1982-061 - Laserfiche WebLink

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(A) The Issuer presently owns and operates a water system for the benefit of its inhabitants in southern Indian River County, Florida, more commonly known as the South County Water System, and presently owns and operates a water distribu- tion and sewage collection and treatment facility more commonly known as the Gifford facility, both of which are being operated as separate and independent utilities by the Issuer. It is necessary for the continued preservation cu the health, welfare, convenience and safety of the Issuer and its inhabitants to com- bine such facilities into one integrated water and sewer facility. (B) The Government, the holder of the outstanding Gifford Bonds and the prospective purchaser of the Water Revenue Bonds, Series 1980 (South County Water System), of the Issuer, has consented to the integration of the System and the adoption of this resolution. (C) The revenues to be derived annually from the rates, rentals, fees and other charges made and collected for the ser- vices and facilities of the System will be sufficient to pay, as the same shall become due and payable, the principal of and interest on the Bonds and the Operating Expenses. (D) It is deemed necessary and desirable to substitute certain provisions of this resolution for certain provisions of the resolutions authorizing the Bonds, and to pledge the Gross Revenues to the payment of the principal of and interest on the Bonds and the Notes. The lien upon and pledge of the South County Water System Revenues in favor of the holders of. the Notes will be prior and superior to the lien thereon of the holders of the Bonds. No part of the Gross Revenues have been pledged or hypothecated except with respect to the Bonds and the Notes. (E) This Instrument is declared to be and shall consti- tute a contract between the Issuer and all of the holders of the Bonds and the Notes; and the covenants and agreements herein set forth to be performed by the Issuer are and shall be for the equal benefit, protection and security of all of the legal holders of any and all of the Bonds and the Notes, all of which shall be of equal rank and without preference, priority or distinction of any of the Bonds and Notes over any other, except as hereinafter provided. (F) The Issuer is not, under this Instrument, obligated to levy any ad valorem taxes on any real or personal property situated within its corporate territorial limits to pay the prin- cipal of or interest on the Bonds and the Notes or to pay I&M