Agenda - 12-01-1987 - Laserfiche WebLink

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3 . As of the date hereof, all of the proceeds of Notes and investment earnings thereon have been the en expended. 4 . The County does not expect to sell or otherwise dispose of any property comprising g a part of the Project prior to March 16, 1988, the maturity date of the New Notes, except such mino r parts or portions thereof as may be disposed of due to normal wear, obsolescence or depreciation in the ordinary course of business. 5. The County has entered into binding contracts or commitments obligating the expenditure of not less than $100, 000 toward the cost of the Project. Work on the Project commenced or about Jul 20, 1987 and will on July proceed with due diligence to the completion thereof presently expected on or about January 20, 1988. 6. On the basis of the facts, estimates and circumstances in existence on the date hereof, which is the date on which New Notes are to be delivered (the "date of issue") , the reasonably ) � we y ex P ect that there will be no original or transferred proceeds of the New Notes available for investment. 7• It is expected that the P proceeds of the sale of the bonds in anticipation of the receipt of which the New Notes are being issued will be used to pay the principal of the New Notes that amounts on deposit to the credit of the General °tes the County will be used to pay the interest al Fund of nterest on the New Notes. 8. There are no funds or accounts established by the Count, which are reasonably expected to be used directly y to pay y or P y debt service on the New Notes or which are Pledged as..security for the New Notes and for which there is a reasonable assurance that amounts therein will be available to pay debt service on the New Notpc 4f a.u._ .