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1985-036
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1985-036
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Last modified
4/27/2023 10:02:26 AM
Creation date
4/27/2023 10:01:58 AM
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Resolutions
Resolution Number
1985-036
Approved Date
03/20/1985
Subject
Authorizing issuance of not exceeding $5,165,000 Improvement Bonds, Series, #2 of IRC to finance the
Acquisition & Construction of certain sewage collection & treatment improvements
to the combined water & sewer system of the County
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MR <br />40 <br />•• <br />extent necessary, will be paid from the Non Ad Valorem Funds in <br />the manner specified herein. The County will not be authorized <br />to levy ad valrrem taxes on any real property in the County to <br />pay the principal of and interest on the Bonds herein authorized <br />or to make any other payments specified by this resolution. <br />H. The complex character of the issuance of the Bonds <br />requires lengthy and detailed structuring which could be unreaso- <br />nably restricted by the lack of flexibility at public sale. <br />I. Special assessment bonds normally do not generate <br />sufficient interest in the municipal bond market to justify <br />offering them at public sale. <br />J. A negotiated sale of these Bonds will result in the <br />most favorable bond financing plan and is it the best interest of <br />the County. <br />SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In con- <br />sideration of the acceptance of the Bonds authorized to be issued <br />hereunder by the Registered Owners who shall hold the same from <br />time to time, this resolution shall be deemed to be and shall <br />constitute a contract between the County and such Registered <br />Owners. The covenants and agreements herein set forth to be per- <br />formed by the County shall be for the equal benefit, protection <br />and security of the Registered Owners of the Bonds, all of which <br />shall be of equal rank and without preference, priority or <br />distinction of any of the Bonds over any other thereof, except as <br />expressly provided therein and herein. <br />SECTION 5. AUTHORIZATION AND DESCRIPTION OF BONDS. <br />Subject and pursuant to the provisions of this resolution, obli- <br />gations of the County to be known as "Improvement Bonds, Series <br />No. 2," are hereby authorized to be issued in the aggregate <br />principal amount of not exceeding $5,165,000 for the purpose of <br />financing the cost of the Project. The Bonds shall be dated as <br />of their date of delivery and may be numbered consecutively from <br />one upward or in such other manner as designated by the Bond <br />Registrar. The Bonds shall mature on January 1, 1996, shall be <br />-4- <br />
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