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S <br />APPENDIX B <br />REMAINING SECTIONS OF RESOLUTION NOT <br />SET FORTH ELSEWHERE IN THIS OFFICIAL STATEMENT <br />RESOLUTION NO. 77-110 <br />A RESOLUTION PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF A SOLID <br />WASTE. DISPOSAL SYSTEM OF INDIAN RIVER COUNTY, FLORIDA; PROVIDING FOR THE <br />ISSUANCE OF NOT EXCEEDING $1,815,000 SOLID WASTE DISPOSAL SYSTEM REVENUE <br />BONDS, SERIES 1977, OF SUCH COUNTY TO PAY THE COST OF SUCH PROJECT AND THE <br />REPAYMENT OF CERTAIN OUTSTANDING OBLIGATIONS ISSUED FOR SUCH PURPOSE; <br />PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS; PROVIDING FOR THE <br />PAYMENT THEREOF; AND MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN <br />CONNECTION WITH THE ISSUANCE OF SUCH BONDS. <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, <br />FLORIDA: <br />SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: <br />A. The Issuer does not now own, operate and maintain the Facilities. <br />B. It is necessary and desirable to acquire and construct the Facilities including, but not limited to, the <br />acquisition of rolling stock, the construction of transfer stations, construction of a central disposal facility and <br />the acquisition of land, as provided herein (hereinafter called "project"), in order to preserve and protect the <br />public health, safety and welfare of the inhabitants of the Issuer. <br />C. The Issuer has outstanding $1,100,000 Revenue and General Obligation Notes, maturing May 1, 1978, <br />bearing interest at the rate of 4.65% per annum (hereinafter called "Outstanding Notes"), issued for the purpose <br />of temporarily financing the construction of the Facilities. Said Notes are redeemable on any date prior to <br />maturity at the price of par and accrued interest to the date of such redemption provided notice is given as <br />required by said Notes. It is also deemed necessary and advisable and in the Issuer's best financial interests that <br />said Notes be redeemed and paid from the first proceeds of sale of the obligations issued hereunder, in the <br />manner hereinafter provided. <br />D. The Revenues to be derived from the operation of the facilities are not now pledged or encumbered in <br />any manner. <br />E. The estimated Revenues to be derived from the operation of the Facilities will be sufficient to pay all of <br />the principal of and interest on the obligations to be issued hereunder, as the same become due, and to make all <br />required sinking fund, reserve or other payments. <br />F. The principal of and interest on the Obligations and all required sinking fund, reserve and other <br />payments shall be payable solely from the Revenues derived from the operation of the Facilities, and from <br />Revenue Sharing Trust Funds, as herein provided. The Issuer shall never be required to levy ad valorem taxes on <br />any property therein to pay the principal of and interest on the Obligations or to make any of the required <br />sinking fund, reserve or other payments and such obligations shall not constitute a lien upon any property of or <br />in the Issuer. <br />B-1 <br />8C©K <br />PAGE •„�vl� <br />