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U <br />,,.�� <br />Series 1980 (South County Water System), dated Septeirher 30, 1982; and Water and <br />Sewer Revenue Bonds, Series 1982, dated April 30, 1985, of the Issuer. <br />"Pledged Funis" shall mean the Gross Revenues. <br />"Project" shall mean the additions, extensions and improvements to the <br />System to be acquired and constructed pursuant to the authorization contained in <br />this Instrument in accordance with certain plans and specifications now on file <br />with the Clerk. <br />1.02 Authority for this Instrument. This Instrument is adopted <br />pursuant to the provisions of Ch. 159, Fla. Stat. (1985), and other applicable <br />provisions of law, and pursuant to Subsection 3.04(J) of the Original <br />Resolution, and is supplemental to the Original Resolution. <br />1.03 Findings. It is hereby found and determined that: <br />(A) The Issuer presently owns and operates a combined water and sewer <br />system for the benefit of its inhabitants, and the Project is necessary for the <br />continued preservation of the health, welfare, convenience and safety of the <br />Issuer and its inhabitants. <br />(B) The Issuer has been advised by its consulting engineers and it is <br />hereby found and determined that the estimated Cost of the Project is $9,200,000 <br />which shall be paid with the proceeds of the sale of the Bonds. <br />- 3 - <br />