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1985-078
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1985-078
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5/1/2023 3:43:31 PM
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Resolutions
Resolution Number
1985-078
Approved Date
07/17/1985
Subject
Authorizing the issuance of not exceeding $4,200,000 recreational revenue bonds,
Series 1985, to finance the cost thereof; providing for payment of the principal & interest
on such bonds form the net revenues to be derived from the operation of the Golf Course
Racetrack Funds & Jai Alai Fronton Funds accuring annually to IRC
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maintenance thereof. <br />OR R F. RATE COVENANT. The Issuer will, to the extent <br />practicable, fix, establish, revise from time to time whenever <br />NO necessary, maintain and collect always such fees, rates, rentals <br />and other charges for the use of the services of the Project <br />which will always provide Gross Revenues in each year sufficient <br />to pay, and out of such funds pay, 100% of all Costs of Operation <br />" - and Maintenance in such year, all Bond Service Requirements <br />of <br />becoming due in such year on the outstanding Bonds and all <br />reserve or other payments herein required. <br />G. BOOKS AND ACCOUNTS; AUDIT. The Issuer shall keep <br />proper books, records and accounts, separate and apart from all <br />other records and accounts, showing correct and complete entries <br />of all transactions of the Project. The Rea-stered Owners of any <br />of the Bonds or any duly authorized agent or agents of such <br />Registered Owners shall have the right at any and all reasonable <br />times to inspect such books, records and accounts. The Issuer <br />shall within 180 days following the close of each Fiscal Year, <br />cause an audit of such books, records and accounts to be made by <br />an independent firm of certified public accountants; however, <br />such audit may be included in the annual audit of the operations <br />of the Issuer. Copies of each such audit report shall be placed <br />on file with the Issuer and be made available at reasonable times <br />for inspection by Registered Owners. <br />H. NO MORTGAGE OR SALE OF PROJECT. The Issuer shall <br />not sell, mortgage, lease or otherwise dispose of or encumber the <br />properties of the Project; provided, however, that the Issuer <br />from time to time (1) may sell, lease or otherwise dispose of all <br />the properties comprising the Project if simultaneously with such <br />sale or other disposition thereof, provision is made for the <br />payment of cash and/or Federal Securities into the Sinking Fund, <br />the principal of and interest on which is sufficient to pay the <br />principal of, applicable redemption premium and interest on all <br />Bonds then outstanding in full in accordance with the require- <br />_27- <br />
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