1982-062 - Laserfiche WebLink

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to the Issuer. Upon final payment of principal and interest, this Bond shall be surrendered to the Issuer. This Bond represents an authorized issu,2 of Bonds in the aggregate principal amount of $2,750,700 .issued to finance the cost of acquiring and constructing additions, extensions and improvements to the combined water and sewer system of the Issuer (the "System"), under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, par- ticularly Ch. 159, Fla. Stat. (1981), and a resolution duly adopted by the Issuer on June , 1982, as supplemented by a resolution duly adopted by the Issuer on June 1982 (collectively, the "Resolution"), and is subject to all the terms and conditions of the Resolution. This Bond and the interest thereon are payable solely from and secured by a lien upon and a pledge of the gross reve- nues to be derived from the operation of the System, in the manner described in the Resolution. It is provided in the Resolution that this Bond will rank on a parity with the outstanding Water and Sewer Revenue Bonds, Series 1979, dated August 30, 1979, and Water and Sewer Revenue Bonds, Second Series 1979, dated May 21, 1979, of the Issuer; and the Water Revenue Bonds, Series 1980 (South County Water System), of the 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 holder of this Bond 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 outstanding Water Revenue Bonds, Series 1980 (South 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, this Bond, 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