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1979-116
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1979-116
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2/20/2023 2:21:44 PM
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2/20/2023 2:21:16 PM
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Resolutions
Resolution Number
1979-116
Approved Date
11/21/1979
Subject
$4,350,000 Bond Issue for Renovation fo County Administration Complex
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in the manner provided herein, shall not be subject to repeal, <br />modification or impairment by any subsequent resolution or other <br />proceedings of the County or by any subsequent act of the <br />Legislature of Florida without and unless such Issuer. shall have <br />provided, or the Legislature shall have made immediately <br />available to the County, such additional or supplemental funds <br />which shall be sufficient to retire such Obligations and the <br />interest thereon in accordance with their terms. The County <br />shall take all actions and pursue such legal remedies which may <br />be available to it either in law or in equity to prevent or cure <br />any default or impairment as within the meaning of this subsec- <br />tion H. <br />I. ARBITRAGE. The County does hereby further covenant <br />that no use will be made of the proceeds of the Obligations which <br />would cause the Obligations to be "arbitrage bonds" within the <br />meaning of Section 103(c) of the Internal Revenue Code of 1954, <br />as amended, and the applicable regulations thereunder. The <br />County, at all times while such Obligations and the interest <br />thereon are outstanding, including refundings thereof, will <br />comply with the requirements of said Section 103(c) and with the <br />valid and applicable rules and regulations of the Internal <br />Revenue Service thereunder. <br />SECTION 15. CONSTRUCTION TRUST FUND. All of the pro - <br />coeds derived from the sale of the Obligations (except (i) an <br />amount equal to accrued interest to be deposited in the Bond <br />Service Fund, and (ii) an amount equal to all or a portion of the <br />maximum ►.gond service requirement on the Obligations to be depo- <br />sited in the Reserve Account) shall be deposited in a trust fund <br />which is hereby created, established and designated as the <br />"Construction Trust Fund." Such Construction Trust Fund shall be <br />deposited and maintained with any banking institution in the <br />State of Florida approved as a County depository and subsequently <br />designated by the County. The moneys therein shall be used only <br />for the payment of the cost of the Project as hereinabove <br />-22- <br />
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