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1984-036
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1984-036
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4/18/2023 2:31:50 PM
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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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-24- <br />deposit annually into said Reserve Account, if necessary, an <br />amount equal to twenty per cent (20%) of the difference between <br />the amount, if any, so deposited upon the delivery of the Bonds <br />and the amount required to be maintained therein by the provi- <br />sions of this subparagraph (2). No further payments shall be <br />required to be made into such Junior Lien Reserve Account when <br />there has been deposited therein and as long as there shall <br />remain on deposit therein a sum equal to the Maximum Bond Service <br />® <br />Requirement on the Bonds. <br />Any withdrawals from the Junior Lien Reserve Account <br />shall be subsequently restored from the first moneys available in <br />the Revenue Fund after all required payments have been made for <br />the Senior Lien Bonds and all required current payments into the <br />Junior Lien Bond Service Fund, including the Bond Amortization <br />Account therein, and into the Junior Lien Reserve Account, <br />including all deficiencies for prior payments, have been made in <br />full. <br />Moneys in the Junior Lien Reserve Account shall be used <br />only for the purpose of the payment of maturing principal (in- <br />cluding Amortization Installments) of or interest on the Bonds <br />when the moneys in the Junior Lien Bond Service Fund are insuf- <br />ficient therefor, and for no other purpose. <br />Whenever the amount on deposit in the Junior Lien <br />Reserve Account exceeds the amount required to be maintained <br />therein by the provisions of this subparagraph (2), the excess <br />may be withdrawn and deposited into the Junior Lien Bond Service <br />Fund or the Bond Amortization Account therein and used for the <br />purposes thereof, or may be transferred and allocated to the <br />Redemption Account, hereinafter created, and used solely for the <br />purposes thereof. <br />The County shall not be required to make any further <br />payments into the Junior Lien Bond Service Fund, including the <br />Bond Amortization Account therein, or into the Junior Lien <br />Reserve Account when (i) the aggregate amount of moneys in such <br />-24- <br />
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