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R <br />RESOLUTION NO. 78-7 <br />A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT <br />EXCEEDING $402,500 WATER AND SEXIER REVENUE <br />BONDS, SERIES 1979, ANTICIPATION NOTES OF <br />INDIAN RIVER COUNTY, FLORIDA; PROVIDING FOR <br />-THE.-PAYMENT THEREOF AND ENTERING INTO CERTAIN <br />COVENANTS AND AGREEMENTS WITH THE HOLDERS <br />THEREOF. --. <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA (the "Issuer"), as follows: <br />SECTION 1. AUTHORITY FOR RESOLUTION. 'This resolution <br />.is adopted pursuant to Section 215.431, Florida Statutes (1975), <br />and'other applicable provisions of law. <br />A. On January 23 1978, the Issuer adopted <br />a resolution (the "Enabling Instrument") authorizing the issuance <br />of $402,500 Water and Sewer Revenue Bonds, Series 1979, of the <br />Issuer (the "Bonds"), for the purpose of paying a part of the cost <br />of acquiring water distribution and sewage collection and treatment <br />facilities and constructing extensions and improvements thereto (the <br />"-Project") . <br />B. The Bonds and the coupons appertaining thereto <br />will be payable solely from and secured by a prior lien upon and <br />pledge of the gross revenues to be derived by the Issuer from <br />the operation of such facilities (the "Pledged Funds").... Reference <br />is made to the Enabling Instrument for a more complete description <br />of .the covenants, liens and pledge securing payment of the Bonds <br />and the coupons appertaining thereto. <br />C.' It is necessary and urgent that funds be made <br />immediately available in order to provide money for the com- <br />mencement of the Project at this time. The Issuer must, there- <br />fore, anticipate the receipt by it of the proceeds to be derived <br />from the sale of the Bonds, and the Issuer has determined it to be <br />'-in.-the best interest of the Issuer and its residents and inhabitants <br />that -interest bearing notes of the Issuer (the "Notes") be issued <br />pursuant to this resolution in anticipation of the receipt by the <br />Issuer of the.proceeds from the sale of the Bonds. The principal of <br />And interest on the Notes will be payable solely from and secured by <br />a lien upon and pledge of the proceeds to be derived from the sale <br />of the Bonds and, if necessary, the Pledged Funds. <br />a, trtwscm�nn9. ..- , . : gs,m«.Rao�p��*,a,q,v�•*ns+�.nnmv+-rva8. m..e•.-,._�,. �.�..:...,�, . .. -Fsav��o'.;.�aevr�^r. <br />33 <br />JAIL 2 , <br />1978 �CGK SAGE _(! <br />