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RESOLUTION 2003-080 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA AUTHORIZING THE NEGOTIATED SALE OF <br />NOT TO EXCEED $7,500,000 INDIAN RIVER COUNTY, FLORIDA <br />RECREATIONAL REVENUE REFUNDING BONDS, SERIES 2003; AWARDING <br />THE SALE THEREOF TO WILLIAM R. HOUGH & CO., SUBJECT TO THE <br />TERMS AND CONDITIONS OF A BOND PURCHASE AGREEMENT; <br />DELEGATING TO THE CHAIRMAN OR VICE CHAIRMAN OR THE COUNTY <br />ADMINISTRATOR THE AUTHORITY TO EXECUTE THE BOND PURCHASE <br />AGREEMENT; AUTHORIZING THE EXECUTION AND DISTRIBUTION OF A <br />PRELIMINARY OFFICIAL STATEMENT AND OFFICIAL STATEMENT IN <br />CONNECTION WITH THE DELIVERY OF THE BONDS; APPOINTING A <br />REGISTRAR AND PAYING AGENT, AND FINANCIAL ADVISOR; <br />AUTHORIZING THE PURCHASE OF BOND INSURANCE AND <br />AUTHORIZING THE TERMS OF THE INSURANCE COMMITMENT; <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-k75 <br />adopted by the Board of County Commissioners of the Issuer on July 8, 2003 (the "Authorizing <br />Resolution") authorized the issuance of not to exceed $7,500,000 Indian River County, Florida <br />Recreational Revenue Refunding Bonds, Series 2003 (the "Bonds") payable from certain Pledged <br />Funds (as defined in the Authorizing Resolution); <br />WHEREAS, the Issuer expects to receive an offer from William R. Hough & Co. (the <br />"Underwriter") to purchase the Bonds subject to the terms and conditions set forth in the bond <br />purchase agreement (the "Purchase Agreement"), the form of which is attached hereto as Exhibit <br />"A"; and <br />WHEREAS, due to the present instability in the market for revenue obligations the interest <br />on which is excluded from federal gross income and the critical importance of the timing of the sale <br />of the Bonds, it is hereby determined that it is in the best interest of the public and the Issuer to sell <br />the Bonds at a negotiated sale; and <br />WHEREAS, the Issuer now desires to sell its Bonds pursuant to the Purchase Agreement and <br />in furtherance thereof to appoint a Registrar and Paying Agent, and a Financial Advisor; authorize <br />the purchase of a municipal bond insurance policy and authorize distribution of a Preliminary <br />Official Statement and an Official Statement in connection with the issuance of the Bonds; <br />WHEREAS, the Issuer will be provided all applicable disclosure information required by <br />1 <br />