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s1. \ <br />140 <br />issued in an aggregate principal amount not exceeding $2,75,000, <br />pursuant to the Notes Resolution (hereinafter defined). <br />"Notes Payment Account" shall mean the Notes Payment <br />Account in the Construction Fund, created pursuant to the provi- <br />sions of the Enabling Instrument and held by the Trustee as <br />depository. <br />"NoteF Resolution" shall mean the Issuer's resolution <br />adopted on Dec er , 1982, authorizing issuance of the Notes <br />1 and the executlun of this Agreement. A copy of the Notes <br />Resolution is attached hereto as Exhibit A and hereby incor- <br />porated herein. <br />"Pledged Funds" shall mean the Gross Revenues. <br />"Prior Lien Obligations" shall mean the outstanding <br />Water and Sewer Revenue Bonds, Series 1979, dated August 30, <br />1979, Water and Sewer Revenue Bonds, Second Series 1979, dated <br />May 21, 1981, and Water Revenue Bond, Series 1980 (South County <br />Water System), dated September 30, 1982, of the Issuer. <br />"Project" shall mean the additions, extensions and <br />improvements to the System of the Issuer to be acquired and <br />constructed in accordance with certain plans and specifications <br />now on file with the Clerk. <br />"Purchase Agreement" shall mean the agreement between <br />the Purchaser and the Issuer, dated December 23, 1982, regarding <br />the sale of the Notes. <br />"Purchaser" shall mean Arch W. Roberts & Co. and The <br />Leedy Corporation, as underwriters of the Notes. <br />"System" shall mean the combined water and sewer facili- <br />ties of the Issuer, together with any and all improvements, exten- <br />sions and additions thereto hereafter constructed or acquired. <br />"Trustee" shall mean <br />Florida, serving as trustee under the Agreement. <br />1.02 Recitals. <br />(A) The Issuer adopted the Enabling Instrument <br />authorizing the issuance of the Bonds for the purpose of paying <br />the Cost of the Project. On November 16, 1982, a final judgment <br />was entered in the Circuit Court, Nineteenth Judicial Circuit, in <br />and for Indian River County, Florida, validating the Bonds, and <br />the appeal period applicable to such judgment has expired without <br />there having been filed any appeal or other proceeding <br />questioning the propriety thereof. <br />-3- <br />