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1 <br /> "Variable Rate Bonds" shall mean obligations issued with a variable, adjustable, convertible <br /> or other similar rate which is not fixed in percentage at the date of issue for the entire term thereof <br /> as shall be determined by subsequent resolution of the Issuer. <br /> "Vice Chairman" shall mean the Vice Chairman of the Board of County Commissioners of <br /> Indian River County, Florida. <br /> SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: <br /> A. It is necessary and serves a paramount public purpose for the Issuer to issue its <br /> Revenue Bonds(Spring Training Facility), Series 2001, to provide for all or a portion of the cost of <br /> the acquisition, construction, rehabilitation and equipping of a spring training facility and related <br /> improvements. <br /> B. The Issuer is authorized under the Act to issue its Bonds for the paramount public <br /> purpose of paying all or a portion of the cost of the Project. <br /> C. The Los Angeles Dodgers, Inc. (the"Dodgers") is a major league baseball franchise <br /> which has been conducting its spring training program in Indian River County, Florida since 1948. <br /> D. The Dodgers generate a significant economic impact in Indian River County, Florida <br /> and as a result of the spring training activities which occur within Indian River County, Florida, such <br /> economic impact has been reported to be approximately $30-$36 million each year, and that in order <br /> to preserve this economic benefit for the Issuer, the Issuer must undertake the Project. The Issuer <br /> has determined that the Project is in furtherance of its purposes to provide for the health and general <br /> welfare of the citizens and residents of the Issuer. <br /> E. The Bonds shall not be general or moral obligations of the Issuer and do not constitute <br /> a general obligation of the State of Florida or any political subdivision thereof, but are limited <br /> obligations payable solely from the Pledged Revenues. Neither the faith and credit nor the taxing <br /> power of the Issuer, the State or any political subdivision thereof is pledged to the payment of the <br /> principal of the Bonds or the interest thereon or other costs incident thereto. <br /> F. The Pledged Revenues will be sufficient to pay all of the principal of and interest on <br /> the Bonds as the same become due, and to make all required sinking fund, reserve and other payments <br /> required under this Resolution. <br /> G. The principal of and interest on the Bonds and all required sinking fund, reserve and <br /> other payments shall be made solely from the Pledged Revenues as herein provided. The Issuer shall <br /> never be required to levy ad valorem taxes on any property therein to pay the principal of and interest <br /> on the Bonds or to make any of the required sinking fund, reserve or other payments, and any failure <br /> to pay the Bonds shall not give rise to a lien upon any property of the Issuer, except the Pledged <br /> Revenues. <br /> 6 <br />