, and thereby redeem and retire, the outstanding Original Bonds at a substantial discount from the remaining outstanding principal amount thereof. "D. It is in the best interests of the County to purchase, and thereby redeem and retire, the outstanding Original Bonds at a discount. "E. It is necessary to issue the Series 1989 Bonds to provide funds to purchase the Original Bonds. "F. The estimated annual Pledged Funds will be sufficient to pay the costs of maintenance, repair and operation of the System and the interest and principal of the Series 1989 Bonds as the same shall become due. "G. The principal of and interest on the Bonds and all required sinking fund, reserve and other payments in connection therewith shall be payable solely from the Pledged Funds. The County shall never be required to levy ad valorem taxes on any property therein to pay the principal of and interest on the Bonds or to make any of the required sinking fund, reserve or other payments in connection therewith and such obligations shall not constitute a lien upon any property of or in the County. "SECTION 4. AUTHORIZATION OF PURCHASE, REDEMPTION AND RETIREMENT OF ORIGINAL BONDS. There is hereby authorized the purchase, redemption and retirement of the Original Bonds pursuant to and as more fully described in the letter dated January 10, 1989, to the County from the Government. Proper officers of this County are hereby authorized and directed to notify the Government of this County's determination to purchase, and thereby redeem and retire, the outstanding Original Bonds in accordance with such letter and to make the good faith deposit with the Government required by the terms of such letter with such funds of this County as may be available for the purpose. "SECTION of the acceptanceof he Bonds Lby10T theRegiOster dCONSTITUTE who shall hold ithe asame from time to time, this Resolution shall be deemed to be and shall constitute a contract between the County and such Registered Owners. The covenants and agreements herein set forth to be performed by the County shall be for the equal benefit, protection and security of the Registered Owners of the Bonds, all of which Bonds shall be of equal rank and without preference, priority or distinction with respect to any other Bonds, except as expressly provided therein and herein. -8-