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RESOLUTION NO. 2001-113 A RESOLUTION APPOINTING FINANCIAL SECURITY ASSURANCE AS MUNICIPAL BOND INSURER FOR THE SERIES 2001 BONDS; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION WITH THE MUNICIPAL BOND INSURANCE POLICY; AND PROVIDING AN EFFECTIVE DATE. WHEREAS,on May 16, 1995,the Board of County Commissioners of Indian River County, Florida(the"County" or the"Issuer")adopted Resolution No. 95-63, as supplemented(the"Original Resolution")to provide for the issuance of not to exceed$26,000,000 in aggregate principal amount of Indian River County General Obligation Bonds (the "Bonds") payable from the County's ad valorem taxes without limit on all taxable property in the County as provided in the Original Resolution; provided,however, that the Bonds shall be structured in such a manner that at the time of issuance of any series thereof, the millage rate required to make the maximum annual payment of the principal of and interest on the Bonds shall not exceed %2 mil of the then assessed value of all lands situated in the County subject to ad valorem taxation; and WHEREAS, on October 23, 2001, the County Commission of Indian River County, Florida adopted Resolution No. 2001-107 (the "Resolution"), supplementing the Original Resolution to provide for the issuance and sale of the County's not to exceed $11,000,000 General Obligation Bonds, Series 2001 (the "Series 2001 Bonds"); and WHEREAS, the Resolution provided for the County Administrator or his designee to solicit offers from municipal bond insurance firms to provide municipal bond insurance (the "Municipal Bond Insurance Policy") for the Series 2001 Bonds; and WHEREAS,the Issuer now desires to approve the commitment for municipal bond insurance provided by Financial Security Assurance Inc. as the municipal bond insurance firm (the "Bond Insurer") to provide the Municipal Bond Insurance Policy for the Series 2001 Bonds if such municipal bond insurance is elected by the purchaser of the Series 2001 Bonds, and if so selected, to supplement the Resolution to provide for the requirements of the Commitment. NOW,THEREFORE,BE IT RESOLVED BY THE COUNTY COMMISSION OF INDIAN RIVER COUNTY, FLORIDA: SECTION 1. The County approves the purchase of the Municipal Bond Insurance Policy for the Series 2001 Bonds from Financial Security Assurance, as Bond Insurer. SECTION 2. Pursuant to the Resolution, Financial Security Assurance Inc. ("FSA") has been selected to provide its Municipal Bond Insurance Policy(the "Bond Insurance Policy") as the Bond Insurance Policy (as defined in the Bond Ordinance) as additional security for payment of principal and interest on the Series 2001 Bonds. Selection of FSA as the Bond Insurer(as defined in the Resolution) is hereby ratified and confirmed, and if the successful bidder for the purchase of