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40 <br />RESOLUTION NO. 78-6 <br />RESOLUTION PROVIDING FOR TIIE ACQUISITION <br />OF A WATER AND SEWER SYSTEM IN INDIAN RIVER <br />COUNTY, FLORIDA, AND THE CONSTRUCTION AND <br />ERECTION OF EXTENSIONS AND IMPROVEIMENTS <br />® THERETO; AUTHORIZING TIIE ISSUANCE BY THE <br />COUNTY OF NOT EXCEEDING $402,500 WATER <br />AND SEWER. REVENUE BONDS, SERIES 1979, TO <br />FINANCE A PART OF THE COST THEREOF; PLEDGING <br />® THE GROSS REVENUES OF SUCH SYSTEM TO SECURE <br />PAYMENT OF THE PRINCIPAL OF AND INTEREST ON <br />THE BONDS; AND PROVIDING FOR THE RIGHTS OF <br />THE HOLDERS OF THE BONDS. <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, as follows: <br />ARTICLE I <br />GENERAL <br />1.01 Authority for this Resolution. This Resolution <br />y4 — - <br />(this "instrument") is adopted pursuant to the provisions of Ch. <br />159, Florida Statutes (1975), and other applicable provisions of <br />law. <br />"1.02 Findings. It is hereby found and determined that: <br />(A) Indian River County, Florida (the "Issuer"), does <br />not presently own or operate a water and sewer system for the <br />benefit of its inhabitants, and it is necessary for the continued <br />preservation of the health, welfare, convenience and safety of the <br />Issuer and its inhabitants to acquire a water distribution and <br />sewage collection and treatment facility and construct and erect <br />extensions and improvements thereto (the "Project" or the "System") <br />in accordance with certain plans and specifications now on file with <br />the Clerk of the Board of County Commissioners of the Issuer (the <br />"Clerk"). <br />(B) The Issuer has been advised by its consulting <br />engineers and it is hereby found and determined that the esti- <br />mated cost of acquiring and constructing the Project in accordance <br />with such plans and specifications is $1,270,000, which shall be <br />paid with the proceeds of the sale of the bonds herein authorized <br />(the "Bonds"), federal grants .in the amount of $792,500 and an . <br />amount of $75,000 derived by the Issuer from its share of revenue <br />sharing proceeds, payable pursuant to Ch. 218, Florida Statutes <br />(1975); and shall be deemed to include all expenses necessary, <br />