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