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HomeMy WebLinkAbout0174 1. Plaintiff, the Fort Pierce Utilities Authority of Fort Pierce, Florida, is a separate unit of the City government of the City of Fort Pierce, organized and existing under and by virtue of the laws of the State of Florida, particularly Chapter 57-1331, Laws of Florida, Special Acts of 1957, as amended and supplemented, Ordinance F-399 heretofore enacted by the City of ~ Fort Pierce and approved at a referendum held for such purpose, and other applicable provisions of law (hereinafter collectively referred to as the "Act"). 2. Plaintiff is.authorized by the Act to issue revenue obligations to finance the cost of acquiring additions, extensions, and improvements to the combined electric, water, sewer, and natural ~ gas distribution system of Plaintiff (hereinafter called the "System"), and a part of the cost of refunding all of the Outstanding Electric and Water Revenue Certificates, Outstanding Sewer Revenue Bonds, Outstanding Natural Gas Revenue Bonds, and Outstanding Utilities Revenue Certificates of the Plaintiff (hereinafter collectively re£erred to as the "Refunded Bonds"), defined and described in the 1978 Resolution hereinafter mentioned. 3. Pursuant to the Act, Plaintiff dzd on ~TUne 22, 1978, adopt two resolutions, one providing for the issuance of not ex- ceeding $41,000,000 I378 Bonds (hereinafter called the "1978 Reso- lution"), and one providing for the issuance of not exceeding $33,000,000 1978A Bonds (hereinafter called the "1978A Resolution"), each issue of which is dated, matures, bears interest, and has the other characteristics described in the 1978 Resolution and the 1978A Resolution, all of which appears and is More fully set forth in the certified copies of the 1978 Resolution and the 1978A Resolution heretofore filed herein. ~ . - - 4. The 1978 Bonds will be payable as to principal and interest from and secur~d by a first lien on and pZedge of the net revenues derived from the operation of the System. 5. The 1978A Bonds will~be payable as to principal and interest solely from and secured by a pledge of and first lien _2_ aoo~ 291 ~,~E 174 ~ z,r~k ..s r ~ _ ~ . - - - _ I . ~ . ~ ~ ~ ,3 « " ~ ~~i~ ~ I ,".~r~, ~ ~,,,M' ~w^~~`' a.- -~,'v"~~- -a~ _ _ - .