1985-075 - Laserfiche WebLink

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shall be stated to mature on one date and which shall be subject to 40 mandatory redemption by operation of the Bond Amortization Fund or otherwise designated as such by resolution of the Issuer adopted prior to the delivery thereof. SECTION 3. FINDINGS. It is hereby ascertained, deter- mined and declared that: A. Pursuant to the Act, the Issuer is authorized to pledge the Sales Tax and the income from the investment of monies in the funds and accounts established in Section 17 hereof (the "Investment Income") to the payment of the principal of and interest on the Bonds; said Sales Tax and Investment Income are not now pledged or encumbered in any manner - B. The Issuer has previously issued the Refunded Bonds, of which the estimated sum of not exceeding 54,890,000 principal amount is presently outstanding and unpaid. C. It is necessary and desirable to acquire and con- struct the Project, as provided herein, in order to preserve and protect the public health, safety and welfare of the inhabitants of the Issuer. D. The Issuer deems it necessary and in its best inter- est to provide for the refunding of the Refunded Bonds through the issuance of the Bonds herein authorized. The refunding program herein described will be advantageous to the Issuer, by (1) restructuring the debt service of the County to anticipate future capital requirements, (2) providing a savings in debt ser- vice, (3). removing certain restrictive covenants contained in the proceedings which authorized the Refunded Bonds, and (4) providing the County more flexibility in the issuance of its debt obligations. E. The estimated funds needed for the refunding as above described shall be derived from the sale of a portion of the Bonds herein authorized and other funds of the Issuer available therefor. The estimated funds needed for the Project shall be provided from proceeds derived from the sale of the Bonds. -8-