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A <br />described in the Bonds Enabling Resolution. Reference is <br />rude to the Bonds Enabling Resolution for a more complete <br />description of the covenants, lien and pledge securing <br />payment of the Bonds. <br />C. The issuer presently expects to commence <br />construction of the Project in January 15, 1988, and receive <br />a final commitment letter from the Government with respect <br />to the Project and the purchase of the Bonds, on or before <br />January 1, 1988. <br />D. The Issuer has already incurred engineering costs <br />in excess of $143,000, and anticipates incurring additional <br />engineering costs in the amount of $332,315 when the <br />planning phase of the Project is completed in October, 1986. <br />It is necessary and urgent that funds be made immediately <br />available at this time in order to comply with the <br />provisions of §129.07, Fla. Stat. (1935), relative to the <br />future costs to be incurred as a result of the existim <br />engineering contracts and the letting of the construction <br />contracts for the Project in May, 1987. The Issuer must, <br />therefore, anticipate the receipt by it of the proceeds to <br />be derived from the sale of the Bonds. It is in the best <br />interest of the Issuer and its inhabitants that the Series <br />1986 Notes be issued pursuant to this Resolution in <br />anticipation of the receipt by the Issuer of the proceeds <br />from the sale of the Bonds. The principal of and interest <br />on the Series 1986 Notes will be payable frrxn and secured by <br />a prior lien upon and a pledge of the proceeds to be derived <br />-5- <br />