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1982-141
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Last modified
3/20/2023 11:11:59 AM
Creation date
3/20/2023 11:11:24 AM
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Resolutions
Resolution Number
1982-141
Approved Date
12/23/1982
Subject
Authorizing the issuance of not exceeding $2,750,000 Water & Sewer Revenue Bonds
Series 1982, Anticipation notes of IRC & entering into certain covernants &
agreements with ther holders thereof
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• <br />0• <br />(B) The Bonds and the coupons appertaining thereto will <br />be payable solely from and secured by a prior lien upon and <br />pledge of the Pledged Funds. Reference is made to the Enabling <br />Instrument for a more complete description of the covenants, lien <br />and pledge securing payment of the Bonds and the coupons apper- <br />taining thereto. <br />(C) The Issuer, finding it ,iecessary and urgent that <br />funds be made immediately available, prior to the sale and issu- <br />ance of the Bonds, in order to provide money for the acquisition <br />j and construction of the Project, adopted the Notes Resolution and <br />provided therein for the issuance of the Notes for the purpose of <br />anticipating the issuance of the Bonds and making funds available <br />for the acquisition and construction of the Project prior to the <br />issuance of the Bonds. <br />(D) The principal of and interest on the Notes will be <br />payable from and secured by a prior lien upon and pledge of the <br />proceeds to be derived from the sale of the Bonds or the sale of <br />bond anticipation notes issued to extend and renew the indebted- <br />ness evidenced by the Notes and, if necessary, from and secured <br />by a lien upon and pledge of the Pledged Funds, junior, subor- <br />dinate and inferior to the lien thereon of the holders of. the <br />Prior Lien Obligations, in the manner provided in the Enabling <br />Instrument. In addition, the principal of and interest on the <br />Notes will be payable from and secured by a prior lien upon and <br />pledge of the portion of the proceeds of the sale of the Notes <br />and the proceeds of the sale of the Bonds deposited in the Notes <br />Payment Account for such purpose pursuant to the provisions of <br />this Agreement. In the event of a deficiency in funds used to <br />pay the principal of and interest on the Notes at their redemp- <br />tion or maturity, whichever is applicable, the Issuer has agreed <br />to supply from other legally available funds, a sufficient amount <br />to cure such deficiency, all in the manner described. in the <br />Enabling Instrument and in this Agreement. <br />(E) The Notes Resolution authorized the Issuer to enter <br />into this Agreement for the purposes expressed therein and here -- <br />in, and all. acts and things have been done and performed to make <br />this Agreement valid and binding for the security of the holders <br />of the Notes. <br />(F) The Trustee has the powers and authority of a trust <br />company under the laws of the State of Florida and, accordingly, <br />the power to execute the trust hereby created. <br />
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