HomeMy WebLinkAbout2606 caus~ as ~art of the Complaint.
4. Such Resolution provides for the issuance of the
obligations to be dated April 1, 1973, to be in the denomina-
tion of $S,OOd each, to bear interest at a rate or rates not
exceeding the legal rate, and to mature on April 1 in the
years 1975 to 2003, inclusive. The Resolution fixes the form
and other details of the obligations, provides for the manner
of issuance thereof in two lots or groups, $8,160,000 Series
1973-A and $4,790,000 Series 1973-B, an~ further provides that
such obligations shall be pay~~le solely from and secured by
a prior lien upon and ple~qe of cert~in ir~T.~estment income and
by a Zien upon anci a plec?ge of tlie net revenues derived from
the operation of tre systeri '..y 'tne oZainti;_f, and fror~ the pro-
ceeds of the utilities services taxes levieci i~y the City and
more particularly described in the Resolution (hereinafter
collectively called "nledged £unds"). The City Commission by
Resolution No. 73-107 adopted on November 5, 1973 agreed and -
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i consented to such aledge of the utilities services taxes as
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E above stated.
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~ The lien of the obligations on the revenues of the
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~ electric system and water system of the combined system is
~ junior, subordinate and inferior to the lien on such revenues
a
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~ of certain outstanding certificates described in the Resolution f
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~ as Outstanding Electric and Water System Revenue Certificates.
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~ The.lien of the obligations on the revenues of the
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se~•rer system of the combir~ed system and on the proceeds of the
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utilities services taxes is j~ani~r, subordinate and inferior ~
~ to the lien thereon of certain outstanding revenue bonds
~ described in the Resolution as Outstanding Utility Sewer
~ Revenue Bonds.
The lien of the obligations on the revenues of the
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tiy - 3- EOOK ~i1GE~.VV~i
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