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sewer service rates, fees and charges for the use of and the services furnished or to be furnished by the facilities constituting the System, including the earnings and interest income derived from the investment of money on deposit in the various funds and accounts created in connection with the System, but excluding Surcharges, Impact Fees, Special Assessments, Franchise Fees and Fees in lieu of Franchise Fees. Words importing singular number shall include the plural number and vice versa and words importing persons shall include firms and corporations or other entities and vice versa. SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: A. It is necessary, desirable and in the best interest of the County to retire the Retired Bonds. B. It is necessary, desirable and in the best interest of the County to acquire, construct, furnish and equip the Series 1993 Projects; C. It is necessary, desirable and in the best interest of the County to finance the amount necessary to retire the Retired Bonds and to finance certain costs in connection with the Series 1993 Projects by the issuance of the Series 1993 Bonds. D. The Bonds shall be payable solely from the Pledged Funds. E. It is expected that the Pledged Funds will be sufficient to pay the principal of, premium, if any, and interest on the Bonds. SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds by the Registered Owners thereof who shall hold the same from time to time, this Resolution shall be deemed to be and shall constitute a contract between the County and such Registered Owners. The covenants and agreements set forth herein to be performed by the County shall be for the equal benefit, protection and security of the Registered Owners of the 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 this Resolution and in the Bonds. SECTION 5. AUTHORIZATION TO RETIRE THE RETIRED BONDS. The retirement of all of the outstanding Series 1986 Bonds is hereby authorized. The Series 1986 Bonds shall be retired upon the issuance of the Series 1993 Bonds at the price of par, plus accrued interest to the retirement date. The retirement of all of the outstanding Series 1986A Bonds is hereby authorized. The Series 1986A Bonds shall be retired upon the issuance of the Series 1993 Bonds at the price of par, plus accrued interest to the retirement date. The retirement of all of the outstanding Series 1989 Bonds is hereby authorized. The Series 1989 Bonds maturing before May 1, 1999 shall be retired at maturity at the price of par, plus accrued interest to the maturity date. The Series 1989 Bonds maturing on or after May 1, 1999 shall be retired on May 1, 1998, the earliest optional redemption date, at the price of 101.56 of par, plus accrued interest to the redemption date.