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40 • •em ' . County, wherein the Corporation shall grant the County a mortgage and security interest in the Project; and WHEREAS, the Bond shall be a special obligation of the County, payable solely from the revenues or other receipts, funds or moneys to be derived by the County under a Financing Agreement (the "Agreement"), between the County and the Corporation, a note securing the loan to the Corporation (the "Note"), and the Mortgage, as well as moneys derived from the Guaranty (as defined in the Indenture); and WHEREAS, a public hearing regarding the issuance of the Bond was duly held on July 16, 1986, by the County in accordance with Section 103(k) of the Internal Revenue Code of 1954, as amended; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CCMISSIONERS OF INDIAN RIVER COUNTY, FIARIDA: SECTION 1. AUTHORITY FOR THIS RESOIIMON. This Resolution is adopted pursuant to the provisions of Part II of Chapter 159, Florida Statutes (1985), and other applicable provisions of law. SECTION 2. FINDINGS. It is hereby ascertained, determined and declared that: A. The Project is appropriate to the needs and circumstances of, and shall make a significant contribution to the economic growth of, the County; shall provide or preserve gainful employment; and shall serve a public purpose by advancing the economic prosperity of the State of Florida and its people as stated in Section 159.26, Florida Statutes. B. In accordance with the criteria established in Section 159.29(2), Florida Statutes, and based on information and representations made by the Corporation, the Corporation is financially responsible and fully capable and willing to fulfill its obligations under the Agreement, including the obligations to make payments in the amounts and at the times required thereby; to operate, repair and maintain at its own expense the Project; and to serve the purposes of the Act and such other responsibilities as may be imposed under the Agreement. C. The County will be able to cope satisfactorily with the impact of the Project and will be able to provide, or cause to be provided when needed, the public facilities, including utilities and public services, that will be necessary for the construction, operation, repair and maintenance of the Project and on account of any increases in population or other circumstances resulting therefrom. D. Adequate provision shall be made for the operation, repair and maintenance of the Project at the expense of the Corporation and for the payment of principal of and interest on the Bond. E. The cost to be paid from the proceeds of the Bond shall be "costs of the project" within the meaning of the Act. _2_