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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 amending Resolution 85-78. "C. It is necessary and desirable to construct, acquire, furnish 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 cost of said expansion by the issuance of the Series 1991 Bonds as Additio Parity Obligations under the Master Bond Resolution. "E. The Series 1991 Bonds shall be payable solely from the Pledged Fu and from certain other funds specified herein. "F. It is expected that the Pledged Funds will be sufficient to pay principal of, premium, if any, and interest on the Bonds, including the Ser 1991 Bonds. "SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of acceptance of the Series 1991 Bonds by the Registered Owners thereof who sti hold the same from time to time, the Master Bond Resolution, including t Resolution, shall be deemed to be and shall constitute a contract between County and Registered Owners of the Series 1991 Bonds. The covenants agreements set forth herein and in the Master Bond Resolution to be performer the County shall be for the equal benefit, protection and security of Registered Owners of the Bonds, including the Series 1991 Bonds, all of wt Bonds shall be of equal rank and without preference, priority or distinction u respect to any other Bonds, except as expressly provided in the Master F Resolution, in this Resolution and in the Bonds. "SECTION 5. AUTHORIZATION OF 1991 PROJECT. The 1991 Project is hei authorized in accordance with the plans and specifications on file or to be fi with the County, as modified from time to time as deemed necessary or desirat "SECTION 6. 1991 PROJECT MADE A PART OF THE PROJECT. The 1991 Pro shall be a part of the Project. "SECTION 7. ADDITIONAL SECURITY FOR AND SERIES 1985 BONDS AND THE SERIES 1991 BONDS. premium, if any, on the Series 1985 Bonds and secured forthwith equally and ratably by a lien Tax, as defined in Resolution No. 85-75 of the - 4 - COVENANTS WITH RESPECT TO The principal of, interest the Series 1991 Bonds shall upon and a pledge of the Si County, as amended (the "S