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SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: A. The Board on July 17, 1985 duly adopted a resolution entitled as follows: "RESOLUTION NO. 85-78 A RESOLUTION PROVIDING FOR THE CONSTRUCTION AND EQUIPMENT OF A PUBLIC GOLF COURSE IN INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $4,200,000 RECREATIONAL REVENUE BONDS, SERIES 1985, OF THE COUNTY TO FINANCE THE COST THEREOF; PROVIDING FOR THE PAYMENT OF THE PRINCIPAL OF AND THE INTEREST ON SUCH BONDS FROM THE NET REVENUES TO BE DERIVED FROM THE OPERATION OF THE GOLF COURSE, THE RACETRACK FUNDS AND JAI ALAI FRONTON FUNDS ACCRUING ANNUALLY TO INDIAN RIVER COUNTY, FLORIDA, PURSUANT TO LAW AND CERTAIN INVESTMENT INCOME." B. The Board on April 16, 1986, duly adopted Resolution No. 86-19 amending Resolution 85-78. C. It is necessary and desirable to construct, acquire, furnish and equip an expansion of the Sandridge Golf Course of and in the County. D. The County deems it necessary and in its best interest to finance the cost of said expansion by the issuance of the Series 1991 Bonds as Additional Parity Obligations under the Master Bond Resolution. E. The Series 1991 Bonds shall be payable solely from the Pledged Funds and from certain other funds specified herein. F. It is expected that the Pledged Funds will be sufficient to pay the principal of, premium, if any, and interest on the Bonds, including the Series 1991 Bonds. SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Series 1991 Bonds by the Registered Owners thereof who shall hold the same from time to time, the Master Bond Resolution, including this Resolution, shall be deemed to be and shall constitute a contract between the County and Registered Owners of the Series 1991 Bonds. The covenants and agreements set forth herein and in the Master Bond Resolution to be performed by the County shall be for the equal benefit, protection and security of the Registered Owners of the Bonds, including the Series 1991 Bonds, all of which Bonds shall be of equal rank and without preference, priority or distinction with respect to any other Bonds, except as expressly provided in the Master Bond Resolution, in this Resolution and in the Bonds. SECTION 5. AUTHORIZATION OF 1991 PROJECT. The 1991 Project is hereby authorized in accordance with the plans and specifications on file or to be filed with the County, as modified from time to time as deemed necessary or desirable. SECTION 6. 1991 PROJECT MADE A PART OF THE PROJECT. The 1991 Project shall be a part of the Project. 2 '►