HomeMy WebLinkAbout2137 6. The determination by the County as recited in
Resolution No. 73-118.based upon advice of counsel and the
statements, opinion and certificate mentioned in paragraph
(h) above that the interest on the revenue bonds authorized
to be issued under Resolutions No. 73-118 and 73-132 shall be
exeMpt from federal income taxes un~er existing law constitutes ~
compliance with the provisions of Section 10 of Article VII of the
Florida Constitution and the Act. Such determination is sufficient
to permit this Court to determine that the revenue bonds will be
valid and bindinq obligations of the County authorized to be issued
under and pursuant to the provisions of the Act and said Section 10
of Article VII and to validate said bonds. The validity of the
revenue bonds shall not be affected by any determination subsequent
to their issuance that the interest on such bonds was not either
at the tiMe of su~h issuance or at any time thereafter exeMpt from
federal income taxes.
7. The interest on the Series A Bonds will be exempt from
Federal income taxation under existing laws of the United States.
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; 8. The Contract does not violate the provision of the
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~ Act providing that no project shall be financed thereunder unless
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~ the local agency issuing the bonds to finance such project shall
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~ have or shall acquire an interest in the site of the nroject not
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~ of less dignity than a leasehold interest sufficient for the
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~ purpose inasr~uch as provided in'Resolutions No. 73-118 and 73-132
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~ and in the Contract the Corr?pany has granted to the County, as '
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~ security for the performance by the Company of its obligations
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under the provisions of the Contract, a mortgage on the site of
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~ the Project including each and every cor:iponent of the Project ~
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~ which has been or will be acquired under the Contract by the
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Company. The mortgage as so granted is subject to the First
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~;.a Mortgage Liens (as defined in the Contract) and equal to, but not ;
superior to, the Debenture Liens (as defined in the Contract).
~ T'~e Contract and mortgage are adequate within the meaning of the
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