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1987-144
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1987-144
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9/2/2022 9:39:12 AM
Creation date
9/1/2022 9:53:28 AM
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Resolutions
Resolution Number
1987-144
Approved Date
12/08/1987
Subject
Authorizing the execution and delivery of a Note Purchase Agreement
of $9,200,000 aggregate principal amount of water & sewer revenue bonds
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deposited to the credit of the Reserve Account and are pledged by <br />the Original Resolution as security for the Bonds, unless and <br />until such proceeds are used to remedy the loss or damage for <br />which such proceeds are received, either by repairing the <br />property damaged or replacing the property destroyed within 90 <br />days from receipt of the proceeds. <br />No Free Services. The County may not render free <br />services of any nature by its System, nor may it establish <br />preferential rates. If the County avails itself of such <br />facilities or services, it must pay the same fees and charges <br />applicable to other customers. Such charges are to be paid from <br />the County's general fund and the moneys paid by the County for <br />services will be treated in the same manner as other Gross <br />Revenues. <br />Modification or Amendment. The Original Resolution may <br />be modified or amended with the written consent of the holders of <br />two-thirds or more in principal amount of the Bonds then <br />outstanding. The consent of the holders of all such Bonds is <br />required to approve a modification or amendment which permits a <br />change in the maturity of the Bonds or a reduction in the rate of <br />interest thereon, or in the amount of the principal obligation, <br />or affects the unconditional promise of the County to charge and <br />collect such rates, fees, rentals and charges for the use of the <br />product, services and facilities of the System and apply the same <br />as herein provided, or reduces the number of Bonds. <br />Creation of Superior Liens. The Original Resolution <br />prohibits the County from issuing any other bonds, certificates <br />or obligations of any kind or nature or from creating or causing <br />or permitting to be created any debt, lien, pledge, assignment or <br />encumbrance or charge payable from or enjoying a lien upon the <br />Gross Revenues ranking prior or superior to the lien created by <br />the Original Resolution for the benefit of the holders of the <br />Bonds. <br />Defeasance. The pledge of and lien on the Gross <br />Revenues in favor of the holders of the Bonds shall cease to be <br />in effect upon payment, or provision for payment, by the County, <br />of the principal, interest and redemption premiums, if any, with <br />respect to the Bonds. For purposes of the preceding sentence, <br />the Original Resolution provides that deposit by the County of <br />direct obligations of, or obligations the principal of and <br />interest on which are guaranteed by, the United States of <br />America, none of which shall be redeemable prior to maturity at <br />the option of the obligor (collectively, the "Government <br />Securities"), or bank certificates of deposit fully secured as to <br />principal and interest by Government Securities (or deposit of <br />any other securities or investments which may be authorized by <br />law from time to time and sufficient under such law to effect <br />23 <br />
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