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acceptance of the Acquisition Agreement by such authorized officer <br />of the County shall be conclusive evidence of any such approval. <br />Following the execution and delivery of the Acquisition Agreement <br />by the County and the City, the County Clerk is hereby authorized <br />and directed to cause the Acquisition Agreement to be recorded in <br />the public records of Indian River County, Florida. Upon the <br />acquisition of the City System, the City System shall be integrated <br />into the System to be operated by the County thereafter as part of <br />the System, and no separate accounting for the City System shall be <br />required thereafter. <br />SECTION 5. AUTHORIZATION OF DEFEASANCE OF CITY BONDS. <br />Subject and pursuant to the provisions hereof, the obligations of <br />the City known as the City of Sebastian, Florida Utilities System <br />Revenue Bonds, Series 1993 are authorized to be defeased by the <br />County in the aggregate principal amount of not exceeding <br />$5,000,000. At the closing of the acquisition and transfer of the <br />City System to the County, the County shall deliver to the escrow <br />holder (the "Escrow Holder") under the Escrow Deposit Agreement, as <br />hereinafter defined, in escrow, either Federal Securities (as <br />defined in the City Bond Resolution), or cash in an amount <br />sufficient to enable the Escrow Holder to acquire Federal <br />Securities, each in a principal amount and bearing interest and <br />maturing at such time as to enable the Paying Agent for the City to <br />redeem the City Bonds on their respective maturity dates and to <br />defease the lien of the City Bond Resolution on the City System in <br />accordance with Section 5.07 of the City Bond Resolution. <br />4 <br />