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40 ai , "RESOLUTION NO. 86-35 A RESOLUTION PROVIDING FOR THE ACQUISITION AND CONSTRUCTION OF ADDITIONS, EXTENSIONS AND IMPROVEMENTS TO THE COMBINED WATER AND SEWER SYSTEM OF INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE BY SUCH COUNTY OF NOT EXCEEDING $9,200,000 WATER AND SEWER REVENUE BONDS, SERIES 1986, TO FINANCE THE COST THEREOF; PLEDGING THE GROSS REVENUES OF SUCH SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SUCH BONDS; PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH BONDS; MAKING CERTAIN COVENANTS AND AGREEMENTS IN CONNECTION THEREWITH; PROVIDING FOR RELATED MATTERS; AND PROVIDING AN EFFECTIVE DATE." (which, together with all amendments and supplements thereto heretofore adopted, is hereinafter called the "1986 Bond Resolution"). B. The Board of the Issuer, on July 7, 1982, duly adopted a resolution entitled as follows: "RESOLUTION NO. 82-61 RESOLUTION COMBINING ALL WATER AND/OR SEWER SYSTEMS OF INDIAN RIVER COUNTY, FLORIDA, INTO ONE INTEGRATED SYSTEM; PLEDGING THE GROSS REVENUES OF SUCH COMBINED SYSTEM TO SECURE PAYMENT OF THE PRINCIPAL AND INTEREST ON ALL WATER AND SEWER REVENUE OBLIGATIONS OF THE COUNTY; REVISING CERTAIN COVENANTS IN THE RESOLUTION AUTHORIZING THE ISSUANCE OF ALL OUTSTANDING WATER AND/OR SEWER REVENUE OBLIGATIONS OF THIS COUNTY; AND PROVIDING FOR THE RIGHTS OF THE HOLDERS OF SUCH OBLIGATIONS." (which, together with all amendments and supplements thereto heretofore adopted, including without limitation the 1986 Bond Resolution, is hereinafter called the "Original Resolution"). C. The Issuer has previously redeemed and retired the Parity Obligations, as that phrase is defined in the 1986 Bond Resolution, by the issuance on May 4, 1989, of a series of bonds known as the Issuer's Water and Sewer Revenue Refunding Bonds, Series 1989, in the original aggregate principal amount of $6,510,000, which shall have a lien on the Pledged Funds, as that phrase is defined in the 2 -