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1983-071
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1983-071
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3/28/2023 3:12:28 PM
Creation date
3/28/2023 3:12:04 PM
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Resolutions
Resolution Number
1983-071
Approved Date
09/07/1983
Subject
Authorizing a Letter of Intent & Inducement to Hutchinson Utilities Inc.
to the issuance by the County of Industrial Development Revenue Bonds to finance
the cost of sewage treatment facilities of such corp in the County
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40 <br />r# <br />I <br />resulting by reason of the location of the Project within the <br />i <br />territorial limits of the Issuer, will be provided by the Borrower <br />when needed. <br />E. Adequate provision will be made under the provisions <br />of the proposed loan agreement, mortgage and security agreement <br />(the "Agreement") for the operation, repair and maintenance of the <br />i <br />Project at the expense of the Borrower, and .for the payment of the <br />principal of, premium, if any, and interest on the bonds. <br />F. The Issuer will not make any findings regarding the <br />financial responsibility of the Borrower, as required by Section <br />159.29, Florida Statutes (1981), until after the utility rate <br />hearing with respect to the Project, scheduled no earlier than <br />October 15, 1983, has been duly held. <br />G. Theprincipal of, premium, if any, and interest on <br />I <br />the bonds and all payments required under the proposed Agreement <br />and the promissory note (the "Note") secured by the Agreement, and <br />the trust indenture, if any, securing payment of the bonds shall <br />be payable solely from the proceeds derived by the Issuer under <br />the proposed Agreement and Note, and any guaranty of such payment <br />obligations by third parties, and the Issuer shall never be <br />required to levy ad valorem taxes on any property within its <br />i <br />territorial limits to pay the principal of, premium, if any, and <br />interest on the bonds or to make any ether payments provided under <br />the proposed Agreement, Note or trust indenture, if any, or <br />I <br />-3- <br />
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