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DESCRIPTION OF THE PROJECTS TO BE FUNDED BY THE BONDS ISSUED PURSUANT TO THE BOND REFERENDUM QUESTION; PROVIDING AUTHORIZATION FOR NECESSARY ACTION; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. Resolution No. 2004-062 fixed the date of said election to be November 2, 2004, did fix the form of ballot to be used in said election and did provide for the publication of notice of said election all in accordance with Chapter 100, Florida Statutes, and other applicable laws. (C) Notice of said Bond election was duly published on October 1, 2004, October 10, 2004 and October 12, 2004, in the Vero Beach Press Journal, a newspaper of general circulation in Indian River County. (D) The election was duly held and conducted in all respects according to law. At the election, 37,946 electors voted in favor of the issuance of the Bonds and 18,272 voted against the issuance of the Bonds to finance the cost of acquiring lands to protect water resources and drinking water, environmentally significant land, historic sites, agricultural lands and lands for open spaces and/or wildlife habitat in Indian River County. (E) Returns of said election were duly made to the County Corrunissioners of Indian River County, Florida, canvassed by the Indian River County Canvassing Board and certified as required by law. (F) The Bonds so approved will be issued to acquire lands to protect water resources and drinking water, environmentally significant land, historic sites, agricultural lands and lands for open spaces and/or wildlife habitat, as more specifically set forth herein. SECTION 3. DEFINITIONS. As used in this Resolution: "ACQUISITION FUND" shall mean the "Indian River County General Obligation Bonds, Project and Acquisition Fund" created pursuant to Section 15 of this Resolution. "AUTHORIZED INVESTMENTS" shall mean all investments authorized under Section 125.31, Florida Statutes. "BONDS" means the not to exceed $50,000,000 aggregate principal amount of Indian River County, Florida, General Obligations Bonds, to be issued pursuant to this Resolution. "COUNTY" means Indian River County, Florida. "CLERK" means the Clerk of Circuit Court of Indian River County, Florida. "DEBT SERVICE FUND" shall mean the "Indian River County, Florida General Obligation Bonds, Debt Service Fund" created pursuant to Section 16 of this Resolution. "FEDERAL SECURITIES" shall mean direct obligations of (including obligations issued or held in book entry form on the books of) the Department of Treasury of the United States of America or obligations guaranteed as to principal or interest by the United States of America. 2