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"FISCAL YEAR" shall mean that period commencing on October 1 and continuing to and including the next succeeding September 30, or such other annual period as may be prescribed by law. • "OWNER" shall mean any person who shall be the registered owner of any outstanding Bond. "PAYING AGENT" shall mean a trust company or a bank with trust powers appointed from time to time by subsequent resolution of the County to serve under this Resolution. Nothing herein shall, how -ever, prohibit the Clerk from serving as Paying Agent hereunder if approved by subsequent resolution of the County. "PROJECTS" means the acquisition by the County of lands to protect water resources and/or drinking water, environmentally significant land, historic sites, and/or agricultural lands by purchasing interests in land including but not limited to fee simple interest, less than fee simple interest, conservation easements, the purchase or transfer of development rights and the acquisition of other similar interests in lands to protect water resources and/or drinking water, environmentally significant land, historic sites, and/or agricultural lands, together with the necessary preservation, restoration, remediation and reclamation activities to preserve and enhance such property, or in the case of agricultural lands, to maintain the agricultural purpose of property, such as to restore such property to its natural state, including customary and necessary costs and expenses incurred in the acquisition of such lands and expenses incident to the sale, issuance and delivery of the Bonds. "REGISTRAR" shall mean a trust company or bank with trust powers appointed from time to time by subsequent resolution of the County to serve under this Resolution. Nothing herein shall, however, prohibit the Clerk from serving as. Registrar hereunder if approved by subsequent resolution of the County. "SERIAL BONDS" shall mean the Bonds issued hereunder other than Term Bonds which shall be stated to mature annually. "TERM BONDS" shall mean the Bonds issued hereunder which shall be stated to mature on one date and for the amortization of which mandatory payments are required to be made into the Debt Service Fund. SECTION 4. BONDS AUTHORIZED. For the purpose of financing the costs of the Projects (as set forth in the definitions thereof), there are hereby authorized to be issued and sold Indian River County, Florida, General Obligation Bonds, in one or more series, in the aggregate principal amount of not to exceed $50,000,000 (hereinafter referred to as the "Bonds"). The Bonds and interestthereon shall be general obligations of the County for the payment of which the full faith and credit and taxing power of the County is hereby pledged. The Bonds shall be payable from ad valorem taxes without limit on all taxable property in the County as provided herein; provided, however, that the Bonds shall be structured in such a manner that at the time of issuance the millage rate required to make the maximum annual payment of the principal of and interest on the Bonds shall not exceed 1/2 mil of the then assessed value of all lands situated in the County subject to ad valorem taxation. 3