1983-063 - Laserfiche WebLink

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will be outstanding and unpaid at the time the Bonds are issued. C. It is necessary and desirable to acquire and construct the Project, as provided herein, in order to preserve and protect the public health, safety and welfare of the inhabi- tants of the County. D. The County deems it necessary and in its best interest to provide for the refunding of the Refunded Bonds. The refunding program herein described will be advantageous to the County, by (1) restructuring the debt service of the County payable from the Race Track Funds; and (2) providing a Savings in debt service. E. The estimated funds needed for such refunding as above described and for the Project shall be provided from pro- ceeds derived from the sale of the Bonds and other funds of the County available therefor. (1) An amount which, together with the income on the investment thereof, will be sufficient to effect the refunding will be deposited in an irrevocable escrow account established for the holders of the Refunded Bonds, and invested in Federal securi- ties. The principal amounts of such Federal Securities together with the interest earnings thereon will be sufficient to make timely payments of all presently outstanding principal, interest and redemption premiums in respect to the Refunded Bonds and all costs associated with the acquisition and subsequent management of such Federal Securities. (2 ) Such costs of the refunding and of the con- struction of the Project shall be deemed to include bond discount, if any, legal expenses, fiscal advisor expenses, expen- ses for estimates of costs and of revenues, administrative expenses, interest accrued on the Bonds for a reasonable period from the date of issuance thereof, reasonable amounts for reserves, and such other expenses as may be necessary or inciden- tal for the financing authorized by this Resolution. The costs of construction of the Project shall be deemed to include but not -5-