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1996-030
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1996-030
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Last modified
10/16/2015 4:50:14 PM
Creation date
10/15/2015 1:25:36 PM
Metadata
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Template:
Resolutions
Resolution Number
1996-030
Approved Date
02/20/1996
Resolution Type
Water and Sewer Revenue Bonds
Subject
to pay the costs of certain projects
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Notice of such redemption shall be provided in accordance with <br />the provisions of the Original Resolution. When notice of <br />redemption is given, Series 1996 Bonds called for redemption will <br />become due and payable on the redemption date at the redemption <br />price stated in such notice. When a notice of redemption is given <br />and funds sufficient for redemption are deposited with the <br />Registrar, interest on the Series 1996 Bonds to be redeemed will <br />cease to accrue on the date fixed for redemption, such Series 1996 <br />Bonds shall cease to be entitled to any lien, benefit or security <br />under this Resolution and the Holders of such Series 1996 Bonds <br />will have no right in respect thereof except to receive payment of <br />the redemption price. <br />SECTION 15. FORM OF SERIES 1996 BONDS. The text of the <br />Series 1996 Bonds, together with the certificate of authentication, <br />shall be in substantially the form set forth in the Original <br />Resolution, with such omissions, insertions and variations as may <br />be necessary, desirable, authorized or permitted by this Resolution <br />or by any subsequent resolution adopted prior to the issuance <br />thereof, or as may be necessary to comply with applicable laws, <br />rules and regulations of the United States and of the State in <br />effect upon the issuance thereof. <br />SECTION 16. APPLICATION OF PROVISIONS OF ORIGINAL RESOLUTION. <br />The Series 1996 Bonds, herein authorized, shall for all purposes <br />(except as herein expressly provided) be considered to be Addi- <br />tional Parity Bonds issued under the authority of the Original <br />Resolution, and shall be entitled to all the protection and <br />security provided therein for the Series 1993 Bonds, and shall be <br />in all respects entitled to the same security, rights and <br />privileges enjoyed by the Series 1993 Bonds. <br />The covenants and pledges contained in the Original Resolution <br />shall be applicable to the Series 1996 Bonds herein authorized in <br />Me manner as applicable to the Series 1993 Bonds. The principal <br />of and interest on the Series 1996 Bonds shall be payable from the <br />Sinking Fund established in the Original Resolution on a parity <br />with the Series 1993 Bonds, and payments shall be made into such <br />Sinking Fund by the County in amounts fully sufficient to pay the <br />principal of and interest on the Series 1993 Bonds and the Series <br />1996 Bonds as such principal and interest become due. All funds <br />and accounts created pursuant to the Original Resolution shall be <br />held by the County in trust for the holders of the Bonds. <br />The Pledged Funds shall immediately be subject to the lien of <br />this pledge without any physical delivery thereof or further act, <br />and the lien of this pledge shall be valid and binding as against <br />all parties having claims of any kind in tort, contract or <br />otherwise against the County. <br />SECTION 17. APPLICATION OF BOND PROCEEDS. The proceeds, <br />including accrued interest received from the sale of the Series <br />1996 Bonds shall be applied by the County simultaneously with the <br />delivery of such Series 1996 Bonds to the purchaser thereof, as <br />
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