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1979-001
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1979-001
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2/16/2023 11:01:01 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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same basis as hereinabove prescribed, to reflect the average annual <br />debt service on the additional bonds; and it will make such addi- <br />tional bonds payable as to principal on September 1 of each year in <br />which principal falls due and the coupons attached thereto payable <br />on September 1 of each year. If in any subsequently issued series <br />of bonds secured by a parity lien on the revenuer of.• the System, <br />it is provided that excess revenues shall be used to redeem bonds in <br />advance of scheduled maturity, or if the Issuer at its option <br />undertakes to redeem outstanding bonds in advance of scheduled <br />maturity, the Issuer covenants that calls of bonds will be <br />applied to each series of bonds on an equal pro rata basis <br />(reflecting the proportion that the amount originally issued of <br />each series bears to the amount originally issued of each of the <br />other series) to the extent that this may be accomplished in <br />accordance with the call provisions of the respective bond series, <br />but the Issuer shall have the right to call any or all outstand- <br />ing bonds which may be called at par prior to calling any bonds <br />that are callable at a premium. <br />(I). Disposal of Facilities. The Issuer covenants and <br />agrees that, so long as any of the Bonds are outstanding, it <br />will maintain its corporate identity and existance and will not <br />sell or otheniise dispose of any of the System facilities or any <br />part thereof, and, except as provided for above, it will not <br />create or permit to be created any charge or lien on the revenues <br />thereof ranking equal or prior to the charge or lien of the Bonds. <br />Notwithstanding the foregoing, the Issuer may at any time per- <br />manently abandon the use of, or sell at fair market value, any <br />Of its System facilities, provided that: <br />(a) It. is in compliance with all covenants and under- <br />takings in connection with all of its Bonds then outstanding and <br />payable from the revenues of the System, and the debt service <br />reserve for such Bond; has been fully established; <br />(b) It Will, in the event of sale, apply the proceeds <br />to either (1) redemption of outstanding Bonds .in accordance with <br />the provision; governing paynu nt of: Bonds in advance of maturity, <br />-21- <br />
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