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Terms not specifically defined herein shall have the meanings <br />ascribed to such terms in Appendix D attached hereto. <br />PURPOSE <br />The proceeds of Series 1989 Bonds together with certain other <br />available funds of the County will be used to (i) retire the <br />County's Water and Sewer Revenue Bonds, Series 1979, dated August <br />30, 1979, the Water and Sewer Revenue Bonds, Second Series 1979, <br />dated May 21, 1981, the Water Revenue Bonds, Series 1980 (South <br />County Water System), dated September 30, 1982, and the Water and <br />Sewer Revenue Bonds, Series 1982, dated April 30, 1985 <br />(collectively, the "Original Bonds") which are held in their <br />entirety by Farmers Home Administration, United States Department of <br />Agriculture ("FmHA") pursuant to loan agreements with the County, <br />(ii) fund the Reserve Account established for the Series 1989 Bonds, <br />and (iii) pay certain costs incurred in connection with issuance of <br />the Series 1989 Bonds, all as more particularly described herein. <br />The County has previously issued the Original Bonds to FmHA <br />pursuant to (i) loan agreements to finance the costs of acquisition <br />and/or construction of the System and, (ii) Resolution 82-61, as <br />amended. As of April 1, 1989, the aggregate outstanding principal <br />balance of the Original Bonds was $8,878,200. By letter dated <br />January 10, 1989, FmHA has offered the County the opportunity to <br />participate in FmHA's Discount Purchase Program for 1989. Under the <br />Program, the County may purchase the outstanding Original Bonds at a <br />discount from the remaining outstanding principal amount thereof, <br />subject to certain conditions and restrictions. $5,931,638.47 of <br />the principal amount raised hereby and other legally available funds <br />will be used to retire the Original Bonds. <br />ESTIMATED SOURCES AND USES OF FUNDS <br />Sources: <br />Principal Amount of Series 1989 Bonds <br />$6,510,000.00 <br />Accrued Interest <br />25,233.58 <br />Other Available Funds <br />319,035.00 <br />Total Sources <br />$6,854,268.58 <br />Uses: <br />Retire Original Bonds <br />$5,931,638.47 <br />Deposit to Reserve Account <br />564,359.33 <br />Accrued Interest <br />25,233.58 <br />Original Issue Discount <br />33,600.00 <br />Underwriters' Discount <br />109,042.50 <br />Issuance Expenses and <br />Municipal Bond Insurance Premium <br />190,394.70 <br />Total Uses <br />$6.854.268.58 <br />