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annually recurrent but which are such as may reasonably be expected to be incurred in accordance with such accepted accounting methods, but shall exclude payments into the Sinking Fund or the Reserve Account therein and any allowance for depreciation or for renewals or replacements of capital assets of the System. "Original Instrument" shall mean the resolution duly adopted by the Board of County Commissioners of the Issuer on January 23, 1978, authorizing issuance of the Parity Obligations. "Parity Obligations" shall mean the Issuer's Water and Sewer Revenue Bonds, Series 1979, authorized pursuant to the Original Instument. "Pledged Funds" shall mean the Gross Revenues. "Project" shall mean the extensions and improvements to the water facilities of the System in the Gifford area, to be constructed pursuant to the authorization contained in this Instrument in accordance with certain plans and specifications now on file with the Clerk. "Revenue Fund" shall mean the account created pursuant to the provisions of Section 3.04(8) of the Original Instrument, into which all Gross Revenues shall be deposited by the Issuer. "Sinking Fund" shall mean the account created pursuant to Section 3.04(C) of the Original Instrument, into which moneys shall be transferred from the Revenue Fund for the payment of the prin- cipal of and interest on the Bonds. "System" shall mean the complete water and sewer system now owned, operated and maintained by the Issuer, together with any and all improvements, extensions and additions thereto hereafter constructed or acquired. 1.02 Authority for this Instrument. This Instrument is adopted pursuant to the provisions of Part I of Ch. 159, Florida Statutes (1977), and other applicable provisions of law. 1.03 Findings. It is hereby found and determined that: (A) For the benefit of its inhabitants, the Issuer pre- sently owns and operates the System, and the Project is necessary -3-