HomeMy WebLinkAbout0153 (c) The County entered into an Installment Purchase and
Security Contract 3ated as of January l, 197~ (.hereln called the
' "Original Contract"), with Florida Power & Light Company
(herein sometimes called the "Company"}, a corporation
organized and existing under the laws of the State of Florida,
pursuant to which the County sold to the Comoany and the -
Company purchased from the County, sub,~ect to the Firs*.
Nortgage Liens (as defined in the Orlginal Contract), all of
the County's right, title and interest in the pro,~ect de-
scribed in Exhibit A to the Contract (the "Pro~ect"~ at a
purchase price pay~,ble in installments in amoun~s sufficient
to pay the interest on and to redeem or pa~ a~ their maturity
or maturities the revenue bonds to be issued to paq the cost of
the Pro~ect and the Comoaay granted to the County, as security
for ~re performance by the Company of its obligations under the
~ Original Contract, a security interest in the Pro~ect, which
security interest as so granted_is sub~ject to~the First
~!ortgage Liens and ecual to, but noL superior to, the
Debenture Liens (as defined in the ~Jriginal Contract)_,~a?1
as se~ forth in the Original Contract.
~d) `~'he Compan~ further gran*ed to the Cour.t;~ ~ne
property rights in the Propert~es of ~he Ccmaany (as ~e°~ned
in the Original Contrac~~, be~ng the site o° L'ne Pro~ect, -
necess2ry to er,abie the Ccunty to const: uct and :o ;n2inrair~
the ~ro~ec~ or. the Properties ~f tne Cor~pany, ar.3 suc::
prop~rty rights grar:ted ny ~he Company ta County to constr~act
an~ ~o :nainta~r. *ne Pro~ec~ c~°atz in ;he Cour.~y an ~n~zres~
i:: the s:.te of the PT'O~~c*, o, no~ ~ess d~~ni~y thar: a~P~s°- .
. ~
'r.eld ;r.teres~ s•a~'fici~nt ~or the ~ur~ose o: ;,r.e cor.s~ruc*.~an,
ooer?tion anci :::3=ntg2:3:'i~e c: ~::e Pro.'e~t, ?s re~u_r~d b;~ ;he
Act.
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aaQ~ 263 P~E 140