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M of Florida, who shall maintain the registration books of the County and who shall be responsible for the registration of and for transfer of the Bonds. X. "Registered Owner" shall mean the owner of any Bond or Bonds as shown on the Books of the County maintained by the Bond Registrar. Y. "Record Date" shall mean the 15th day of the month immediately preceding any interest payment date for the Bonds. SECTION 3. FINDINGS. mined and declared that: It is hereby ascertained, deter- A. The County now receives the Race Track Funds which are not pledged or encumbered in any manner except to the payment of the Refunded Bonds, which pledge will be defeased pursuant to the refunding program herein authorized, and except to the prior payment of the Senior Lien Bonds. B. The County will, pursuant to the Senior Lien Resolution, receive the Senior Lien Resolution Investment Income which is not pledged or encumbered in any manner except to the prior payment of the Senior Lien Bonds. C. The County has previously issued the Refunded Bonds, of which the sum of not exceeding $4,995,000 principal amount will be outstanding and unpaid at the time the Bonds are issued. D. It is necessary and desirable to acquire and construct the Project, as provided herein, in order to preserve and protect the public health, safety and welfare of the inhabi- tants of the County. E. The County deems it necessary and in its best interest to provide for the refunding of the Refunded Bonds either through the issuance of the Senior Lien Bonds or a com- bination of the Bonds issued hereunder and Senior Lien Bonds. The refunding program herein described will be advantageous to the County, by (1) restructuring the debt service of the County payable from the Race Track Funds; and (2) providing a savings in debt service. -5- MAY 2 3 1984 BOOK 57 Pnc 198