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<br />DESCRIPTION OF THE BONDS
<br />Certain sections of the Resolution are shown below in order to furnisb a description of the Bonds. Sections of the
<br />Resolution not included below are contained in Appendix B.
<br />SECTION 1. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted pursuant to Chapter 159,
<br />Part I, Florida Statutes, Section 125.01, et seq., Florida Statutes, County Ordinance No. 77-19 enacted August 3,
<br />1977, Chapter 218, Part II, Florida Statutes, and other applicable provisions of law.
<br />SECTION 2. DEFINITIONS. The following terms shall have the following meanings herein, unless the text
<br />otherwise expressly requires:
<br />A. "Issuer" shall mean Indian River County, Florida.
<br />B. "Act" shall mean Chapter 159, Part I, Florida Statutes, Section 125.01, et seq., Florida Statutes, County
<br />Ordinance No. 77-19 enacted August 3, 1977, and Chapter 218, Part Il, Florida Statutes.
<br />C. `Obligations" shall mean the $1,815,000 Solid Waste Disposal System Revenue Bonds, Series 1977
<br />herein authorized to be issued, together with any additional parity obligations hereafter issued under the terms,
<br />conditions and limitations contained herein.
<br />D. "Holder of Obligations" or `Obligation Holders" or any similar term shall mean any person who shall be
<br />the bearer or owner of any outstanding Obligation or Obligations registered to bearer, or not registered or the
<br />registered owner of any such Obligation or Obligations which shall at the time be registered other than to bearer.
<br />E. "Additional Parity Obligations" shall mean additional Obligations issued in compliance with the terms,
<br />conditions and limitations contained in subsection 15R hereof which have an equal lien on the Net Revenues, as
<br />herein defined, and rank equally in all respects with such Obligations initially issued hereunder as to lien on and
<br />security for payment from such Net Revenues.
<br />F. "Facilities" shall mean the complete solid waste disposal system to be owned, operated and maintained
<br />by the Issuer, together with any and all improvements, extensions and additions thereto hereafter constructed or
<br />acquired.
<br />G. "Gross Revenues" or "Revenues" shall mean all income or earnings, including any income from the.
<br />investment of funds unless otherwise provided herein, derived by the Issuer from the operation of the Facilities.
<br />H. "Cost of operation and maintenance" of the Facilities shall mean the current expenses, paid or accrued,
<br />Of operation, maintenance and repair of the Facilities, as calculated in accordance with sound accounting
<br />practice, but shall not include any reserves for renewals and replacements, extraordinary repairs or any allowance
<br />for renewals, replacements and depreciation.
<br />I. "Net Revenues" of the Facilities shall mean the Revenues or Gross Revenues, as defined in subsection G
<br />above, after deduction of the Cost of Operation and Maintenance, as defined in subsection H above.
<br />J. "Consulting Engineers" shall mean such qualified and recognized consulting engineers, having a
<br />nationwide and favorable repute for skill and experience in the construction and operation of such Facilities at
<br />the time retained by the Issuer to perform the acts and carry out the duties m herein provided for such
<br />Consulting Engineers.
<br />K. "Revenue Sharing Trust Funds" shall mean the "guaranteed'entitlement" portion of such funds as
<br />defined in, and which are payable to the Issuer under, Chapter 218, Part II, Florida Statutes.
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