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WHEREAS, the County desires to purchase municipal bond insurance in <br />connection with the Bonds; <br />WHEREAS, the County desires to appoint a Paying Agent and Bond Registrar <br />for the Bonds, to ratify the distribution of a Preliminary Official Statement and <br />to authorize the execution and distribution of an Official Statement; <br />WHEREAS, the County desires to provide for the retirement of Retired Bonds; <br />WHEREAS, the County desires to authorize the execution and delivery of the <br />Escrow Agreement and to appoint an Escrow Agent in connection with said <br />retirements; and <br />WHEREAS, the County desires to provide for certain other matters in <br />connection with the foregoing. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. The Bonds shall be in the aggregate principal amount of <br />$9,875,000. The Bonds shall be dated as of September 1, 1993, shall be in fully <br />registered form, shall be in denominations of $5,000 or any integral multiple <br />thereof, shall bear interest payable semiannually, on March 1 and September 1 of <br />each year, commencing March 1, 1994, until the principal amount thereof is paid, <br />by check mailed by the Paying Agent to the Registered Owners thereof at their <br />addresses as the same appear on the registration books kept by the Bond Registrar . <br />on behalf of the County at 5:00 p.m, local time at the location of the Bond <br />Registrar on the fifteenth (15th) day of the month immediately preceding the <br />applicable interest payment date, at the interest rates per annum set forth in <br />the Bond Purchase Agreement (hereinafter defined), shall mature on September 1 <br />of the years and in the principal amounts set forth in the Bond Purchase <br />Agreement and shall be subject to optional and mandatory redemption prior to <br />2 <br />