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CERTAIN OTHER APPOINTMENTS; AND PROVIDING CERTAIN OTHER DETAILS IN CONNECTION THEREWITH. BE IT RESOLVED by the BOARD OF COUNTY COMMISSIONERS (the "Boar(r) of INDIAN RIVER COUNTY, FLORIDA (the "Issuer") that: SECTION 1. This Resolution is adopted pursuant to the Constitution of the State of Florida, Part II of Chapter 159, Florida Statutes, as amended, Chapter 125, Florida Statutes, as amended, and other applicable provisions of law (collectively, the "Act"). SECTION 2. "Chairman" as used herein refers to both the Chairman and Vice Chairman of the Board, unless specifically indicated otherwise. Throughout this document when reference is made to "Chairman", the Chairman or Vice Chairman may act independently and interchangeably in performing the duties and functions resolved herein. All other terms used herein in capitalized form, unless otherwise defined herein, shall have the same meanings as ascribed to them in the Resolution pertaining to the Bonds referenced below (the "Inducement Resolution"), adopted by the Board on May 18, 1999. follows: SECTION 3. The Board hereby finds, determines and declares as A. In the Inducement Resolution, the Board authorized the issuance of industrial development revenue bonds (the `Bonds") in an aggregate principal amount not to exceed $18,000,000 upon various conditions named therein, in order to loan funds to Saint Edward's School, Incorporated (the "Borrower") to finance or refinance the acquisition, construction and equipping of educational facilities of the Borrower in Indian River County, Florida more particularly described in Schedule I attached hereto (the "Project"). B. Pursuant to the Inducement Resolution, the Borrower has now arranged for the acquisition, construction and equipping of the Project and the refinancing of portions thereof. C. The Issuer is authorized under the Act to finance the Project as herein contemplated and to fully perform the obligations of the Issuer in connection therewith in order to promote the industrial economy of Indian River County, and the State of Florida, increasing and preserving opportunities for gainful employment and purchasing power, improving the prosperity and welfare of the State of Florida and its inhabitants, and otherwise contribute to the prosperity, health and welfare of Indian River County, the State of Florida and the inhabitants thereof. D. The Issuer, as required by the Act, has initially determined that the interest on the Bonds will be excluded from gross income for federal income tax 2