HomeMy WebLinkAbout0176 suff icient to provide one hundred per centum (100$) of all reserve
or other requirements, plus one hundred twenty-five per centum
(125$) of the Bond Service Req.uirement, as defined in said 1978
Resolution, becoming due in such fiscal year on the 1978 Bonds,
and additional parity obligations and any other obligations intended
to be paid from such net revenues, after excluding from such Bond
,
Service Requirement payments to be derived for that purpose from
other sources, and that such rates, fees, rentals or other charges
shall not be reduced so as to be insufficient to provide adequate
revenues for such purposes. Said covenant is legal and valid in
all respects.
10. The Plaintiff, pursuant to the Constitution and laws
of the State of Florida, has the power and is authorized,- and in
the 1978A Resolution has convenanted to pledge the escrow deposit
income for the payment of the 1978A Bonds. Such covenant is legal
and valid in all respects.
11. Plaintiff, pursuant to the Constitution and laws of
the State of Florida, has the power- and is authorized, and in each
of the 1978 Resolution and the 1978A Resolution has so provided, to
deposit a portion of the proceeds of the sale of the 1978 Bonds and
the proceeds of the sale of the 1978A Bonds in trust pursuant to an
j irrevocable Escrow Deposit Agreement in the form attached to the
1 1978 Resolution, such deposits to be in amounts sufficient to pay,
~
~ as of any date of ~alculation, the principal of, interest on, and
i
~ redemption premiums, if any, in respect,to the Refunded Bonds as
~
~ the same shall become due. It is required in the Escrow Deposit
Agreement that the cash and/or principal amount of Federal Securities
in which the cash may be invested pursuant to the Escrow Deposit
Agreement, which will be on deposit in the Principal Account pro-
vided therein, shall be an amount at all times at least equal to
~ the sum of the principal, interest and redemption premiums, if any,
~ -
accrued and to accrue on the Refunded Bonds. It is further provided
~ that the Escrow Deposit Income on hand and to be received in the
~ ~
~ Income Account provided therein will be sufficient to pay both the
~
~ principal of and the interest on the 1978A Bonds as the same shall ~
~ ~
~ become due. It is provided in the Escrow Deposit Agreement that
-4- ° R~ 2~3i 176
8~3i,!( ~ACE
~
x ` - - - - - - ~
~ ~ ~
~
ti _
- ~ ~ <S
'°Z=..-~..++- ,v,y
•.r~-"~~-'.__