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HomeMy WebLinkAbout2739 t of any constitutional or statutory limitation and no holder or holders of any of the Bonds ar any coupons appertaining thereto ~ shall ever have the right to require or compel the exercise of - the ad valorem taxing power of the Plaintiff to pay the Bonds or the interest thereon•or to make any of the reserve, sinking fund ~ ' or other payments provided for in the Resolution. The Bonds shall - not constitute a lien upon the System or upon any other property of, or in, the Plaintiff, but shall constitute a lien .only on the Net Revenues, derived from the operation of the System. 7. It is estimated that the Net Revenues, in the manner ~ provided, will be sufficient in each year for the payment of the principal of and interest on the Bonds. 8. The Bonds are not "bonds" within the meaning of Section 12 of Article VII of the Constitution of Florida, and are not required by the Constitution and Statutes to be approved at _ an election. 9. The Plaintiff, pursuant to the Constitution and laws of the State of Florida, has the power, is authorized, and in said Resolution has covenanted and agreed with the holders of the Bonds to fix, establish and maintain such rates and collect such fees, rentals or other charges for the services and facilities of said System, and to revise the same from time to time whenever necessary, E i as will always provide revenues in each year sufficient to pay, as f i E the same shall become due, the necessary expenses of operating and maintaining said System in such year, one hundred twenty-five per ~ centum (125$) of the Bond Service Requirement, as defined in said Resolution, on the Bonds and all other bonds payable on a parity therewith, in such year, in addition to paying, as the same shall ~ become due, all reserve or sinking funds or other payments pro- vided for in said Resolution in such year, and all other obliga- ~ tions payable outs of the revenues of said System in such year, and that s©ch rates, fees, rentals'ot gth~r charges shall not be E reduced so as to be insufficient to ~rrS;~,~'~~equate revenues for a< F such purposes . Such covenant is le~~l.''it~.',usil:d' in all respects . x t • f P "'j r J ~ - .'j3 } hl.. ~ ~~oK 49f ~r,~~3 . f K~ _ ~ , .s . ~ 7 ' 8~ r