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1985-078
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1985-078
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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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from time to time, to prepare the annual audit of the Issuer; <br />® having favorable repute or skill and experience with respect to <br />j the acts and duties to be provided to the Issuer, as shall from <br />® time to time be retained by the Issuer to perform the acts and <br />carry out the duties herein provided for such consultants. <br />T. "Racetrack Funds and ,Tai Alai Fronton Funds" shall <br />mean that portion of the racetrack funds and jai alai fronton <br />funds accruing annually to the Issuer under the provisions of <br />Chapters 550 and 551, Florida Statutes, and allocated to the <br />Board pursuant to law. <br />U. "Record Date" shall mean the 15th day of the month <br />immediately preceding an interest payment date for the Bonds. <br />V. "Registered Owner" shall mean any person who shall <br />be the owner of any outstanding Bond or Bonds as shown on the <br />books of the Issuer maintained by the Bond Registrar. <br />W. "Reserve Account Requirement" shall mean the amount <br />required to be deposited in the Reserve Account for the Bonds as <br />determined by resolution of the Board on or prior to the sale of <br />the applicable series of Bonds. <br />X. "Serial Bonds" shall mean any Bonds for the payment <br />of the principal of which, at the maturity thereof, no fixed <br />Amortization Installment or bond redemption deposits are required <br />to be made prior to the 12 month period immediately preceding the <br />stated date of maturity thereof. <br />Y. "Term Bonds" shall mean the Bonds of a series, all of <br />which shall be stated to mature on one date and which shall ne <br />subject to retirement by operation of the Bond Amortization <br />Account, herein created and established. <br />SECTION 3. FINDINGS. It is hereby found and determined <br />as follows: <br />A. It is necessary and desirable to construct and equip <br />the Project on land now owned by the Issuer, all in accordance <br />with the plans and specifications now on file or to be filed with <br />the Clerk of the Board. <br />-5- <br />
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