1982-063 - Laserfiche WebLink

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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 ita corporate limits, but sha?.1 constitute a lien only on Within p 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. (Insert redemption provisions) Notice of such redemption shall be given in the manner required by the Resolution. It is hereby certified and recited that all acts, con- ditions, and things required to exist, to happen and to be per- formed precedent to and in the issuance of this Bond, exist, have happened and have been performed, in regular and due form and time as required by the laws and Constitution of the State of Florida applicable thereto; and that the issuance of this Bond, and of the issue of Bonds of which this Bond is one, does not violate any constitutional or statutory limitations or provisions. This Bond and the coupons appertaining thereto are and have all the qualities and incidents of negotiable instruments under the laws of the State of Florida. -9-