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RESOLUTION NO. 2007-072 bonds to finance or refinance the cost of capital projects for industrial or manufacturing plants, leasing or conveying real property, and making grants to private enterprises for the expansion of businesses to the community."; and WHEREAS, the project qualifies for expenditure of public funds and issuance of bonds under the Act as hereinafter defined; and WHEREAS, the Board of County Commissioners (the "Board") hereby determines that the qualified electors of the County should make, through a bond referendum, the final decision determining whether to acquire, rehabilitate and construct the Project; and WHEREAS,the Board hereby determines that it serves a paramount public purpose that the Project be acquired, rehabilitated and constructed and that it is in the best interest of the County to issue General Obligation Bonds to finance the cost of acquisition, rehabilitation and construction of the Project; and WHEREAS, to pay all or a part of the cost of the Project, including the costs of issuing and insuring the general obligation bonds, it is necessary to issue the general obligation bonds of the County as hereinafter provided; and WHEREAS, this Resolution is intended to constitute a "declaration of official intent" within the meaning of Section 1.150-2 of the Income Tax Regulations which were promulgated pursuant to the Internal Revenue Code of 1986, as amended, with respect to the debt incurred to finance the Project; and WHEREAS, the County now desires to issue general obligation bonds in one or more series in such principal amount as will provide bond proceeds, after payment of the costs of issuance and municipal bond insurance and after adjusting for net original issue discount or premium ("Net Proceeds") of forty million dollars ($40,000,000) (the "Bonds") pursuant to the terms of an authorizing bond resolution hereinafter to be adopted by the County if the qualified electors of the County approve the bond referendum authorized herein; and NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY,FLORIDA AS FOLLOWS: Section 1. AUTHORITY FOR THIS RESOLUTION. This Resolution is adopted pursuant to the Constitution and laws of the State of Florida, including Sections 100.201-100.351, Florida Statutes, Chapter 125 Florida Statutes including but not limited to Sections 125.045 (2) and (3), and other applicable provisions of law (hereinafter collectively referred to as the "Act"). 2