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RESOLUTION 2003- 081 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA AMENDING RESOLUTION 2003-080 WHICH <br />AUTHORIZED THE NOT TO EXCEED $7,500,000 INDIAN RIVER COUNTY, <br />FLORIDA RECREATIONAL REVENUE REFUNDING BONDS, SERIES 2003 <br />AND AWARDED THE SALE THEREOF TO WILLIAM R. HOUGH & CO.; <br />PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; <br />AND PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, Indian River County, Florida (the "Issuer"), has by Resolution No. 2003-075 <br />adopted by the Board of County Commissioners of the Issuer on July 8, 2003 (the "Authorizing <br />Resolution") and Resolution No. 2003-080 adopted by the Board of County Commissioners of the <br />Issuer on July 22, 2003 authorized the issuance and awarded the sale of not to exceed $7,500,000 <br />Indian River County, Florida Recreational Revenue Refunding Bonds, Series 2003 (the "Bonds"); <br />WHEREAS, the Issuer has been advised by William R. Hough & Co. that since the adoption <br />of Resolution No. 2003-080, capital markets have become volatile and that a redemption of the <br />Issuer's Recreational Revenue Refunding Bonds, Series 1993 on September 2, 2003 may not be in <br />the best interest of the Issuer; and <br />WHEREAS, the Issuer now desires to amend Resolution No. 2003-080 to allow for reaction <br />time to changing market conditions; <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. Section 1 of Resolution No. 2003-080 is hereby amended to read as follows <br />(added language is underlined and deleted language is [bracketed]): <br />The issuance of not to exceed $7,500,000 of Indian River County, Florida <br />Recreational Revenue Refunding Bonds, Series 2003 by the Issuer is hereby <br />approved upon the terms and conditions set forth in the Authorizing Resolution as <br />supplemented by this Resolution. All capitalized terms not otherwise defined herein <br />shall have such meaning as is assigned to such term in the Authorizing Resolution. <br />The County Administrator shall cause the Refunded Bonds to be called for <br />redemption on September 2, 2003 or such later date designated by the County <br />Administrator based on market conditions. <br />1 <br />