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40 i• A. It has heretofore been determined that it is necessary and desirable to acquire and construct the Project. B. The cost of the acquisition and construction of the Project will be paid by the issuance and delivery of the Bonds herein authorized. Such cost shall include the amount required to capitalize interest on the Bonds from their date of delivery to January 1, 1986, and such other costs as are specified in Section 170.03, Florida Statutes (1983). C. The Bonds shall be payable from and secured by a lien upon and pledge of the Assessments, junior, subordinate and inferior to the lien thereon of the holders of the Prior Lien Obligations; and, to the extent necessary, shall be payable from the Non Ad Valorem Funds in the manner Fpecified herein. The Assessments have been levied against the benefited property in proportion to the special and positive benefits to be received from the acquisition and construction of the Project. D. The assessment roll heretofore prepared by the consulting engineers of the County, and the amount thereof as to each parcel assessed, does not exceed the amount by which such parcel is determined to be benefited. The Board has heretofore equalized, adjusted and confirmed the Assessments pursuant to the applicable provisions of Chapter 170, Florida Statutes (1983). E. It is deemed necessary and desirable to pledge the Assessments to the payment of the principal of and interest on the Bonds. F. The amount of the Assessments, as estimated, after application pursuant to the proceedings authorizing the issuance of the Prior Lien Obligations, will be sufficient in the aggre- gate to pay the principal of and interest on the Bonds herein authorized. G. The principal of and interest on the Bonds to be issued pursuant to this resolution and all other payments herein will be paid from the proceeds of the Assessments to the extent that the same shall be lawfully levied and collected, and, to the -3-