1991-081 - Laserfiche WebLink

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SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: A. The Board on February 14, 1989, duly adopted a resolution entitled as follows: "RESOLUTION NO. 89-19 A RESOLUTION OF INDIAN RIVER COUNTY, FLORIDA, PROVIDING FOR THE ISSUANCE OF NOT EXCEEDING $7,500,000 WATER AND SEWER REVENUE REFUNDING BONDS, SERIES 1989, OF THE COUNTY TO REFUND CERTAIN OUTSTANDING BONDS OF THE COUNTY HERETOFORE ISSUED TO FINANCE THE COST OF CONSTRUCTION OR ACQUISITION OF THE COMBINED WATER AND SEWER SYSTEM OF THE COUNTY; PROVIDING FOR THE RIGHTS OF THE REGISTERED OWNERS OF SAID BONDS; PROVIDING FOR THE PAYMENT THEREOF; MAKING CERTAIN OTHER COVENANTS AND AGREEMENTS IN CONNECTION WITH THE ISSUANCE OF SAID BONDS; AND PROVIDING AN EFFECTIVE DATE." B. The Board on May 2, 1989, duly adopted Resolution No. 89-46 amending and restating Resolution 89-19. C. The County has previously issued the Series 1988 Notes to reimburse itself for the cost of purchasing the System, as defined in Resolution No. 88- 120 of the County. D. It is necessary and desirable to construct, acquire, furnish and equip a regional sludge treatment facility in the County in order to preserve and protect the public health, safety and welfare of the inhabitants of the County. D. It is necessary and desirable to retire the Series 1988 Notes. E. The County deems it necessary and in its best interest to finance a portion of the cost of said facility and the amount necessary to retire the Series 1988 Notes by the issuance of the Series 1991 Bonds as Additional Parity Bonds under the Master Bond Resolution. Funds. F. The Series 1991 Bonds shall be payable solely from the Pledged G. 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 2