1985-078 - Laserfiche WebLink

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Additional Parity Obligations may be issued under the ® following conditions and in the same manner herein provided: (1) There shall have been obtained and filed with ® the Issuer a certificate of a Qualified Independent Consultant: (a) stating that he had audited the books and records of the Board relating to the collection and receipt of the Pledged Funds; (b) setting forth the amount of Pledged Funds received by the Issuer for 12 months out of the 18 month period immediately preceding the proposed date of delivery of such Additional Parity Obligations with respect to which such certificate is made; and a (c) stating that the Pledged Funds for such preceding 12 month period is at least equal to 1.25 times the maximum Bond Service Requirement to become due in any ensuing Bond Year on the Bonds then outstanding and the Additional Parity !oligations proposed to be issued. (2) The Issuer shall not be in default in complying with any of the covenants, terms or provisions in this resolution, and all payments required by this resolution to be made into the funds and accounts established hereunder shall have been made to the full extent required. K. REMEDIES. Any Registered Owner may either at law or in equity, by suit, action, mandamus or other proceedings in any court of competent jurisdiction, protect and enforce any and all rights under the laws of the State of Florida or granted and con- tained in the Act and in this resolution, and may enforce and compel the payment of all sums and the performance of all duties required by this resolution or by any applicable statutes to be performed by the Issuer, or by any officer thereof, including but not being limited to, the collection, application and distribu- tion of the Pledged Funds in the manner provided in this resolution. L. NO IMPAIRMENT OF CONTRACT. The Issuer has full power and authority to irrevocably pledge the Pledged Funds to the payment of the principal of and interest on the Bonds. -29-