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CU <br />0 <br />I. "Paying Agent" shall mean the Paying Agent to be determined by <br />subsequent resolution of the Board. <br />J. "Project" shall mean certain improvements to and expansions of the <br />public library system and services in and of the County, the cost of which, in <br />part, shall be paid from proceeds of the Bonds. <br />K. "Project Cost" shall mean all costs, direct or indirect, in <br />connection with the acquisition, construction or equipping of the Project or the <br />issuance of the Bonds, including without limitation all property, real, personal <br />and mixed, rights, powers, easements, rights of way, privileges, franchises and <br />all other property or interests in property used or useful in connection with the <br />public library system and services of and in the County, engineering, legal and <br />financing expenses; expenses for estimates of cost; expenses for plans, <br />specifications and surveys; the fees of fiscal agents, financial advisors and <br />consultants; administrative expenses relating solely to the construction and <br />acquisition of the Project; the capitalization of interest for a reasonable <br />period after the issuance of the Bonds; the discount on the sale of the Bonds; <br />and such other costs and expenses as may be necessary or incidental to the <br />financing herein authorized and the construction and acquisition of the Project <br />and the placing of same in operation, <br />L, "Provision for Payment" shall mean the deposit of Federal <br />Securities or bank certificates of deposit fully secured as to principal and <br />interest by Federal Securities (or the deposit of any other securities or <br />investments which may be authorized by law from time to time and sufficient under <br />such law to effe(t; a defeasance) in irrevocable trust with a banking institution <br />or trust• company, for the sole benefit of the Registered Owners of the Bonds, the <br />principal of and interest on which will be sufficient to pay, when due, the <br />principal, interest and premiums, if any, on the Bonds. Nothing in this <br />Resolution shall be deemed to require the County to call any of the outstanding <br />Bonds for redemption prior to maturity pursuant to any applicable optional <br />redemption provisions, or to impair the discretion of the County in determining <br />whether to exercise any such option for early redemption. <br />M. "Record Date" shall mean the fifteenth (15th) day of the month <br />immediately preceding an interest or other applicable payment date for the Bonds. <br />N. "Registered Owner", "Bondholder" or any similar term shall mean <br />any person who shall be the owner of any outstanding Bond or Bonds as shown on <br />the books of the County maintained by the Bond Registrar. <br />Words importing singular number shall include the plural number and <br />vice versa and words importing persons shall include firms and corporations or <br />other entities and vice versa. <br />SECTION 3. FINDINGS, It is hereby found and determined as follows: <br />A. It is necessary, desirable, and in the best interest of Indian <br />River County, Florida, and its inhabitants to acquire and construct the Project <br />and to issue the Bonds to finance the Project Cost. <br />4 <br />