1987-059 - Laserfiche WebLink

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• deposited in the Revenue Fund as may be permitted by applicable provisions of State and Federal law. All expenditures or disbursements from the 1987 Construction Fund shall be made only after such expenditures or disbursements shall have been approved in writing by the County Administrator or his designee. The date of the completion of the 1987 Project shall be determined by a Qualified Independent Consultant who shall certify such fact in writing to the Board. Such funds described in this Section shall be kept separate and apart from all other funds of the Issuer and such moneys shall be used and applied by the Issuer solely for the purposes set forth herein. All such proceeds shall be and constitute trust funds for such purposes and there is hereby created a lien in favor of the Holders of the Series 1987 Bonds upon such money until so applied. SECTION 10. Special Obligations of Issuer. Neither the Series 1987 Bonds nor interest thereon shall be or constitute a general indebtedness of the Issuer within the meaning of any constitutional or statutory provision or limitation, but shall be payable solely from and secured by a first lien upon and a pledge of the Pledged Funds, on a parity with the Series 1985 Bonds and such other Bonds as may be issued under or pursuant to the Master Bond Resolution, from time to time. No Holder or Holders of any Series 1987 Bonds issued hereunder shall ever have the right to require or compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any property therein for payment thereof, or be entitled to payment of the principal, interest and premium, if apy, on the Series 1987 Bonds from any other funds of the Issuer except the Pledged Funds. Until payment has been provided for as herein permitted, the payment of the principal of, interest and premium, if any, on the Series 1987 Bonds - 7 -