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1983-063
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1983-063
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Last modified
3/23/2023 1:48:30 PM
Creation date
3/23/2023 1:48:15 PM
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Resolutions
Resolution Number
1983-063
Approved Date
08/17/1983
Subject
Providing for refunding of certain outstanding revenue obligations of IRC &
construction & equipping of additional courtroom facilities & authorizing
the issuance of revenue bonds
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be limited to, the acquisition of any lands, or interest therein, <br />and of any fixtures, or equipment, or properties deemed necessary <br />or convenient therefor, architectural/engineering and legal <br />expenses, expenses for financial services or fiscal advisors; <br />expenses for estimates of costs and of revenues, expenses for <br />plans, specifications and surveys, administrative expenses <br />relating to the additions, extensions and improvements authorized <br />by this Resolution, and such other expenses as may be necessary <br />or incidental to the financing authorized by this Resolution and <br />the construction of the Project authorized by this Resclution <br />and the placing of same in operation. <br />F. The principal of and interest on the Bonds and all <br />required sinking fund, reserve and other payments shall be <br />payable solely from the Race Track Funds and the income from <br />investments as herein provided. The County shall never be <br />required to levy ad valorem taxes on any property within its cor- <br />porate territory to pay the principal of and interest on the <br />Bonds or to make any of the required sinking fund, reserve or <br />other payments, and such Bonds shall not constitute a lien upon <br />any property owned by or situated within the corporate territory <br />of the County. <br />G. The estimated Race Track Funds to be received by the <br />County together with the income from investments will be suffi- <br />cient to pay all principal of and interest on the Bonds to be <br />issued hereunder, as the same become due, and to make all <br />required sinking fund, reserve or other payments required by this <br />Resolution. <br />SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In con- <br />sideration of the acceptance of the Bonds authorized to be issued <br />hereunder by those who shall hold the same from time to time, this <br />Resolution shall be deemed to be and shall constitute a contract <br />between the County and such Holders. The covenants and agree- <br />ments herein set forth to be performed by the County shall be for <br />the equal benefit, protection and security of the legal Holders <br />-6- <br />
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