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1979-001
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1979-001
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Last modified
2/16/2023 11:01:01 AM
Creation date
2/16/2023 11:00:02 AM
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Resolutions
Resolution Number
1979-001
Approved Date
01/04/1979
Resolution Type
W & S Revenue Bonds
Subject
Authorizing issuance of $236,000 W & S Revenue Bonds
to finance Gifford Systms Expansion & Authorized Attorney
to file Bond Validation Suit
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obtaining the prior written consent of the Government. <br />(G) Reimbursement of Advances and Interest Thereon. ., <br />While the Government shall be the holder of any of the Bonds, the <br />Government shall have the right to make advances for the payment of <br />insurance premiums and/or other advances which, in the opinion of <br />the Government, may be required to protect the Government's <br />security interest. In the event of any such advances, the Issuer <br />covenants and agrees to repay the same, together with interest <br />thereon at the same rate per annum as specified in the Bonds, upon <br />demand made at any time after any such expenditure by the <br />Government. Any such amount due the Government shall be secured by <br />a pledge of and lien upon the Pledged Funds, on a parity with the <br />Bonds, and payment thereof shall take priority over any other <br />payments from the Reserve Account. <br />ARTICLE IV <br />MISCELLANEOUS PROVISIONS <br />4.01 Modification or Amendment. No material modifica- <br />tion or amendment of this Instrument may be made without the con- <br />sent in writing of the holders of two-thirds or more in principal <br />amount of the Bonds then outstanding; provided, however, that no <br />modification or amendment shall permit a change in the maturity of <br />such Bonds or a reduction in the rate of interest thereon, or in <br />the amount of the principal obligation, or affect the unconditional <br />promise of the Issuer to charge and collect such rates, fees, ren- <br />tals and charges for the use of the product, services and facili- <br />ties of the System and apply the same as herein provided, or reduce <br />the number of such Bonds the written consent of the holders of <br />which are required by this Section for such modification or amend- <br />ment, without the consent of the holders of all such Bonds. <br />4.02 Creation of Superior Liens. The Issuer covenants <br />that except as herein provided it will not issue any other Bonds, <br />certificates or obligations of any kind or nature or create or <br />cause or permit to be created any debt, lien, pledge, assignment or <br />encumbrance or charge payable from or enjoying a lien upon any of <br />the Pledged Funds ranking prior and superior to the lien created by <br />-18- <br />
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