1989-054 - Laserfiche WebLink

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letter of credit is about to expire and the County has not been timely furnished with a renewal of such letter of credit or a substitute letter of credit in substantially the same form and substance issued by the same commercial bank or savings and loan association or another commercial bank or savings and loan association whose credit worthiness is, in the opinion of the County, not less than that of the issuer of the prior letter of credit. The County shall cause the City to require the posting of letters of credit with respect to Assessments upon property located within the boundaries of the City upon similar terms and conditions and shall require that the City take all steps necessary to enforce such letters of credit in a similar manner. H. RECLAMATION OF RESERVATIONS. The County shall not reclaim any wastewater treatment plant and transmission capacity reservation which relates to any of the Assessments unless (1) the County immediately resells such reservation to a buyer whose credit worthiness, in the reasonable opinion of the County, is equal to or greater than that of the person from whom such reservation was reclaimed, taking into consideration the fair market value of the property subjected to the Assessment and any User Letter of Credit, or (2) the County immediately pays from legally available funds the outstanding amount of the Assessment with regard to such reservation, together with appropriate interest and/or prepayment charges. I. REMOVAL OF ASSESSMENT LIENS. The County shall not release or extinguish the lien of any Assessment upon any property, or any portion or portions thereof at the request of the property owner, except as provided in Resolution No. 87-142 of the County. The County shall not release or extinguish the lien upon an entire property without the payment of the entire outstanding amount of the Assessments against the property together with appropriate interest and/or prepayment charges. The County shall not release or extinguish the lien upon a portion of a property without the payment of at least a pro -rata portion of the outstanding amount of the Assessment against the property, such portion to be based upon fair market value of the property as established by appraisals acceptable to the County, together with appropriate interest and/or prepayment charges. All money received in connection with the release or extinguishment of any Assessment lien shall be deposited in the Revenue Fund. J. SUFFICIENT CAPACITY. The County shall use its best efforts to have available from time to time sufficient wastewater treatment capacity to service the property upon which an Assessment is imposed when desired and otherwise available to the extent of the reservations with respect thereto. K. NO ISSUANCE OF OTHER OBLIGATIONS PAYABLE FROM REVENUES. The County will not issue any other obligations payable from the Revenues nor voluntarily create or cause to be created any debt, lien, pledge, assignment, encumbrance or other charge upon the Revenues. - 23 -