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JUN 181990 BOOK 43 fxE 744 RESOLUTION NO. SO- 58 A RESOLUTION PROVIDING FOR THE ISSUA14CE OF REVENUE AND GENERAL OBLIGATION NOTES OF I14DIAN RIVER COUNTY, FLORIDA, NOT TO EXCEED $450,000.00 TO PAY THE COST OF ADVANCING FUNDS FOR LAND ACQUISITION EXPENSES FOR A SOUTH COUNTY WATER SYSTEM; PLEDGING REVENUES OF THE PROJECT AND AD VALOREM TAXES FOR REPAYPIENT THEREOF AND CONTAINING OTHER PROVISIONS RELATING TO THE NOTES; PROVIDING AN EFFECTIVE DATE. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA (hereinafter called "Board") that: SECTION 1. AUTHORITY FOR RESOLUTION. This resolution is adopted pursuant to the provisions of Section 125.01, Florida Statutes, Chapter 159, Part I, Florida Statutes, and other applicable provisions of law. SECTION 2. FINDINGS. It is hereby found, determined and declared as follows, that: A. It is necessary, desirable, and in the best interest of Indian River County, Florida (hereinafter called "County"), and its inhabitants that a revenue and general obligation note in an amount of $450,000.00 be issued to advance funds for land acquisition and the payment of expenses for the south county water system (herein called "Project"). B. Such revenue and general obligation note together with all other outstanding general obligation bonded indebtedness of the County will not exceed any statutory debt limitation. SECTION 3. RESOLUTION TO CONSTITUTE CONTRACT. In con- sideration of the acceptance of the Note authorized to be issued hereunder by those who shall hold the same from time to time, this resolution shall be deemed to be and shall constitute a contract between the County and such holder. The convenants and agreements herein set forth to be performed by the County shall be for the equal benefit, protection and security of the legal holder of such Note.