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DEC 13 1988 <br />BOOK ( 5 PAGE 386 <br />B. The Board on November 8, 1988 duly adopted Resolution No. <br />88-120 (the "Notes Enabling Resolution") entitled: <br />"A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA AUTHORIZING <br />THE ISSUANCE OF NOT EXCEEDING $4,000,000 WATER REVENUE <br />BONDS, SERIES 1988, ANTICIPATION NOTES OF THE COUNTY; <br />PROVIDING FOR THE PAYMENT THEREOF AND THE SECURITY <br />THEREFOR; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH <br />NOTES; MAKING CERTAIN COVENANTS AND AGREEMENTS IN <br />CONNECTION THEREWITH; PROVIDING FOR RELATED MATTERS; AND <br />PROVIDING AN EFFECTIVE DATE." <br />C. It may hereafter be determined by the Board that it is in <br />the best interest of the County and/or necessary and/or desirable <br />in order to pay the principal, premium, if any, and interest on the <br />notes to be issued under the Notes Enabling Resolution (the <br />"Notes") as the same shall become due to issue the bonds to be <br />issued under the Bonds Enabling Resolution as bonds junior or <br />subordinate in all respects to the bonds and notes described in <br />and/or issued, prior and/or subsequent to the bonds to be issued <br />under Bonds Enabling Resolution, under the provisions of Resolution <br />82-61 of the County, as amended and supplemented from time to time <br />(the "FmHA Bonds Enabling Resolution"). <br />D. It is necessary and desirable in connection with the <br />issuance of the Notes that in the event that the Surcharges as <br />presently defined under the Bonds Enabling Resolution, are, for any <br />reason whatsoever, not sufficient to enable the County to sell and <br />issue the bonds to be issued under the Bonds Enabling Resolution <br />and the County does not, on or prior to December 1, 1991, issue <br />either (a) bonds other than pursuant to the Bonds Enabling <br />Resolution; or (b) bond anticipation notes, the proceeds of which <br />in either case are used to make complete payment of the principal, <br />interest and premium, if any, on the Notes (the "Surcharge <br />Insufficiency without Alternative Financing") to issue the bonds to <br />be issued under the Bonds Enabling Resolution as junior and <br />subordinate bonds as aforesaid. <br />E. It is necessary and/or desirable to amend certain <br />provisions of the Bonds Enabling Resolution to authorize the <br />issuance of the bonds to be issued under the Bonds Enabling <br />Resolution as bonds junior and subordinate as aforesaid in the <br />event (a) that the Board shall hereafter determine that is in the <br />best interest of the County and/or necessary and/or desirable in <br />order to pay the principal, premium, if any, and interest on the <br />Notes (the "Junior and Subordinate Bonds Determination"); or (b) <br />there occurs a Surcharge Insufficiency without Alternative <br />Financing. <br />F. It is necessary and/or desirable to amend certain <br />provisions of the Bonds Enabling Resolution in certain other <br />respects. <br />41 <br />