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Z. Plaintiff,•in and by Chapter 159, Part I, Florida
Statutes, and other applicable provisions of law, is authorised
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~ to issue revenue obligations to finance the cost of the acqui$i-
tion and establishment of a Water System (hereinafter•called
"System') for Plaintiff and the construction of additions, exten-
sions and improvements thereto, more particularly described in
the Complaint filed herein (hereinafter called `Project").
3. Authority is conferred upon said Plaintiff by the
Constitution and Laws of the State of Florida, particularly such
Chapter 159, Part I, to issue the Bonds to finance the coat of
the Project and to pledge the net. revenues derived from the
operation of the System to the payment of such Bonds and the
interest thereon.
4. It is necessary .for the continued preservation of ~ .
the health, welfare, convenience and safety of the Plaintiff and
its inhabitants to construct and acquire the Project, and it is •
essential that same be accomplished in accordance with the provi-
sions of that certain Resolution No. 79-12.2, adopted on December
10, 1979 (hereinafter called "Resolution"), which said Resolution
authorizes the issuance of the Bonds, hereinafter more par-
' ticularly described.
5. Pursuant to and in accordance with the provisions of
the Constitution and Laws of Florida, Plaintiff, by such Resolu-
I
tion authorized and provided for the issuance of the Bonds,. to be
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in the denomination of $1,000 each or integral multiples thereof,
to be dated, to bear interest and to mature as hereinafter set
forth, for the purpose of~financing the cost of the Project, all
of which appears and is more fully set forth in .the certified copy
of the Resolution heretofore filed herein.
E 6. The Bonds shall be payable as to both principal and
5 interest solely from and secured by a~first lien upon and pledge
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~ ~ of the net revenues derived by Plaint.i:ff 'from the operation of
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the System (hereinafter called ,~i~`t<~.It~~v.~$~~.~ • The Bonds will
not constitute an indebtednes~,~s~;~~~he ~la~i'c~,f~ff within the meaning
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. ~ -o ~ z ~4 PA6E 437
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