HomeMy WebLinkAbout0175 upon certain escrow deposit_income in the manner described in the
1978A Resolution and in an Escrow Deposit Agreement to be entered
into between the PZaintiff and a bank or trust company.
6. Neither the 1978 Bonds nor the 1978A Bonds will
constitute a general indebtedness of Plaintiff or of the City of
Fort Pierce nor debt of the State of FZorida, nor any other poZitical
subdivision or taxing district therein, nor a pledge of the faith
and credit of Plaintiff, of the City of Fort Pierce, or of the
State of Florida oz of any political subdivision or taxing district
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therein, but both issues of bonds will be solely the special obliga-
tion of the Plaintiff payable as provided in the 1978 Resolution and :
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the 1978A Resolution and will not directly or indirectly or contingent-
ly obligate a levy or pledge of any form of taxation of real property
for the payment thereof. Neither the 1978 Bonds nor the 1978A Bonds
will constitute a lien upon any property of the P~aintiff, except ~
upon the speciai funds pledged for their payment in the manner
provided in the 1978 Resolution and the 1978A ResolutiQn.
7. The 1978 Bonds and the 1978R Bonds, not being payable ~
from ad valorem taxation within the meaning af Article VII, Section
12 of the Florida Canstitution of 1968, are not required thereby }
to be approved at an election. - ;
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8. The estimated revenues to be derived from the operation
of the System will be sufficient to pay the amount to become due in
each year for the payment of the principal of and interest on the 1978
Bonds. The escrow deposit income pledged for the payment of the
1978A Bonds will be sufficient to pay the amount to become due in
each year for the payment of the principal of an interest on the
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1978A Bonds.
9. The Plaintiff, pursuant to the Constitution and laws
of the State of Florida, has the power and is authorized, and in
the 1978 Resolution has convenanted, to fix, establish and maintain
such rates and collect such fees, rentals or other charges for the
services of the System and to revise the same from time to time whenever
necessary, as will always provide net revenues in each fiscal year
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