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RESOLUTION NO. 2007-072 Section 2. FINDINGS. The Board hereby finds and determines that the recitals set forth herein are true and correct and adopts the same as its findings and determinations. Section 3. AUTHORIZATION OF BONDS. Subject and pursuant to the provisions hereof, the Bonds of the County are authorized to be issued in such principal amount as will provide Net Proceeds of forty million dollars ($40,000,000) to finance the cost of the Project. The monies received and interest earned from the issuance of the Bonds will be used for such purpose. The Bonds shall be general obligations of the County and shall be secured by the full faith and credit and unlimited ad valorem taxing power of the County. The Bonds shall mature in not more than thirty (30) years from issuance, and the Bonds shall bear interest at a rate not exceeding the maximum rate permitted by law at the time of the sale of the Bonds. Both principal and interest on the Bonds, and redemption premiums, if any, shall be payable at the office of the paying agent to be named by the County at or prior to the sale of the Bonds. The Bonds shall be issued pursuant to authority granted under this Resolution and the Act, but only after approval of the bond referendum hereinafter called and subsequent adoption of an authorizing bond resolution by the Board, as governing body of the County. Section 4. BOND REFERENDUM. A bond referendum of the qualified electors of the County is hereby called to be held on October 9, 2007 to determine whether or not the issuance of the Bonds in such principal amount as will provide Net Proceeds of forty million dollars ($40,000,000) shall be approved by such qualified electors to finance the cost of the Project. All qualified electors in the County shall be entitled and permitted to vote in the bond referendum. The Supervisor of Elections of Indian River County, Florida (the "Supervisor of Elections") shall hold, administer and conduct the bond referendum in the manner prescribed by law. The County Administrator and the County Attorney (the "County Representatives") and the Supervisor of Elections are directed to take all necessary measures to conduct the bond referendum in accordance with applicable law. The results shall be certified to the Department of State in accordance with Section 100.351, Florida Statutes. All procedures and requirements of the laws of the State of Florida and other applicable law shall be complied with for the purpose of conducting the computation of ballots and completion of bond referendum procedures. The County Representatives are hereby designated and appointed as the official representative of the Board in all transactions with the Supervisor of Elections in relation to matters pertaining to the use of the registration books and the holding of said bond referendum. Ballots containing the question set forth in Section 6 hereof shall be prepared for the use of absent electors entitled to cast such ballots in said bond referendum. 3