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~ ' - 3 ~ a sa~e... 1~ ~a ar ~ si~-~~,r..r, •~•~'`<tY °'s'~'``'i
. deen+ed' to be a general obliqation or indeb,tedness Qf the St~?te,
~ , _ : t
' the Cctu~ty or any agen~y or instrumentality_ Qf eittier of 'them.
-°~hs_ Note sh~?11 ~not aonstitute~ a l~en upon the Project Qr upon any` {f
o~h~r property of or _in the. County other than the Pledyed s-`
. . The j=:
~ -Revenues-:in the manner pro~ided in this Resolution~
Noteholder shall not h~ve, ~the right to req~ire or to compel the
~ levy of md valorem ~ taxes -upon any property of or ~n the Couinty or
~ - to compel the payment of the Notc and the interest _thereon' from
~ any moneys of the County other than tl~e_Pledged Revenues in the
manner provided herein. • . _ ~ -
( E)~ The County has :no~ and wi ll not issue in excess of
: - _ _ ,
"Ten Million Dollars CS~0;000,000) in tax-exempt obligations
during, the calendar ' year e~ding December 33-, 1987; so tht~t the -
Note may be a qualified tax-exempt obiigation under SeCtion ~
265ib)t3~i~) of:the Code. - ~ -
SECT~ON R£50LUTION T~~CaNSTITtJTE CONTRACT. In con-•
sic3eration of _the acceptance af t2~e Note authorized to ~ deli- .
~ vered he~eunder~, this Resolution., the Commitment Lettes, and the
Note all shall be deemed to be and sha13 constitute a contra~t
betwesn the County and the Noteholder. The covenants and
a . _ .
. a~reements set forth hexein to be gerfarmed by the Caunty shall .
be for Lhe benefit, ~rotec*_ion and security of the Noteholae=,
and any requirements of the Catm~aitment Letter not otherwise ~
~ ~ • -12- ,
- RdF (LtiCIEp30 ) lA-1+5 (1a~/16/87 ) _ `
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