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P. The costs of the Project will be paid from the proceeds of the Bonds in accordance with the terms of the Agreement and the Trust Agreement (as hereinafter defined), and these costs constitute costs of a "project" within the meaning of the Act. Q. A public hearing concerning the issuance of the Bonds by the Issuer to finance or refinance the acquisition, construction and equipping of the Project, at which comments and discussions from interested persons were solicited and heard, was held by the Issuer on the date hereof, after and pursuant to appropriate publication of notice thereof in Press -Journal, a newspaper of general circulation in Indian River County, Florida, a reasonable period of time in advance of said hearing. R. Following such public hearing, issuance of the Bonds is hereby approved by the Board, and the Board hereby finds that the issuance of the Bonds to finance or refinance the Project will have a substantial public benefit. The Board is the elected legislative body of the Issuer and has jurisdiction over the entire area in which the Project is located. S. All conditions precedent to the acquisition, renovation, construction, financing and refinancing of the Project set forth in the Inducement Resolution have been satisfied, or will be satisfied prior to the delivery of the Bonds, and the proposal will otherwise comply with all of the provisions of the Act. T. It is in the best interest of the Issuer to award the sale of the Bonds to the original purchaser or purchasers designated by the Underwriter pursuant to the Bond Purchase Agreement and approved by the Chairman pursuant to the terms and conditions of the Bond Purchase Agreement. SECTION 4. All actions taken by the Board in connection with its May 18, 1999, meeting, pertaining to the adoption of the Inducement Resolution and the execution of the Memorandum of Agreement referred to therein (the "Memorandum of Agreement") are hereby ratified and confirmed in all respects. SECTION 5. The acquisition, construction, improvement and equipping of the Project and the refinancing thereof is hereby authorized. SECTION 6. For the purpose of paying the cost of the Project, subject and pursuant to the provisions hereof, the issuance of revenue bonds of the Issuer under the authority of the Act in the original aggregate principal amount of $18,000,000, or in such lesser amount as hereinafter provided, is hereby authorized. Such Bonds shall be designated "Indian River County, Florida, Variable Rate Demand Revenue Bonds (Saint Edward's School, Incorporated Project), Series 1999," and subject to the award of the sale thereof as hereinafter provided and payment as provided in the Trust Agreement by and between the Issuer and the trustee thereunder, the form of which is attached hereto as Exhibit "A" (the "1'rust 5