1989-054 - Laserfiche WebLink

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SECTION 13. BONDS NOT GENERAL OBLIGATIONS. The Bonds shall not be or constitute general or moral obligations or a pledge of the faith, credit or taxing power of the County, the City, the State of Florida or any political subdivision thereof or an indebtedness of any of them as "bonds" within the meaning of the Constitution of the State of Florida, but shall be special obligations of the County payable solely from and secured solely by a lien upon and a pledge of the Pledged Funds. No Registered Owner shall ever have the right to compel the exercise of the ad valorem taxing power of the County, the City, the State of Florida or any political subdivision thereof, or taxation in any form of any real property therein, to pay the Bonds or the interest thereon, or be entitled to payment of such principal and interest from any funds of the County other than the Pledged Funds. SECTION 14. SECURITY FOR BONDS. The payment of the principal of, premium, if any, and interest on the Bonds shall be secured forthwith equally and ratably by a pledge of and a first lien upon the Pledged Funds. The County does hereby irrevocably pledge the Pledged Funds to the payment of the principal of, premium, if any, and interest on the Bonds. Nothing in this Resolution shall constitute or be construed to constitute a conveyance or mortgage of any sewage disposal system or of any sewer system improvements or any part of any of the foregoing. SECTION 15. COVENANTS OF THE COUNTY. For so long as any of the principal of and interest on any of the Bonds shall be outstanding and unpaid, or until there shall have been set apart in the Revenue Fund hereinafter created, a sum sufficient to pay, when due, the entire principal amount of the Bonds remaining unpaid, together with interest accrued and interest to accrue thereon through such payment date, or until the provisions of Section 19 hereof have been satisfied, the County covenants with the Registered Owners of the Bonds that: A. REVENUE FUND. The County shall create, establish and maintain a special fund, which is hereby created and established, designated the "Indian River County Special Assessment Revenue Bonds, Series 1989, Revenue Fund" (the "Revenue Fund"). B. DISPOSITION OF REVENUES. All Revenues received by or on behalf of the County shall constitute trust funds and shall be deposited into the Revenue Fund. Such money on deposit from time to time in the Revenue Fund shall be applied in the following manner and order of priority: (1) First, the County shall deposit in a fund to be known as the "North County Assessment Bond Sinking Fund" (herein the "Sinking Fund"), which is hereby created and established, such sum as will be sufficient to pay the interest as the same shall become due and payable on the Bonds on the next two interest payment dates and such sum as - 18 -