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B. It is in the best interest of the County to issue the Bonds as hereinafter provided. C. The Bonds shall be special obligations of the County payable solely from, and secured solely by a prior lien upon, the Pledged Funds. D. It is deemed necessary and desirable to pledge the Pledged Funds for the payment of the principal of and interest on the Bonds. E. The amount of the Pledged Funds, as estimated, will be sufficient in the aggregate to pay the principal of and interest on the Bonds. F. The principal of and interest on the Bonds and all other payments specified herein will be paid solely from the Pledged Funds to the extent that the same shall be lawfully levied and collected or otherwise made available. Neither the County nor the City will be authorized to levy ad valorem taxes on any real property in the County or the City, as the case may be, to pay the principal of or interest on the Bonds or to make any other payments specified by this Resolution. SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds by the Registered Owners 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 herein set forth 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 therein and herein. SECTION 5. AUTHORIZATION AND DESCRIPTION OF BONDS. Subject and pursuant to the provisions of this Resolution, obligations of the County to be known as "Special Assessment Revenue Bonds, Series 1989," are hereby authorized to be issued in the aggregate principal amount of not exceeding $7,560,000 The Bonds shall be dated as of a date to be fixed by subsequent resolution of r the County and may be numbered consecutively from one upward or in such othe manner as agreed upon between the County and the Bond Registrar. The Bonds shall be issued in such denominations, shall bear interest at such rate or rates, not exceeding the maximum rate authorized by applicable law, payable at such times, shall mature on such dates and in such years and in such amounts and shall have such other terms and conditions as may be determined by subsequent resolution of the County adopted at or prior to the sale of the Bonds. Each of the Bonds shall bear a certificate, signed by the manual or facsimile signature of the Clerk of the Board, certifying that the aggregate amount of Assessments pledged hereunder is at least equal to the aggregate principal amount of the Bonds. - 4 -