1982-062 - Laserfiche WebLink

Home Browse Search

i w) and other applicable provisions of law, and pursuant to Subsection 3.04(1) of the Original Resolution, and is supplemen- tal to the Original Resolution. 1.03 Findings. It is hereby found and determined that: (A) The Issuer presently owns and operates a combined wate=r a_nd sewer sy Gte!n fnr t}ie benefit of its inhabitants, and the Project is necessary for the continued preservation of the health, welfare, convenience and safety of the Issuer and its inhabitants. (B) The Issuer has been advised by its consulting engi- neers and it is hereby found and determined that the estimated Cost of the Project is $2,750,700 which shall be paid with the proceeds of the sale of the Bonds. (C) Subsection 3.04(1) of the Original Resolution pro- vides for the issuance of additional parity obligations under the terms, limitations and conditions provided therein. (D) The Issuer has complied with the terms, limitations and conditions contained in the Original Resolution. The Issuer is, therefore, entitled to issue the Bonds as additional parity obligations within the authorization contained in the Original Resolution. (E) 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 are expected to be sufficient to pay, as the same shall become due and payable, the principal of and interest on the Bonds and the Parity Obligations, and the Operating Expenses. Prior to the issuance of the Bonds, the Issuer shall find and determine the estimated annual Gross Revenues, Operating Expenses and principal of and interest on the Bonds. It is estimated that the period of usefulness of the System will exceed 41 years. (F) It is deemed necessary and desirable to pledge the Pledged Funds to the payment of the principal of and interest on the Bonds. No part of the Pledged Funds have been pledged or hypothecated except with respect to the Bonds, the Parity Obligations and the Prior Lien Obligations. (G) The Bonds will be on a parity and rank equally as to lien on and source and security for payment from the Pledged Funds with the Parity Obligations. The lien of the holders of the Bonds on the South County Water System Revenues will be junior, subordinate and inferior to the lien thereon of the holders of the Prior Lien Obligations. -3-