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1988-044
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1988-044
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Last modified
9/6/2022 10:58:02 AM
Creation date
9/2/2022 10:40:33 AM
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Resolutions
Resolution Number
1988-044
Approved Date
08/02/1988
Subject
Provide for purchase of Subregional Water Treatment & Distribution System -
$4,000,000 Water Revenue Bonds, Series 1988
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t <br />Payment Date <br />PARTIAL REDEMPTION PAYMENTS <br />Principal <br />Amount Paid <br />Authorized <br />officer of <br />Balance of Bond <br />Principal Unpaid Registrar <br />SECTION 14. BONDS NOT GENERAL OBLIGATIONS. The Bonds <br />shall not be or constitute general or moral obligations or a pledge <br />of the faith, credit or taxing power of the County, the State of <br />Florida or any political subdivision thereof or an indebtedness of <br />any of them as "bonds" within the meaning of the Constitution of <br />the State of Florida, but shall be special obligations of the <br />County payable solely from and secured solely by a lien upon and a <br />pledge of the Pledged Funds. No Registered Owner shall ever have <br />the right to compel the exercise of the ad valorem taxing power of <br />the County, the State of Florida or any political subdivision <br />thereof, or taxation in any form of any real property therein, to <br />pay the Bonds or the interest thereon, or be entitled to payment of <br />such principal and interest from any funds of the County other than <br />the Pledged Funds. <br />SECTION 15. SECURITY FOR BONDS. The payment of the <br />principal of, premium, if any, and interest on the Bonds shall be <br />secured forthwith equally and ratably by a pledge of and a first <br />lien upon the Pledged Funds. The County does hereby irrevocably <br />pledge the Pledged Funds to the payment of the principal of, <br />premium, if any, and interest on the Bonds. <br />SECTION 16. COVENANTS OF THE COUNTY. For so long as <br />any of the principal of and intarest on any of the Bonds shall be <br />outstanding and unpaid, or until there shall have been set apart in <br />the Sinking Fund hereinafter created, a sum sufficient to pay, <br />when due, the entire principal amount of the Bonds remaining <br />unpaid, together with interest accrued and interest to accrue <br />13 <br />
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