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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 finance the amount necessary to retire the Retired Bonds by the issuance of the Series 1993 Bonds. C. The Bonds shall be payable solely from the Pledged Funds. D. 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 1985 Bonds is hereby authorized. The Series 1985 Bonds maturing before September 1, 1996 shall be retired at maturity at the price of par, plus accrued interest to the maturity date. The Series 1985 Bonds maturing on or after September 1, 1996 shall be retired on September 1, 1995, the earliest optional redemption date, at the price of 1028 of par, plus accrued interest to the redemption date. The retirement of all of the outstanding Series 1991 Bonds is hereby authorized. The Series 1991 Bonds maturing before September 1, 2000 shall be retired at maturity at the price of par, plus accrued interest to the maturity date. The Series 1991 Bonds maturing on or after September 1, 2000 shall be retired on September 1, 1999, the earliest optional redemption date, at the price of 1028 of par, plus accrued interest to the redemption date. The County shall provide for the retirement of the Retired Bonds by: (a) transferring to the Escrow Agent, to be named by subsequent resolution of the Board, from the various sinking funds for the Retired Bonds the amounts therein allocable to the Retired Bonds; (b) transferring to the Escrow Agent from the various reserve accounts for the Retired Bonds amounts, if any, to be specified by subsequent resolution of the Board; (c) depositing with the Escrow Agent an amount from the proceeds of the sale of the Series 1993 Bonds to be specified by subsequent resolution of the Board; and (d) depositing with the Escrow Agent an amount, if any, from other funds of the County to be specified by subsequent resolution of the Board, which amounts, in the aggregate, together with the interest to be earned thereon, when invested as provided in the Escrow Agreement hereinafter mentioned, shall be sufficient to provide for timely retirement of the Retired Bonds. The County shall enter into an Escrow Agreement with the Escrow Agent providing for the retirement of the Retired Bonds, the form of which shall be approved by the Chairman or Vice Chairman of the Board prior to the execution thereof. Such approval shall be conclusively presumed by the execution