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1984-036
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1984-036
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Last modified
4/18/2023 2:31:50 PM
Creation date
4/18/2023 2:31:16 PM
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Resolutions
Resolution Number
1984-036
Approved Date
05/23/1984
Subject
Authorizing ther issuance o $1,000,000 Capital Improvement Revenue Bonds (junior Lien)
for the same purpose & authorized validation of same with understanding that no further action
in connection with the actual refinancing will be taken without first coming to the commission
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40 <br />40 <br />of <br />Revenues shall be junior, inferior and subordinate in all respects <br />to the lien on such Pledged Revenues of the holders of the Senior <br />Lien Bonds. <br />SECTION 17. BONDS NOT DEBT OF BOARD OR COUNTY. Neither <br />the Bonds nor the interest thereon shall be or constitute general <br />obligations or indebtedness of the Board or of the County within <br />the meaning of any constitutional or statutory limitation of <br />indebtedness, but shall be payable solely from and secured by a <br />lien upon and a pledge of the Pledged Revenues, as herein defined, <br />and the income from the investment of monies held in the various <br />funds and accounts hereinafter established in Section 18 hereof. <br />No holder or holders of any Bonds issued hereunder shall ever have <br />the right to compel the levy of ad valorem taxes to pay the Bonds <br />or interest thereon or for the making of any other payments pro- <br />vided for in this Resolution. <br />:SECTION 18. COVENANTS OF THE COUNTY. For as long as <br />any of the principal of and interest on any of the Bonds shall be <br />outstanding and unpaid or until there shall have been set apart <br />in the Junior Lien Bond Service Fund, herein established, <br />including the Bond Amortization Account_ and the Reserve Account <br />therein, a sum sufficient to pay when due the entire principal of <br />the Bonds remaining unpaid, together with interest accrued or to <br />accrue thereon, the County covenants with the holders of any and <br />all Bonds as follows: <br />A. REVENUE FUND. The Pledged Revenues shall, upon <br />receipt thereof, be deposited and applied first as set forth in <br />Subsection 17A and paragraphs (1) and (2) of Subsection 17B of <br />the Senior Lien Resolution. All Pledged Revenues remaining on <br />deposit in the Revenue Fund created and established in the Senior <br />Lien Resolution shall be disposed of commencing with the Fiscal <br />Year 1983-84, only in the following manner and in the following <br />order of priority: <br />(1) Pledged Revenues shall first be used for deposit <br />into a separate fund, which is hereby created and designated the <br />-22- <br />
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