BIL 136 Draft 01 2020-2022 - Laserfiche WebLink

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District (as more fully described in the Ordinance of Formation, the "Incidental Expenses"). SECTION 2. Authorization of Bonds; Approval of Project Funding Agreement. (a) Subject to the terms and conditions herein specified, the Bonds are hereby authorized for issuance and sale, in one or more series as determined by the Director of Finance of the County, in an aggregate principal amount not to exceed $22,000,000 (excluding Bonds issued to refund other Bonds previously issued), for the purpose of funding all or a portion of the Project Costs and Incidental Expenses incurred with respect to the District; subject to compliance, with respect to each series of Bonds, with all applicable terms, conditions and limitations specified in Chapter 32 (including, but not limited to, the limitation on the principal amount of Bonds specified in Section 32-57(c)) and with the further provisions of this Ordinance. The Bonds shall be special limited obligations of the County, payable solely from and secured solely by the Special Tax on properties within the District, such funds and accounts as may be established as security for the Bonds under the Trust Indenture providing for the issuance of the Bonds (as approved pursuant to Section 4 hereof, the "Indenture") and any credit enhancement obtained for the Bonds. The Bonds shall not constitute a general obligation of the County or charge on its general fund, nor shall the Bonds be secured, directly or indirectly, by the full faith and credit of the County or by any revenues or taxes of the CcW-ity other than taxes collected from the levy of the Special Tax. (b) Pursuant to the Ordinance of Formation, the use of Bond iroceeds to pay Project Costs shall be subject to the terms and conditions set forth in the Indenture and in a Project Acquisition and Funding Agreement (the "Project Funding Agreement") to be entered into by the County, acting through its Director of Finance and Director of Environmental Management, and the Petitioner. The form of Project Funding Agreement presented at this meeting is hereby approved, and the Director of Finance and the Director of Environmental Management are hereby authorized to execute and deliver the Project Funding Agreement in substantially such form, with such modifications as the County officials executing the same may approve, such approval to be conclusively evidenced by their execution thereof. SECTION 3. Details of Bonds. Subject to the further previsions hereof, including without limitation the provisions of Section 4 hereof, the Bonds of each series authorized for issuance and sale hereunder shall: (a) be dated as of the initial delivery date of the Bonds of such series; (b) mature on such date or dates and be payable as to interest on such dates and at such fixed or variable rate or rates as shall be specified in the Indenture, provided that the final maturity date for the Bonds of such series shall not be more than 30 years after the initial delivery date thereof and in no event later than the expiration of the term of the District; -2-