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JUN w 5 1880 BOOK 43 PAr, E 9 Instrument for the purpose of receiving funds transferred from the Revenue Fund for the purpose of paying Operating Fxpenses. "Pledged Funds" shall mean the Cross Revenues. "Project" shall mean the water facilities in the southern part of the Issuer, more commonly known as the South County Water System, and any improvements to such facilities, to be acquired and constructed pursuant to the authorization con- tained 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(9) of this 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 this 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 facilities acquired and constructed as the Project, 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 Ch. 159, Fla. Star_. (1979), and other applicable provisions of law. 1.03 Findings. It is hereby found and determined that: (A) The Issuer does not presently own or operate a water system for the benefit of its inhabitants in southern Indian River County, Florida, and the Project is necessary for the continued preservation of the health, welfare, convenience and safety of the Issuer and its inhabitants in such area. (B) The Issuer has been advised by its consulting engi- neers and it is hereby found and determined that the estimated Cost_ of the Project i.s $6,662,800 which shall be paid with the proceeds of the sale of the Bonds and a federal grant in the amount of $796,900. (C) The revenues to be derived annually from the rates, rentals, fees and other charges made and collected for the ser- vices and facilities of the System are estimated to be $688,608, and will be sufficient_ to pay, as the same shall become due and payable, the principal of and interest on the Bonds and the Operating Expenses, the aggregate annual amount of which is esti- -3-