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refunding $7,105,000 in aggregate principal amount of the County's Water and Sewer Revenue Refunding Bonds, Series 2005 (the "Refunded Bonds"). The remaining Series 2005 Bonds will be defeased and redeemed by the County from legally available revenues on or prior to the date of issuance of the Series 2015 Note. Other than the Series 2005 Bonds and the County's Water and Sewer Revenue Bonds, Series 2009, no indebtedness is currently outstanding and secured by the Pledged Funds (as defined in the Original Resolution). (E) Except as expressly provided herein, the covenants, pledges and conditions in the Original Resolution shall be applicable to the Series 2015 Note herein authorized, and said Series 2015 Note shall constitute a "Bond" within the meaning of the Original Resolution. (F) The principal of and interest on the Series 2015 Note and all required sinking fund, reserve and other payments shall be limited obligations of the County, payable solely from the Pledged Funds as provided in the Bond Resolution. The Series 2015 Note shall not constitute a general obligation, or a pledge of the faith, credit or taxing power of the County, the State of Florida, or any political subdivision thereof, within the meaning of any constitutional or statutory provisions. Neither the State of Florida, nor any political subdivision thereof, nor the County shall be obligated (1) to exercise its ad valorem taxing power in any form on any real or personal property of or in the County to pay the principal of the Series 2015 Note, the interest thereon, or other costs incidental thereto or (2) to pay the same from any other funds of the County except from the Pledged Funds, in the manner provided in the Bond Resolution. (G) The Original Resolution provides that Bonds such as the Series 2015 Note shall mature on such dates and in such amounts, shall bear such rates of interest, shall be payable in such places and shall be subject to such redemption provisions as shall be determined by Supplemental Resolution adopted by the County; and it is now appropriate that the County determine such terms and details. (H) It is hereby found and determined that the Series 2015 Note to be issued by the County is in a relatively small aggregate principal amount and is for the purpose of financing the refunding of the Refunded Bonds, and thus constitutes debt not readily marketable at public sale. A public sale of the Series 2015 Note is therefore found to be impractical in the prevailing bond market, and protection of the public interest necessitates the approval of a negotiated sale of the Series 2015 Note directly to the registered owner of the Series 2015 Note (the "Noteholder"). No underwriter or consultant has dealt with the County and no official statement or prospectus of the County was utilized concerning the issuance and sale of the Series 2015 Note. SECTION 2. AUTHORITY FOR THIS SUPPLEMENTAL RESOLUTION. This Supplemental Resolution is adopted pursuant to Section 17(P) of Resolution 93-80, the provisions of the Act (as defined in the Original Resolution) and other applicable provisions of law. When used in this Supplemental Resolution, the terms defined in the Original Resolution shall have the meanings therein stated, except as set forth below. 0)