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"Pledged Funds" shall mean the Gross Revenues. "Prior Lien Obligations" shall mean the outstanding Water Revenue Bonds, Series 1980 (South County Water System), Anticipation Notes, dated May 1, 1981, of the Issuer. "Project" shall mean the additions, extensions and improvements to the System to be acquired and constructed pur- suant to the authorization contained in this Instrument in accor- dance with certain plans and specifications now on file with the Clerk. 1.02 Authority for this Instrument. This Instrument is adopted pursuant to the provisions of Ch. 159, Fla. Stat. (1981), and other applicable provisions of law, and pursuant to Subsection 3.04(J) of the Original Resolution, and is supplemen- tal to the Original Resolution. 1.03 Findings. It is hereby found and determined that: (A) The Issuer presently owns and operates a combined water and sewer system for the benefit of its inhabitants, and the Project is necessary for the continued preservation of the health, welfare, convenience and safety of the Issuer and its inhabitants. (B) The Issuer has been advised by its consulting engi- neers and it is hereby found and determined that the estimated Cost of the Project is $7,000,000 which shall be paid with the proceeds of the sale of the Bonds. (C) Subsection 3.04(J) of the Original Resolution pro- vides for the issuance of additional parity obligations under the terms, limitations and conditions provided therein. (D) The Issuer has complied with the terms, limitations and conditions contained in the Original Resolution. The Issuer is, therefore, entitled to issue the Bonds as additional parity obligations within the authorization contained in the Original Resolution. (E) The revenues to be derived annually from the rates, rentals, fees and other charges made and collected for the ser- vices and facilities of the System are expected to be sufficient to pay, as the same shall become due and payable, the principal of and interest on the Bonds and the Parity Obligations, and the Operating Expenses. Prior to the issuance of the Bonds, the Issuer shall find and determine the estimated annual Gross Revenues, Cperating Expenses and principal of and interest on the Bonds. It is estimated that the period of usefulness of the System will exceed 41 years. -3- J U L 7 1982 Boa 50' PAGE.293- '