1990-067 - Laserfiche WebLink

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that: SECTION 2. Findings. It is hereby ascertained, determined and declared A. The Board of County Commissioners (the "Board") of Indian River County, Florida (the "County"), on March 27, 1990, duly adopted Resolution No. 90-40 (which resolution, together with all amendments and supplements thereto heretofore adopted, is hereinafter called the "Bond Resolution") authorizing the issuance of a series of bonds to be designated as the "Special Assessment Revenue Bonds, Series 1990", the net proceeds of which will be used to reimburse the County for a portion of the cost of acquisition and construction of certain sewer line extensions and a certain low pressure grinder pump sewerage system in connection with the Rockridge Wastewater System of the County and to make a deposit into the Impact Fee Trust Fund for the Expansion of the Indian River County Sewerage System to pay for the expansion of the sewage disposal system of the County, including without limitation the acquisition and construction of a sewer system to be known as the "Rockridge Wastewater System". B. To provide further the terms of the bonds to be issued pursuant to the Bond Resolution and for the security thereof, it is necessary to amend and supplement the Bond Resolution as set forth below. SECTION 3. Amendments and Sunnlements to Section 15 of the Bond Resolution. Section 15 of the Bond Resolution shall be amended and supplemented as follows: A. The last sentence of Clause (1) of Subsection B shall be amended to read as follows: "In the event the Revenues on deposit in the Revenue Fund are insufficient for such purpose, the County shall transfer money to the Sinking Fund from the following funds in the indicated order of priority: First, the Reserve Account and, second, the Bond Redemption Account." - 2 -