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1985-078
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1985-078
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Last modified
5/1/2023 3:43:31 PM
Creation date
5/1/2023 3:42:57 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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Additional Parity Obligations may be issued under the <br />® following conditions and in the same manner herein provided: <br />(1) There shall have been obtained and filed with <br />® the Issuer a certificate of a Qualified Independent Consultant: <br />(a) stating that he had audited the books and records of the <br />Board relating to the collection and receipt of the Pledged <br />Funds; (b) setting forth the amount of Pledged Funds received by <br />the Issuer for 12 months out of the 18 month period immediately <br />preceding the proposed date of delivery of such Additional Parity <br />Obligations with respect to which such certificate is made; and <br />a (c) stating that the Pledged Funds for such preceding 12 month <br />period is at least equal to 1.25 times the maximum Bond Service <br />Requirement to become due in any ensuing Bond Year on the Bonds <br />then outstanding and the Additional Parity !oligations proposed <br />to be issued. <br />(2) The Issuer shall not be in default in <br />complying with any of the covenants, terms or provisions in this <br />resolution, and all payments required by this resolution to be <br />made into the funds and accounts established hereunder shall have <br />been made to the full extent required. <br />K. REMEDIES. Any Registered Owner may either at law or <br />in equity, by suit, action, mandamus or other proceedings in any <br />court of competent jurisdiction, protect and enforce any and all <br />rights under the laws of the State of Florida or granted and con- <br />tained in the Act and in this resolution, and may enforce and <br />compel the payment of all sums and the performance of all duties <br />required by this resolution or by any applicable statutes to be <br />performed by the Issuer, or by any officer thereof, including but <br />not being limited to, the collection, application and distribu- <br />tion of the Pledged Funds in the manner provided in this <br />resolution. <br />L. NO IMPAIRMENT OF CONTRACT. The Issuer has full <br />power and authority to irrevocably pledge the Pledged Funds to <br />the payment of the principal of and interest on the Bonds. <br />-29- <br />
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