HomeMy WebLinkAbout2607 natural c~as distribution system of the combined system is junior.
subordinate and inferior to the lien thereon of certain outstand-
ing revenue bonds described in the Resolution as Outstanding
Natural Gas Revenue IIonds.
Such Resolution further provides that no ad valorem
taxes shall be required to be levied for the payment of the
principal of or interest on such obligations, but that such
principal and interest shall be payable only from the pledged
funds. .
5. The estimated pledged funds will be sufficient
to gay the amount to become due in each fiscal year for the pay-
ment or the principal of and interest on the obligations herein
referred to. -
6. The obligations shall be payable as to both
principal and interest solely from the pledged funds in the
manner provided in the Resolution. The obligations will not
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f constitute an indebtedness of the plaintiff or of the City
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~ within the meaning of any constitutional or statutory limita-
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~ tion and no holder of any of the obligations or any coupons
~ appertaining thereto shall ever have the right to compel the
~ and of the C ity
~ exercise of the ad valorem taxing nower of the plaintiff/to pay
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~ the obligations ar the interest thereon or to make any of the
~ reserve, sinking fund or other p~yments provided for in the
ResoZution. The obligations shall not constitute a lien upon
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~ the system or Up~TI any other property of the plaintiff or of
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~ the City but shall constitute a lien upon the pledged funds.
7. The obligations are not "~~onds" within the mean-
L' ing of tne Constitution of I'lorida, and are not required by
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the i~onstitution and Statutes to be approved at an election.
8. The plaintiff, pursuant to the Constitution and
F~ Laws of the State of Florida, has the power, is authorized,
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