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RESOLUT-- d NO. 78-89 <br />A RESOLUTION PROVIDING FOR THE ISSUANCE OF <br />REVENUE AND GENERAL OBLIGATION NOTES OF <br />INDIAN RIVER COUNTY, FLORIDA, NOT TO EXCEED <br />$235,000 TO.PAY THE COST OF ADVANCING FUNDS <br />FOR THE ACQUISITION OF A WATER SYSTEM; <br />PLEDGING REVENUES OF THE PROJECT AND AD <br />VALOREM TAXES FOR REPAYMENT THEREOF AND <br />CONTAINING OTHER PROVISIONS RELATING TO <br />THE NOTES; PROVIDING AN EFFECTIVE DATE. <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER"COUNTY, FLORIDA (hereinafter called "Boar " <br />d) that: <br />SECTION 1. AUTHORITY FOR RESOLUTION. This resolution <br />is adopted pursuant to the provisions of Section 125.01, Florida <br />Statutes, Chapter 159, Part I, Florida Statutes, and other applicable <br />Provisions of law. <br />SECTION 2. FINDINGS. It is hereby found, determined <br />and declared as follows, that: <br />A. It is necessary, desirable,'and in the best interest <br />of Indian River County, Florida (hereinafter called "County"), and <br />its inhabitants that revenue and general obligation notes in an <br />amount not exceeding $235,000.00 be issued to advance funds for <br />the acquisition of the water system serving approximately 1,100 <br />customers, presently owned by Mid -Florida Utilities, Inc. (herein <br />called "Project"). <br />B. Such revenue and general obligation notes together <br />with all other outstanding general obligation bonded indebtedness <br />• of the County will not exceed any -statutory debt limitation.. <br />SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT.' In con- <br />sideration of the acceptance of the Notes authorized to be issued <br />.hereunder by those who shall hold the same from time to time,.this <br />resolution shall be deemed to be and shad constitute a contract <br />between the..County.and such•holders. The covenants and agreements <br />herein set Iorth to beiperformed by the County shall be for the <br />equal benefit, protection and security of the legal holders of any <br />and all of such Notes, all of which shall be of'equal rank and <br />without preference; priority or distinction of any of the Notes <br />over any other thereof, except as expressly provided therein and <br />herein. <br />MCI 1978 <br />