1982-048 - Laserfiche WebLink

Home Browse Search

40 a ®• obligation to pay the installments upon the loan or sale in the amounts and at the times required and the obligation to operate, repair and maintain at its own expense the Project, and the Borrower is desirous of serving the purposes of the Act and is willing and capable of fully performing all other obligations and responsibilities imposed upon it by the Loan Agreement or Installment Sale Agreement. E. The Issuer is able to cope satisfactorily with the impact of the Project, and all the necessary public facilities, utilities and services that will be necessary for the construction, operation, repair, and maintenance of the Project and on account of any increase in population or other circumstances resulting by reason of the location of the Project within the area of operation of the Issuer are available now or can be provided when needed. F. The proceeds from the issuance of bonds by the Issuer will be either loaned to the Borrower pursuant to a Loan Agreement to be entered into between the Issuer and the Borrower (the "Loan Agreement") or used to acquire and construct the Project, which will be sold to the Borrower pursuant to an Installment Sale Agreement to be entered into between the Issuer, as seller, and the Borrower, as purchaser. Adequate provision will be made under the provisions of the Loan Agreement or the Installment Sale Agreement for the operation, repair and maintenance of the Project at the expense of the Borrower, and for the payment of the principal of and premium, if any, and interest on the bonds. G. The principal of and premium, if any, and interest on the bonds and all payments required under the proposed Loan Agreement or Installment Sale Agreement and the trust indenture securing the bonds shall be payable solely from the proceeds derived by the Issuer under the proposed Loan Agreement or Installment Sale Agreement, and the Issuer shall never be required to (i) levy ad valorem taxes on any property within its area of operation to pay the principal of and premium, if any, and interest on the bonds or to make any other payments provided for under the proposed Loan Agreement or Installment Sale Agreement or the trust indenture, or (ii) pay the same from any funds of the Issuer other than those derived by the Issuer under the proposed Loan Agreement or Installment Sale Agreement; and such bonds shall not constitute a lien upon any property owned by or situated within the area of operation of the Issuer except the Project. H. The Borrower's performance of its obligations, financial and other- wise, under the Loan Agreement or Installment Sale Agreement shall be secured by a first mortgage lien on Project real property and a security interest in the Project machinery and equipment. I. The interest on the bonds will be exempt from federal income taxation under existing laws of the United States. Section 3. AUTHORIZATION OF EXECUTION AND DBLIVE11' 01,' :.v- DUCEMENT LETTER. The Chairman of the Board of County Commissioners of the Issuer is hereby authorized to execute, and the Clerk of the Board of County Commissioners of the Issuer is hereby authorized to attest, the Issuer's letter or letters addressed to the Borrower and its affiliates in substantially the form attached to this resolution as Exhibit A and incorporated herein, with such changes therein, -2-