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a "Reserve Account Requirement" shall mean, with respect to each series of Bonds, the lesser of (i) an amount equal to ten percent (10%) of the proceeds of each respective series of Bonds, (ii) the maximum amount of principal and interest on the respective series of Bonds becoming due in any ensuing Fiscal Year; or (iii) 125% of the average annual amount of principal and interest on the respective series of Bonds becoming due in ensuing Fiscal Years. "Reserve Account Surety" shall mean the provider of a Reserve Account Credit Instrument designated by subsequent resolution of the County for a series of Bonds. "Reserve Account Credit Instrument" shall mean the surety bond or other debt service reserve fund insurance policy or letter of credit described in Section 16B(4) hereof issued by Reserve Account Surety guaranteeing certain payments into the Reserve Account as provided therein and subject to the limitations set forth in a subsequent resolution for each series of Bonds. "Series 1993 Bonds" shall mean the Indian River County, Florida Recreational Revenue Refunding Bonds, Series 1993, dated as of September 1, 1993, in the original aggregate principal amount of $9,875,000, issued under Resolution No. 93-145 of the County, as amended and supplemented. "Series 2003 Bonds" shall mean the Indian River County, Florida Recreational Revenue Refunding Bonds, Series 2003 issued under this Resolution, as amended and supplemented. "Term Bonds" shall mean the Bonds of a series all of which are stated to mature on one date but which shall be subject to earlier retirement by operation of the Bond Amortization Account. Words importing singular number shall include the plural number and vice versa and words importing persons shall include firms and corporations or other entities and vice versa. SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: A. It is necessary, desirable and in the best interest of the County to refund the Refunded Bonds. B. It is necessary, desirable and in the best interest of the County to finance a portion of the amount necessary to redeem the Refunded Bonds by the issuance of the Series 2003 Bonds. C. The Bonds shall be payable solely from the Pledged Funds. D. It is expected that the Pledged Funds will be sufficient to pay the principal of, premium, if any, and interest on the Bonds. SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds by the Registered Owners thereof who shall hold the same from time to