1989-054 - Laserfiche WebLink

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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 the Bonds, the County covenants that any use of the North County Wastewater 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 North County Wastewater System, will not exceed more than ten percent (108) of the use of the North County Wastewater System, or if such private business use in unrelated or disproportionate to the County's use of the North County Wastewater System, will not exceed more than five percent (58) of the use of the North County Wastewater 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. P. POWER TO ISSUE BONDS AND PLEDGE PLEDGED FUNDS. The County is duly authorized under all applicable laws to create and issue the Bonds and to adopt this Resolution and to pledge the Pledged Funds in the manner and to the extent provided herein. Except to the extent otherwise provided in this Resolution, the Pledged Funds are not pledged or hypothecated and, upon issuance of the Bonds, will be free and clear of any pledge, lien, charge or encumbrance thereon or with respect thereto prior to, or of equal rank with, the security interest, pledge and assignment created by this Resolution, and all action on the part of the County to that end has been and will be duly and validly taken. The Bonds and the provisions of i valid and enfo ceable obligatio s of the Resolution will e in accordance iththeir terms andlegally 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. Q. 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. - 25 -