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1984-048
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1984-048
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Last modified
4/20/2023 3:13:48 PM
Creation date
4/20/2023 3:13:21 PM
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Resolutions
Resolution Number
1984-048
Approved Date
07/11/1984
Subject
Authorizing the issuance of improvements bonds not to exceed $2,500,00 to finance the cost
of the SR-60 waterline and Resolution was adopted with the changes as voted on
and carried 4-0
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the part of the County whether or not the lost, stolen or <br />destroyed Bonds be at any time found by anyone, and such dupli- <br />cate Bonds shall be entitled to equal and proportionate benefits <br />and rights as to lien on and source and security for payment from <br />the funds; as hereinafter pledged, to the same extent as all <br />other Bonds issued hereunder. <br />SECTION 11. PROVISIONS FOR REDEMPTION. Except as pro- <br />vided below, the Bonds are not subject to redemption prior to <br />their first interest payment date. On the first interest payment <br />date for the Bonds, and on each November 1 and May 1 thereafter, <br />after providing for the payment of interest on the Bnnds nn f -he <br />next annual interest payment date and the amortization <br />installments specified below, the County shall, from money on <br />deposit in the Improvement Fund, redeem Bonds or portions thereof <br />as are selected by lot, at a price of par and accrued interest to <br />the redemption date, to the extent necessary to exhaust the <br />Improvement Fund as nearly as may be practicable. <br />Principal amounts of the Bonds or portions thereof; to <br />be selected by lot, which shall be equal to the following man- <br />datory amortization installments: <br />YEARS AMOUNTS <br />1987 $190,000 <br />1988 190,000 <br />1989 190,000 <br />1990 190,000 <br />1991 190,000 <br />1992 190,000 <br />1993 190,000 <br />1994 190,000 <br />1995 190,000 <br />1996 170,000 <br />1997 170,000 <br />shall be redeemed on May 1 prior to their maturity (except the <br />installment maturing in the year 1997) at the price of the prin- <br />cipal amount thereof, plus accrued interest, or be purchased in <br />the open market at a price not to exceed such redemption price. <br />In addition, the Bonds or portions thereof, shall be <br />redeemable at any time, at the option of the County, in whole or <br />in part, by lot if less than all, at the price of the principal <br />-9- <br />
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