HomeMy WebLinkAbout0177 funds on hand therein shall be invested solely in direct obligations
of, or obligations guaranteed as to principal and interest by, the
United States of America, and that the funds on hand may be reinvested
only if the funds on hand after such investment will continue to be
sufficient for the above purposes. The Escrow Holder under the
Escrow Deposit Agreement is irrevocably required to apply the funds
on hand and the proceeds of the above-described investments for the
payment of the principal of, and interest and redemption premium, ,
if any, on the Refunded Bonds as and when the same shall become due,
and to pay the principal of and interest on the 1978A Bonds as and
when ~the same shall become due. Upon deposit with the Escrow Holder
of the funds provided in the Escrow Deposit Agreement, sufficient
cash and/or Federal Securities will be irrevocably on deposit so that
the pledge of all funds for the benefit of the Refunded Bonds shall
thereupon close, terminate, become void and be discharged and satis-
fied, and the lien of the holders of the Refunded Bonds upon the '
revenues of the System shall be effectively defeased. The pro-
visions of the 1978 Resolution and the 1978A Resolution providing
for the entering into of the Escrow Deposit Agreement and providing
for the investment of funds held pursuant to the Escrow"Deposit
~ Agreement for the benef it of the holders of the Refunded Bonds and
the 1978A Bonds are legal and valid in all respects. ~
' 13. The 1978 Bonds and the 1978A Bonds are of the char-
acter and the proceedings preliminary to the issuance thereof are
of the nature as entitle Plaintiff to proceed within the provisions
of Chapter 75, Florida Statutes, for the purpose of having the right
of Plaintiff to issue the 1978 Bonds and the 1978A Bonds determined.
14. Due and proper notice addressed to the State of
Florida, and the several property owners, taxpayers and citizens of
the Plaintiff, including nonresidents owning property or subject to
taxation therein, and all others having or claiming any right, title
or interest in property to be affected by the issuance by the Plain-
tiff of the 1978 Bonds and the 1978A Bonds, was duly published by
the Clerk of this Court in a newspaper published and of general
circulation in St. Lucie County, Florida, or.ce each week for at least
-5- dOt~ilt~t~ PAGi
~ _ - -
~ ss ; _ - ~ ~ ~
•
, -
~ -
- - ;
= ~