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C. "Code" shall mean the Internal Revenue Code of 1986, as amended, and
<br />any similar subsequent federal revenue laws. Any reference to a particular
<br />section, subsection, etc., of the Code shall also refer to the similar section,
<br />subsection, etc., of any similar subsequent federal revenue law.
<br />D. "Master Bond Resolution" shall mean Resolution No. 85-75 of the
<br />County, as amended and supplemented, from time to time, including, to the extent
<br />provided herein, this Resolution.
<br />E. "Pledged Funds" shall mean the Sales Tax, the money in certain funds
<br />and accounts pledged for the payment of the principal of, interest and premium,
<br />if any, on the Bonds and the Investment Income.
<br />F. "Resolution" shall mean this resolution, as amended and supplemented
<br />from time to time.
<br />G. "Series 1985 Bonds" shall mean the Indian River County, Florida
<br />Refunding and Improvement Revenue Bonds, Series_1985, dated as of November 1,
<br />1985, in the original aggregate principal amount of $9,855,000, issued as the
<br />first installment of the Bonds originally authorized under the Master Bond
<br />Resolution.
<br />H. "Series 1987 Bonds" shall mean the Indian River County, Florida
<br />Capital Improvement Revenue Bonds, Series 1987, dated as of July 1, 1987, in the
<br />original aggregate principal amount of $3,655,000, issued as the second
<br />installment of the Bonds originally authorized under the Master Bond"Resolution.
<br />I. "Series 1992 Bonds" shall mean the Refunding Revenue Bonds, Series
<br />1992, herein authorized to be issued as the third installment of the Bonds
<br />originally authorized to be issued under the Master Bond Resolution.
<br />Words importing singular number shall include the plural number and vice
<br />versa and words importing persons shall include firms, corporations and other
<br />entities and vice versa.
<br />SECTION 3. FINDINGS. It is hereby ascertained, determined and declared
<br />that:
<br />A. It is necessary, desirable and in the best interest of the County to
<br />retire a portion of the outstanding Series 1985 Bonds and to retire all of the
<br />outstanding Series 1987 Bonds.
<br />B. It is necessary, desirable and in the best interest of the County to
<br />finance the amount necessary for said retirements by the issuance of the Series
<br />1992 Bonds as the third installment of the Bonds originally authorized under the
<br />Master Bond Resolution.
<br />C. The Bonds, including the Series 1992 Bonds, shall be payable solely
<br />from the Pledged Funds.
<br />D. It is expected that the Pledged Funds will be sufficient to pay the
<br />principal of, premium, if any, and interest on the Bonds, including the Series
<br />1992 Bonds.
<br />SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the
<br />acceptance of the Series 1992 Bonds by the Registered Owners thereof who shall
<br />hold the same from time to time, the Master Bond Resolution, including this
<br />Resolution, shall be deemed to be and shall constitute a contract between the
<br />County and Registered Owners of the Series 1992 Bonds. The covenants and
<br />agreements set forth herein and in the Master Bond Resolution to be performed by
<br />the County shall be for the equal benefit, protection and security of the
<br />Registered Owners of the Bonds, including the Series 1992 Bonds, all of which
<br />Bonds shall be of equal rank and without preference, priority or distinction with
<br />respect to any other Bonds, except as expressly provided in the Master Bond
<br />Resolution, in this Resolution and in the Bonds.
<br />0.1
<br />NOV 41992 BOOK Ppl'j ,
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