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RESOLUTION 140. 78-7 A RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $402,500 WATER AND SEWER REVENUE BONDS, SERIES 1979, ANTICIPATION NOTES OF INDIAN RIVER COUNTY, FLORIDA; PROVIDING FOR THE PAYMENT THEREOF AND ENTERING INTO CERTAIN COVENANTS AND AGREEMENTS WITH TETE IiOLDERS THEREOF. BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA (the "Issuer"), as follows: SECTION 1. AUTHORITY FOR RESOLUTION. This resolution is adopted pursuant to Section 215.431, Florida Statutes (1975), and other applicable provisions of law. A. On January 23 1978, the Issuer adopted a resolution (the "Enabling Instrument") authorizing the issuance of $402,500 Water and Sewer Revenue Bonds, Series 1979, of the Issuer (the "Bonds"), for the purpose of paying a part of the cost of acquiring water distribution and sewage collection and treatment facilities and constructing extensions and improvements thereto (the "Project"). B. The Bonds and the coupons appertaining thereto will be payable solely from and secured by a prior lien upon and pledge of the gross revenues to be derived by the Issuer from the operation of such facilities (the "Pledged Funds"). Reference is made to the Enabling Instrument for a more complete description of the covenants, liens and pledge securing payment of the Bonds and the coupons appertaining thereto. C. It is necessary and urgent that funds be made immediately available in order to provide money for the com- mencement of the Project at this time. The Issuer must, there- fore, anticipate the receipt by it of the proceeds to be derived from the sale of the Bonds, and the Issuer has determined it to be in the best interest of the Issuer and its residents and inhabitants that interest bearing notes of the issuer (the "Notes") be issued pursuant to this resolution in anticipation of the receipt by the Issuer of the proceeds from the sale of the Bonds. The principal of and interest on the Nates will be payable solely from and secured by a lien upon and pledge of the proceeds to be derived from the sale of the Bonds and, if necessary, the Pledged Funds.