1982-062 - Laserfiche WebLink

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Issuer, authorized but unissued (all 3 issues of bonds collectively, the "Parity Obligations"); which have a lien of equal dignity upon such gross revenues. The lien of the holders of the Bonds of thi.s issue on the portion of the gross revenues of the System consisting of the revenues of the South County Water System is junior, subordinate and inferior to the lien thereon of the holders of the out- standing Water Revenue Rrn(jc Series l u oon �clo,_ ��v ko�n County water System), Anticipation Notes, dated May 1, 1981 (the "Bond Anticipation Notes"), of the Issuer. However, upon the issuance of. -the Water Revenue Bonds, Series 1980 (South County Water System), and the retirement of the Bond Anticipation Notes, the Bonds, the Parity Obligations and the Water Revenue Bonds, Series 1980 (South County Water System), will have a first and prior lien on the gross revenues of the System. It is expressly agreed by the holder of this Bond that the full faith and credit of the Issuer are not pledged to the payment of the principal of and interest on this Bond and that such holder shall never have the right to require or compel the exercise of any taxing power of the Issuer to the payment of such principal and interest or the cost of maintaining, repairing and operating the System. This Bond and the obligation evidenced hereby shall not constitute a lien upon the System or any part thereof or upon any other property of the Issuer or situated within its corporate limits, but shall constitute a lien only on the gross revenues derived from the operation of the System. In and by the Resolution, the Issuer has covenanted and agreed with the holders of the Bonds of this issue that it will fix, establish, revise from time to time whenever necessary, maintain and collect always such fees, rates, rentals and other charges for the use of the product, services and facilities of the System which will always produce revenues sufficient to pay, and out of such funds pay, as the same shall become due, 120% of the current Bond Service Requirement, as defined in the Resolution, on the Bonds and the Parity Obligations and 100% of all other payments required by the Resolution; and that such rates, rentals, fees and other charges will not be reduced so as to be insufficient to provide funds for such purposes. As provided in the Resolution, this Bond and all of the Bonds then outstanding are exchangeable at the expense of the holder or registered owner hereof, at any time, not less than 90 days after surrender of this Bond and all of the Bonds then outstanding to the Clerk hereinafter mentioned, as Bond Registrar, for a single fully-registered Bond in the denomination equal to the aggregate principal amount of this Bond plus all of the Bonds then outstanding, and in the form of such single Bond as provided for in the Resolution. in