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1986-019
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1986-019
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5/5/2023 3:05:25 PM
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Resolutions
Resolution Number
1986-019
Approved Date
04/16/1986
Subject
Providing for the construction of a Public Golf Course in IRC ; authorizing the issuance of
not exceeding $4,200,000 Recreational Revenue Bonds, Series 1985, to finance
the cost thereof
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insured by the Federal Deposit Insurance Corporation or the <br />Federal Savings and Loan Insurance Corporation: (a) certificates <br />of deposit, (b) savings accounts, (c) deposit accounts or (d) <br />depository receipts of banks, savings and loan associations and <br />mutual savings banks. The value of the above investments shall <br />be determined as provided below. 'Value,' as of any particular <br />time of determination, means the value of any investments as <br />follows: (a) as to investments the bid and asked prices of <br />which are published on a regular basis in The mall Street Journal <br />(or, if not there, then in The New York Times): the average of <br />the bid and asked prices for such investments so published on or <br />most recently prior to such time of determination; (b) as to <br />investments the bid and asked prices of which are not published <br />on a regular basis in The Wall Street Journal or The New York <br />Times: the average bid price at such time of determination for <br />such investments by any 2 nationally recognized government <br />securities dealers (selected by the Issuer in its absolute <br />discretion) at the time making a market in such investments; (c) <br />as to certificates of deposit and bankers acceptances: the face <br />amount thereof, plus accrued interest; and (d) as to any invest- <br />ment not specified above: the value thereof established by prior <br />agreement between the Issuer and AMBAC Indemnity Corporation, New <br />York, New York ('AMBAC'). If more than one provision of this <br />definition of 'value' shall apply at any time to any particular <br />investment, the value thereof at such time shall be determined in <br />accordance with the provision establishing the lowest value for <br />such investment. <br />L. 'Fiscal Year' shall mean the period commencing on <br />October 1 of each year and ending on the succeeding September 30. <br />M. 'Gross Revenues' shall mean all income or earnings <br />derived from the operation of the Project; all proceeds of the <br />sale, condemnation and/or insurance on the Project; and any <br />income from the investment of money in the funds and accounts <br />herein established for payment of the principal of and interest <br />on the Bonds. <br />-5- <br />
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