Fort Walton Beach Resolution — 82-22-Ind Revenue Bonds-Gator Distributors — reading text

in the Agreement and the Indenture attached hereto, respectively,. as Exhibit" I" and Exhibit " 2". I) The Project revenues are estimated to be sufficient to pay all principal of and interest on the Bonds to be issued under the Agreement and the Indenture as the same become due, and to make all required debt service or other payments required by the Agreement and the Indenture. SECTION 4. AUTHORIZATION OF CONSTRUCTION OF PROJECT. There is hereby authorized the construction of improvements on land described in Exhibit " A" to the Agreement, and the acquisition and installa tion of certain appurtenances and fac il i ties incidental thereto, and other improvements and convenient therefor necessary constituting the Project, pursuant to the provisions of the Agreement d aI} in accordance with the plans and specifications to be filed with the Issuer. The cost of such shall include Project all costs and expenses of nature incurred in the every completion of the Project, as provided in the Agreement. SECTION 5. RESOLUTION, AGREEMENT AND INDENTURE TO CONSTITUTE CONTRACTS. In consideratio-n of the acceptance of the Bonds authorized to be issued under this Resolution, the Agreement and the Indenture by those who shall hold the same from time to time, this Resolution, the Agreement and the Indenture shall be deemed to be and shall constitute a contract between the Issuer and such Bondholders. The covenants and agreements therein set forth to be performed by the Issuer shall be for the equal benefit, protection and security of the holders of any and all of the Bonds and cou- pons attached thereto, all of which shall be of rank and equal without preference, priority distinction of or any of the Bonds or coupons over any others thereof, except as expressly prov ided therein. 1 4  o o SECTION 6. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions of this Resolution, the Agreement and the Inden- ture, Bonds of the Issuer to be known as '~ Ci ty of Fort Wal ton Beach, Florida, Industrial Development Revenue Bonds, Series 1982 Gator Distributors, Inc. Project)", herein sometimes referred to as the " Bonds", are authorized to be issued in the aggregate principal amount of not exceeding Six Hundred Thousand Dollars 600, 000). The Bonds may be issued as either term or serial Bonds bearing such date, and such rate or rates of interest and maturing in such years, all not to exceed the maximum allowed by Florida law, as shall be provided by subsequent resolution of the Issuer at or prior to the sale of the Bonds. SECTION 7. SPECIAL OBLIGATIONS OF ISSUER. Neither the Bonds nor coupons, if any, shall be or constitute general obligations or indebtedness of the Issuer as " bonds" within the meaning of Article VII, Section 12, of the Constitution of the State of Florida, but shall be payable solely from and secured by a prior lien upon and a pledge of the proj ect revenues, as that term is defined and in the manner provided in the Agreement and the Indenture. No holder or holders of any Bonds issued thereunder or of any coupons appertaining thereto, if any, shall ever have the right to compel the exercise of the ad valorem taxing power of the Issuer or taxation in any form of any real property or tang ible personal property therein to pay such Bonds or the interest thereon or be entitled to payment of such principal and interest from any other funds of the Issuer from the funds except special in the manner provided in the Agreement and the Indenture. The payment of the principal of and interest on the Bonds shall be secured forthwi th equally and ratably by an irr. evocable and prior lien on and pledge of the Project revenues, and the Issuer does hereby irrevocably pledge such funds the to payment of the principal of and interest on the Bonds and for all other payments required by the Agreement and the Indenture. 1 5  o o SECTION 8. AGREEMENT AUTHORIZED. The form of the Financing Agreement annexed hereto as Exhibit " I" and incorporated herein by reference is hereby approved and adopted by tbe Issuer, the Issuer is hereby authorized to enter into said Agreement, and the Authorized Officers of the Issuer are hereby directed to execute such Agreement on behalf of the Issuer in the manner provided by law. The Agreement shall be in substantially the form annexed hereto as Exhibit " I" subject to such changes, insertions or omis- sions as may be approved by the Authorized Officers of the Issuer and the execution of the Agreement by the Authorized Officers shall be conclusive evidence of any such approval. SECTION 9. TRUSTEE- TRUST INDENTURE. Before the sale of any of the Bonds