1988-044 - Laserfiche WebLink

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SECTION 3. FINDINGS. It is hereby found and determined as follows: A. It is necessary and desirable to purchase the System, as provided herein, in order to preserve and protect the public health, safety and welfare of the inhabitants of the County. B. It is anticipated that the Pledged Funds to be derived from the operation of the System will not be pledged or encumbered in any manner at the time of the issuance of the Series 1988 Bands. C. The estimated Pledged Funds will be sufficient to pay all of the principal of and interest on the Series 1988 Bonds, as the same become due, and to make all required sinking fund, reserve or other payments in connection therewith. D. It is in the best interest of the County to issue the Series 1988 Bonds. E. The principal of and interest on the Bonds and all required sinking fund, reserve and other payments in connection therewith shall be payable solely from the Pledged Funds. The County shall never be required to levy ad valorem taxes on any property therein to pay the principal of and interest on the Bonds or to make any of the required sinking fund, reserve or other payments in connection therewith and such obligations shall not constitute a lien upon any property of or in the County. SECTION 4. AUTHORIZATION OF PURCHASE OF SYSTEM. There is hereby authorized the purchase of the System pursuant to and as more fully described in the Purchase Agreement (the "Purchase Agreement") dated April 25, 1988 between the County and North Beach Water Company, a Florida corporation having the post office address P. O. Box 157, Wabasso, Florida 32970. The cost of the System, in addition to the cost of the items set forth in the Purchase Agreement, may include, but is not limited to, the cost of; engineering, legal and financing expenses; expenses for estimates of costs and of revenues; expenses for surveys; the fees of fiscal agents, financial advisors and consultants; administrative expenses relating solely to the purchase of the System; the capitalization of interest for a reasonable period after the issuance of the Series 1988 Bonds; the creation and establishment of reasonable reserves for debt service and operation and maintenance; the discount on the sale of the Series 1988 Bonds; and such other costs and expenses as may be necessary or incidental to the financing herein authorized and the purchase of the System and commencing the operation of the same. SECTION 5. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds by the Registered K