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WHEREAS, the Board desired to declare its official intent that the proceeds of the Bonds be used for reimbursement as required by Treasury Regulation, Section 1.150-2; and WHEREAS, prior to adoption of this Resolution, the Board conducted such public hearing on December 17, 1996, NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of Indian River County, Florida: SECTION 1. The authorization for issuance of the Bonds by the County in the principal amount not to exceed $5,000,000 for the purposes set forth above is hereby approved. SECTION 2. The Board hereby authorizes issuance of Industrial Development Revenue Bonds by the County in an amount not to exceed $5,000,000, such authorization being given for purposes of satisfying Part VI of Chapter 159, Florida Statutes, as well as Section 147(f) of the Tax Code. SECTION 3. The Board hereby authorizes the Chairman of the Board to apply for private activity bond volume cap allocation for the calendar year 1997 pursuant to Part VI of Chapter 159, Florida Statutes, including a carryforward allocation of any allocation obtained for 1997. SECTION 4. The Board hereby declares its intent that the proceeds of the Bonds be used by the Borrower, in part, for reimbursement of costs incurred by the Borrower related to the Project prior to the date the Bonds are issued. SECTION 5. The approval by the Board herein does not constitute an endorsement to a prospective purchaser of the Bonds, of the credit worthiness of the Project or any tenant therein, and the Bonds shall not constitute an indebtedness or obligation of the State of Florida or of any county, any municipal corporation, or political subdivision but the Bonds shall be a limited obligation of the County payable solely from the revenues derived from the Project and the other pledge and revenues described therein to the payment thereof and no holder of the Bonds shall ever have the right to compel any exercise of the taxing powers of the State of Florida or of any county,municipal corporation, or political subdivision thereof (including the County), nor to enforce the payment thereof against any property of the State of Florida or of any county, municipal corporation,or political subdivision (including the County). SECTION 6. This Resolution shall take effect immediately upon its adoption. ADOPTED: Resolution No. gf-1 rQ adopted this _ day of December, 1996.