1982-141 - Laserfiche WebLink

Home Browse Search

C D. The Issuer has commenced the Project and expects to receive a final commitment letter from the Government with respect to all phases of the Project and the purchasing of the Bonds, on or before July 1, 1984. E. 'The Issuer has already incurred and anticipates incurring additional engineering costs when the planning phase of all aspects of the Project is completed in March 1984. It is necessary and urgent that funds be made immediately available at this time in order to (a) provide approximately $881,500 to reim- burse the County for the acquisition of cwo private water utili- ties and the making of certain improvements to the System; and (b) comply with the provisions of §129.07, Fla. Stat. (1981), relative to the future costs to be incurred as a result of the existing engineering contracts and the letting of the construc- tion contracts for the final phase of the Project in March 1984. The Issuer must, therefore, anticipate the receipt by it of the proceeds to be derived from the sale of the Bonds. It is in the best interest of the Issuer and its inhabitants that interest bearing notes of the Issuer (the "Notes") be issued pursuant to this resolution in anticipation of the receipt by the Issuer of the proceeds from the sale of the Bonds. The principal of and interest on the Notes will be payable from and secured by a prior lien upon and a pledge of the proceeds to be derived from the sale of the Bonds or the sale of bond anticipation notes issued to extend and renew the indebtedness evidenced by the Notes and, if necessary, from and secured by a lien upon and a pledge of the Pledged Funds, junior, subordinate and inferior to the lien thereon of the holders of the outstanding water and Sewer Revenue Bonds, Series 1979, dated August 30, 1979, Water and Sewer Revenue Bonds, Second Series 1979, dated May 21, 1981, and Water Revenue Bond, Series 1980 (South County Water System), dated September 30, 1982, of the County (collectively, the "Prior Lien Obligations"). F. The Issuer is not, under this resolution, obligated to levy any ad valorem taxes on any real or personal property situated within its corporate territorial limits to pay the prin- cipal of or interest on the Notes or the Bonds. The Notes shall not constitute a lien upon the Project or any other real property of. the Issuer or situated within its corporate territorial limits. G. The Board has received from Arch W. Roberts & Co. and The Leedy Corporation a proposal for the purchase of the Notes. It is in the best interest of the Issuer and its inhabi- tants that such proposal be accepted by the Issuer. Such propo- sal specifies a net interest cost rate for the Notes which is less than 11.66%, the applicable statutory interest rate limitation. -2-