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ARTICLE II AUTHORIZATION, TERMS, EXECUTION AND REGISTRATION OF BONDS SECTION 2.01. AUTHORIZATION AND DESCRIPTION OF BONDS; AWARD OF BONDS; REDEMPTION OF THE BONDS. (A) The Issuer hereby authorizes the issuance of a series of Bonds to be known as the "Indian River County, Florida Capital Improvement Revenue Bonds, Series 2025" in the aggregate principal amount of not exceeding $13,000,000 for the purposes of financing or, to the extent permitted by the Code, reimbursing the cost of certain capital improvements within the County, and paying costs and expenses incurred in connection with the issuance of such Bonds. The Chairman or County Administrator in his or her discretion, may change the title of the Bonds if necessary or desirable. The Bonds shall be dated as of their date of delivery or such other date as the Chairman may determine, shall be issued in the form of fully registered Bonds in the denomination of $5,000 or any integral multiple thereof, shall be numbered consecutively from one upward in order of maturity preceded by the letter "R", shall bear interest from their date of delivery, payable semi- annually, on each Interest Date, commencing on April 1, 2026, or such other date as may be determined by the Chairman. The Bonds shall bear interest computed on the basis of a 360 -day year consisting of twelve 30 -day months. The Bonds shall bear interest at such rates and yields, shall mature on April 1 of each of the years and in the principal amounts corresponding to such years, and shall have such redemption provisions as determined by the Chairman subject to the conditions set forth in this Section 2.01 and the provisions of the Official Notice of Sale. The final maturity of the Bonds shall not be later than April 1, 2056. All of the terms of the Bonds will be included in a certificate to be executed by an Authorized Issuer Officer following the award of the Bonds (the "Award Certificate") and shall be set forth in the final Official Statement, as described herein. Interest on the Bonds shall be payable by check or draft of the Paying Agent made payable and mailed to the Holder in whose name such Bond shall be registered at the close of business on the date which shall be the fifteenth day (whether or not a business day) next preceding the applicable Interest Date, or, at the request of such Holder, by bank wire transfer to the account of such Holder. Principal of the Bonds is payable to the Holder, at the designated corporate trust office of the Paying Agent. The principal of, redemption premium, if any, and interest on the Bonds are payable in lawful money of the United States of America. All payments of principal, premium, if applicable, and interest on the Bonds shall be payable in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. (B) The Chairman or County Administrator, on behalf of the Issuer and only in accordance with the terms hereof and of the Official Notice of Sale, shall award the Bonds to the underwriter or underwriters (the "Underwriters") that submit a bid proposal which complies in all respects with the Resolution and the Official Notice of Sale and offers to purchase said Bonds at the lowest true interest cost to the Issuer, as calculated by the Financial Advisor in accordance with the terms and provisions of the respective Official Notice of Sale. Neither the Chairman nor the County Administrator shall award the Bonds unless the true interest cost for the Bonds is not greater than 5.75%, as determined by the Financial Advisor. In accordance with the provisions of 7