1986-019 - Laserfiche WebLink

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required to be deposited in the Reserve Account for the Bonds as determined by resolution of the Board on or prior to the sale of the applicable series of Bonds. X. 'Serial Bonds' shall mean any Bunds for the payment of the principal of which, at the maturity thereof, no fixed Amortization Installment or bond redemption deposits are required to be made prior to the 12 month period immediately preceding the stated date of maturity thereof. Y. 'Term Bonds' shall mean the Bonds of a series, all of which shall be stated to mature on one date and which shall be subject to retirement by operation of the Bond Amortization Account, herein created and established." B. Subsection 3D of the Resolution is hereby amended to read as follows: "D. The principal, redemption premiums, if any, and interest on the Bonds to be issued pursuant to this resolution and all other payments specified herein will be payable solely from the Pledged Funds, in the manner herein provided. There are no other outstanding obligations of the Issuer payable from such Pledged Funds, or any portion thereof, except the outstanding Obligations payable from the Racetrack Funds and Jai Alai Fronton Funds; however, the Issuer shall advance refund the Outstanding Obligations and defease the lien of the holders thereof on the Racetrack Funds and Jai Alai Fronton Funds before the issuance of any of the Bonds." C. Section 14 of the Resolution is hereby amended to read as follows: "SECTION 14. SECURITY FOR BONDS. The principal of and interest on the Bonds shall be secured forthwith equally and ratably by a first lien upon and a pledge of the Pledged Funds. The Issuer hereby irrevocably pledges such Pledged Funds to the payment of the principal, redemption premiums, if any, and interest on the Bonds." D. Paragraph number (6) of Subsection 16C of the -7-