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1983-077
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1983-077
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Last modified
3/28/2023 1:59:54 PM
Creation date
3/28/2023 1:59:48 PM
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Resolutions
Resolution Number
1983-077
Approved Date
09/21/1983
Subject
Combining all water and/or sewer systems of IRC into one integrated system
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40 <br />s <br />"RESOLUTION COMBINING ALL WATER AND/OR <br />SEWER SYSTEMS OF INDIAN RIVER COUNTY, <br />FLORIDA, INTO ONE INTEGRATED SYSTEM; <br />PLEDGING THE GROSS REVENUES OF SUCH <br />COMBINED SYSTEM TO SECURE PAYMENT OF <br />THE PRINCIPAL OF AND INTEREST ON ALL <br />WATER AND/OR SEWER REVENUE OBLIGATIONS <br />OF THE COUNTY; REVISING CERTAIN COVENANTS <br />IN THE RESOLUTIONS AUTHORIZING THE <br />ISSUANCE OF ALL OUTSTANDING WATER AND/ <br />OR SEWER REVENUE OBLIGATIONS OF THE <br />COUNTY; AND PROVIDING FOR THE RIGHTS <br />OF THE HOLDERS OF SUCH OBLIGATIONS." <br />(hereinafter called "Resolution"). <br />B. It is necessary and desirable to amend the <br />Resolution by increasing the time for accumulation of the Reserve <br />Account, by reducing the Renewal and Replacement Fund requirement <br />and by reducing the debt service coverage contained in the rate <br />covenant and the parity test. <br />C. The United States of America, acting through the <br />Farmers Home Administration, U. S. Department of Agriculture <br />(hereinafter called "Government"), is the holder of all the <br />outstanding bonds of the County payable from the Gross Revenues, <br />as defined in the Resolution, and has consented to the changes <br />made by this resolution. <br />D. There are presently outstanding $2,750,000 Water <br />and Sewer Revenue Bonds, Series 1982, Anticipation Notes, dated <br />December 1, 1982, of the County (hereinafter called "Notes") <br />which are secured, in part, by the Gross Revenues. All material <br />changes to the rights of the holders of the Notes, made by this <br />resolution, shall not become effective until the Notes are no <br />longer outstanding. It is expected that the Government will <br />become the holder of the Water and Sewer Revenue Bonds, Series <br />1982, of the County, when issued. <br />SECTION 3. AMENDMENTS TO RESOLUTION. The Resolution is <br />amended in the following manner. <br />A. Section 3.04(C)(4) of the Resolution is hereby <br />amended to read as follows: <br />"(4) After fulfillment of the requirements of subsec- <br />tions (C)(1), (2) and (3), the Issuer shall transfer on or before <br />-2- <br />
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