1987-144 - Laserfiche WebLink

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Security and Sources of. Payment The Noter; are limited obLigations of the County. Principal of the rioter wilL be payable solely from and secured solely by a prior lien tipon and pledge of the proceeds derived from the sale of. t.h0 SPries 1986 Bonds or the sate of other band anticipation not— iaetred t.o extend and renew the indebtedness evidenced by the tiotr,-s. The County expects t" issue the .Series 1.9Bfi Bondsnn r,z prior. to maturity of the Notes. Interest on the Notes will. b^ capitalize -1 from proceeds of the Notes. `ce "FLAN OF FINANCE" herein, ne ther the Courity, r.tte State of Florid. clot' any pol.it.icat .nrthdivirinrs thereof. 'ciao pledged its faith or credit or taxing power to the payment of the Nates. No hol.dpr of the Nates ,stall. ever have rate tit,o compel the e�erci^e Of any Ad valorem taxincl pri—r- of the County or tax.at.inri in any form of any real property I.herein to pay the Notes or the interest due thereon nor he entitled to payment of +the N,)tps from any funds of the County as described herein. FmHA is expected to purchase the Se€ies 1986 Bonds pursuant. to conditional commitment letters from FmHA to the r,,c,rrnt.y clAt_ed .Tiny 5, 1985 and November 4. IIA5, respectively, as ,upplement.ed by A letter of closing inet.rtrr:r it ns dated April 20, 19A7 (cnllectively, the "Commitment'). A do!-,r:ription of certain material terms of the Commitment is incltr•teci under "FARMERS HOME At,MINISTRATION" herein. The Series 1986 Bonds will tie secured by t:he Gross Revenues of the ';ystem on a parity with the Outstanding Bond,. The issuance nf parity bonds, including the Series 1986 Bonds, in Accordanr:e with the OriginaL Resolution is subject to satisfactinn of certain c:onAition:s at. the time of issuance of such honds . See "SUMMARY OF CFRTA I N PROVISIONS OF TIIF. RFS01,11TIONS -- r)riginaL Rennitrt.ion - Pledge" and "- Issuance of Other Obligatinns" herein. Pursuant to the t,-.rms of the Bond Resolution, the Cottnt.y intends to issuP ttre Series 1986 Bonds and the County intends; that the Serie:, 1986 Bonds are to be purchased by FmIIA pursuant to the terms of the Commitment. If the County fails to issue t:he Series 1986 Bonds or the Series 1986 Bonds are not purchased by Fm11A, sufficient funds may not be available to pay the principal of the Notes at maturity. In addition, t_he aggregate amount of interest payable on the Notes is to be funded from certain proceeds of the Notes deposited to the Notes Payment Account established snider the Bond Resolution. Any loss in any investment made of such proceeds could adversely affect the ability of the County to pay interest on the Notes. See "RISK FACTORS" herein. 16