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1985-075
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1985-075
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5/1/2023 11:38:48 AM
Creation date
5/1/2023 11:38:06 AM
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Resolutions
Resolution Number
1985-075
Approved Date
07/10/1985
Subject
Authorizing the refunding of presently outstanding capital improvement revenue bonds,
Series 1980 & Series 1981 of the County, providing for the issuance of not exceeding $25,000,000
refunding & improvement revenue bonds, Series 1985
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end of such month, plus any deficiencies in interest deposits for <br />• <br />the preceding month) one-sixth (1/6) or one -twelfth (1/12), as <br />the rase <br />may be, <br />of all principal maturing on the <br />Current <br />Interest <br />Paying <br />Serial Bonds authorized herein on <br />the next <br />maturity <br />date, and <br />one-sixth (1/6) or one -twelfth <br />(1/12), as the <br />case may be, of the Compounded mount next becoming due on any <br />Serial Capital Appreciation Bonds whether by reason of maturity <br />!.!B or earlier redemption thereof, to be subsequently determined by <br />resolution of the Issuer prior to the delivery of the particular <br />issue of Bonds, and an amount sufficient to pay the fees and <br />charges of the Bond Registrar and paying agents. In the event <br />the first interest payment date or first principal maturity date <br />shall occur either more or less than six (6) months or twelve <br />(12) months, as the case may be, after the delivery of any of the <br />Bonds, then the payments required above shall be adjusted accor- <br />dingly to provide for the payment of such principal and interest. <br />On a parity therewith, Revenues shall simultaneously be applied and <br />allocated to the "Refunding and Improvement- Revenue Bonds, Bond <br />Amortization Fund" (hereinafter called "Bond Amortization Fund"), <br />hereby created and established, to the extent required, in such <br />sums as will be equal to one-sixth (1/6) of the amount of the <br />Amortization Installment required to be made on the next semian- <br />nual payment date or one -twelfth (1/12) of the Amortization <br />Installment required to be made on the next annual payment date <br />for Term Bonds. Such allocations shall be credited to a separate <br />special account for each series of Term Bonds outstanding, and if <br />there shall be more than one stated maturity for Term Bonds of a <br />series, then into a separate special account in the Bond <br />Amortization Fund for each such separate maturity of Term Bonds. <br />The Amortization Installments may be due either annually or semi- <br />annually, but in an_v event. the required payments as set forth <br />above shall be made monthly commencing in the first month which <br />is six (6) months or twelve (12) months, as the case may be, <br />prior to the date on which the Amortization Installment is <br />-27- <br />
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