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RESOLUTION NO. 82-141 <br />RESOLUTION AUTHORIZING THE ISSUANCE OF NOT <br />EXCEEDING $2,750,000 WATER AND SEWER REVENUE <br />BONDS, SERIES 1982, ANTICIPATION NOTES OF <br />INDIAN RIVER COUNTY, FLORIDA; PROVIDING FOR <br />THE PAYMENT THEREOF AND ENTERING INTO CERTAIN <br />COVENANTS AND AGREEMENTS WITH TETE HOLDERS <br />THEREOF; AWARDING THE NOTES TO THE PURCHASER <br />AT PRIVATE SALE; AND PROVIDING AN EFFECTIVE. <br />DATE. <br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA (the "Issuer"), as follows; <br />SECTION 1. AUTHORITY FOR RESOLUTION. This resolution <br />is adopted pursuant to §215.431, Fla. Stat. (1981), and other <br />applicable provisions of law. <br />SECTION 2. FINDINGS. It is hereby ascertained, deter- <br />mined and declared that: <br />A. Pursuant to an agreement with the United States of <br />America, acting through the Farmers Home Administration, U.S. <br />Department of Agriculture (the "Government"), on July 7, 1982, <br />the Board of County Commissioners (the "Board") of the Issuer <br />adopted Resolution No. 82-62 (the "Enabling Instrument"), <br />authorizing the issuance of not exceeding $2,750,700 aggregate <br />principal amount of Water and Sewer Revenue Bonds, Series 1982, <br />of the Issuer (the "Bonds"), for the purpose of acquiring and <br />constructing additions, extensions and improvements to the com- <br />bined water and sewer system of the Issuer (the "Project" or <br />the "System"). By such agreement the Government has contracted <br />with the Issuer to purchase the Bonds upon substantial completion <br />of the Project and compliance with certain other guidelines. <br />B. The Bonds and the coupons appertaining thereto will <br />be payable from and secured by a prior lien upon and pledge of - <br />the gross revenues to be derived from the operation of the System <br />(the "Pledged Funds"), in the manner described in the Enabling <br />Instrument. Reference is made to the Enabling Instrument for a <br />more complete description of the covenants, lien and pledge <br />securing payment of the Bonds and the coupons appertaining <br />thereto. <br />C. The Project is comprised of 3 separate construction <br />phases, the financing of which has been combined for economies of <br />scale and bond marketing advantages. <br />-1- <br />