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E. "Issuer" means Indian River County, Florida, a political <br />subdivision of the State. <br />F. "Projects" means the financing or refinancing of the acquisition, <br />construction, and equipping on the Project Site of capital projects consisting of <br />educational facilities, including refinancing existing loans which financed the <br />construction of a portion of such educational facilities, including construction of a <br />new middle school and construction or renovation of upper school classrooms, fine <br />arts complex, athletic building, administrative building and site improvements. <br />G. "Project Site" means the tract of land located in Indian River <br />County, Florida, on which the Projects will be, or have been, constructed, renovated <br />and equipped. <br />of the Board. <br />H. "Clerk" means the Clerk of the Circuit Court and ex -officio Clerk <br />I. "State" means the State of Florida. <br />SECTION 3. PROPOSAL. The Borrower has requested that the <br />Issuer issue its revenue bonds under the Act in an aggregate principal amount not <br />exceeding $18,000,000 for the purpose of financing or refinancing all or part of the <br />cost of the Projects, which amounts the Borrower has represented will, together <br />with other available funds of the Borrower, be sufficient to pay all of the cost of <br />financing or refinancing the Projects, such Bonds to be secured under the terms of a <br />loan agreement between the Issuer and the Borrower in an amount sufficient to pay <br />the principal of and interest on such Bonds as the same become due and payable. <br />SECTION 4. FINDINGS. The Issuer hereby finds, determines and <br />declares as follows: <br />A. The Issuer is authorized and empowered by the Act to <br />enter into transactions such as those contemplated by the Borrower, <br />and to fully perform the obligations of the Issuer to be undertaken in <br />connection with the financing or refinancing of the Projects, which <br />shall promote the industrial economy of the Issuer and the State, <br />increase opportunities for gainful employment and purchasing power <br />and improve living conditions, increase educational opportunities and <br />otherwise contribute to the prosperity and welfare of the Issuer, the <br />State and the inhabitants thereof. <br />B. Based solely upon the representations of the Borrower <br />with respect to the Projects, the Projects are "educational facilities," <br />and "projects" within the meaning and contemplation of the Act. <br />2 <br />