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option to call for redemption, prior to maturity, the outstanding 1986 Notes; <br />and <br />WHEREAS, The County, pursuant to authority vested in it by law, has <br />determined to provide funds to the Escrow Agent which will be sufficient to <br />enable the Escrow Agent, in behalf of the County, to retire the 1986 Notes upon <br />optional redemption prior to maturity, on January 18, 1990; and <br />WHEREAS, The Board of the County, by a resolution duly adopted in <br />accordance with law, Inter alfa, has authorized the sale, issuance and delivery <br />of bonds in the aggregate principal amount of $9,650,000, designated as "Water <br />and Sewer Revenue Bonds, Series 1986" and "Water and Sewer Revenue Bonds, Series <br />1986A", dated December 20, 1989 (the "Bonds"), with the proceeds thereof to be <br />used, in part, to the extent necessary, for the purposes of retiring the 1986 <br />Notes; and <br />WHEREAS, The County, simultaneously with the execution and delivery <br />of this Agreement, proposes to deliver the Bonds to the purchaser thereof, all <br />in accordance with prior action heretofore taken by the Board of the County; and <br />WHEREAS, The County, concurrently with the effectiveness hereof, as <br />provided herein, has deposited or caused to be deposited with the Escrow Agent <br />an amount of money that is sufficient to meet all obligations of the. County under <br />and with respect to the Resolution; and <br />WHEREAS, The County and the Escrow Agent desire to agree that Such <br />money deposited with the Escrow Agent for payment of obligations of the County <br />Linder the Resolution with respect to principal and interest relating to the 1986 <br />2 <br />