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RESOLUTION Na 2003-058 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA, SUPPLEMENTING RESOLUTION <br />NO. 95-63; PROVIDING FOR THE NEGOTIATED SALE OF NOT TO <br />EXCEED $8,320,000 GENERAL OBLIGATION REFUNDING BONDS OF <br />INDIAN RIVER COUNTY, FLORIDA; AUTHORIZING THE SALE THEREOF <br />TO WILLIAM R. HOUGH & CO., SUBJECT TO THE TERMS AND <br />CONDITIONS OF THE BOND PURCHASE AGREEMENT; FIXING <br />REDEMPTION PROVISIONS AND SERIES DESIGNATION FOR THE <br />BONDS; AUTHORIZING THE NEGOTIATED SALE OF THE BONDS; <br />PROVIDING THAT SUCH BONDS SHALL BE ISSUED IN FULL BOOK <br />ENTRY FORM; APPROVING THE FORM OF A PRELIMINARY OFFICIAL <br />STATEMENT; COVENANTING TO PROVIDE CONTINUING DISCLOSURE; <br />DESIGNATING A REGISTRAR AND PAYING AGENT; AUTHORIZING <br />THE PURCHASE OF MUNICIPAL BOND INSURANCE; DESIGNATING <br />AMBAC ASSURANCE AS THE MUNICIPAL BOND INSURER; PROVIDING <br />CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND <br />PROVIDING AN EFFECTIVE DATE. <br />WHEREAS, on May 16, 1995, the Board of County Commissioners of Indian River <br />County, Florida (the "County") adopted Resolution No. 95-63, as supplemented (the "Original <br />Resolution") to provide for the issuance of not to exceed $26,000,000 in aggregate principal <br />amount of Indian River County General Obligation Bonds payable from the Issuer's ad valorem <br />taxes without limit on all taxable property in the Issuer as provided in the Original Resolution; <br />provided, however, that the Bonds shall be structured in such a manner that at the time of <br />issuance of any series thereof, the millage rate required to make the maximum annual payment of <br />the principal of and interest on the Bonds shall not exceed Y2 mil of the then assessed value of all <br />lands situated in the Issuer subject to ad valorem taxation; and <br />WHEREAS, the Issuer has presently outstanding its $15,000,000 Indian River County, <br />Florida General Obligation Bonds, Series 1995 (the "Refunded Bonds"), and through this <br />Resolution intends on issuing its Indian River County, Florida General Obligations Refunding <br />Bonds, Series 2003 (the "2003 Bonds") to refund the outstanding principal amount of the <br />Refunded Bonds; and <br />WHEREAS, the Issuer expects to receive an offer from William R. Hough & Co. (the <br />"Underwriter") to purchase the 2003 Bonds subject to the terms and conditions set forth in the <br />bond purchase agreement (the "Purchase Agreement"), the form of which is attached hereto as <br />Exhibit "A"' and desires to authorize the Chairman or Vice Chairman of the Board of County <br />Commissioners and the County Administrator to execute such Purchase Agreement upon the <br />approval of the terms thereof by the County Administrator; and <br />WHEREAS, it is in the best interest of the Issuer to provide for the current public sale of <br />not to exceed $8,320,000 of such 2003 Bonds as an additional Series of Bonds; and <br />WHEREAS, the Issuer now desires to approve the issuance of its 2003 Bonds, to sell its <br />2003 Bonds pursuant to the Purchase Agreement, to authorize the distribution of a Preliminary <br />