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RESOLUTION 2003-080 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE NEGOTIATED SALE OF NOT TO EXCEED $7,500,000 INDIAN RIVER COUNTY, FLORIDA RECREATIONAL REVENUE REFUNDING BONDS, SERIES 2003; AWARDING THE SALE THEREOF TO WILLIAM R. HOUGH & CO., SUBJECT TO THE TERMS AND CONDITIONS OF A BOND PURCHASE AGREEMENT; DELEGATING TO THE CHAIRMAN OR VICE CHAIRMAN OR THE COUNTY ADMINISTRATOR THE AUTHORITY TO EXECUTE THE BOND PURCHASE AGREEMENT; AUTHORIZING THE EXECUTION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT AND OFFICIAL STATEMENT IN CONNECTION WITH THE DELIVERY OF THE BONDS; APPOINTING A REGISTRAR AND PAYING AGENT, AND FINANCIAL ADVISOR; AUTHORIZING THE PURCHASE OF BOND INSURANCE AND AUTHORIZING THE TERMS OF THE INSURANCE COMMITMENT; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, Indian River County, Florida (the "Issuer"), has by Resolution No. 2003-k75 adopted by the Board of County Commissioners of the Issuer on July 8, 2003 (the "Authorizing Resolution") authorized the issuance of not to exceed $7,500,000 Indian River County, Florida Recreational Revenue Refunding Bonds, Series 2003 (the "Bonds") payable from certain Pledged Funds (as defined in the Authorizing Resolution); WHEREAS, the Issuer expects to receive an offer from William R. Hough & Co. (the "Underwriter") to purchase the Bonds subject to the terms and conditions set forth in the bond purchase agreement (the "Purchase Agreement"), the form of which is attached hereto as Exhibit "A"; and WHEREAS, due to the present instability in the market for revenue obligations the interest on which is excluded from federal gross income and the critical importance of the timing of the sale of the Bonds, it is hereby determined that it is in the best interest of the public and the Issuer to sell the Bonds at a negotiated sale; and WHEREAS, the Issuer now desires to sell its Bonds pursuant to the Purchase Agreement and in furtherance thereof to appoint a Registrar and Paying Agent, and a Financial Advisor; authorize the purchase of a municipal bond insurance policy and authorize distribution of a Preliminary Official Statement and an Official Statement in connection with the issuance of the Bonds; WHEREAS, the Issuer will be provided all applicable disclosure information required by 1