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RESOLUTION NO. 96-42 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, AMENDING AND SUPPLEMENTING RESOLUTION NO. 93-80; AUTHORIZING THE NEGOTIATED SALE OF NOT TO EXCEED $45,000,000 INDIAN RIVER COUNTY, FLORIDA, WATER AND SEWER REVENUE BONDS, SERIES 1996 TO WILLIAM R. HOUGH & CO. AND SMITH BARNEY INC., SUBJECT TO THE TERMS AND CONDITIONS OF A BOND PURCHASE CONTRACT; APPROVING THE FORM OF SUCH PURCHASE CONTRACT RELATING TO THE NEGOTIATED SALE; DELEGATING THE AUTHORITY TO EXECUTE AND DELIVER THE BOND PURCHASE CONTRACT TO CERTAIN OFFICERS; AUTHORIZING THE DISTRIBUTION AND EXECUTION OF A PRELIMINARY OFFICIAL STATEMENT AND AN OFFICIAL STATEMENT IN CONNECTION WITH THE DELIVERY OF THE BONDS; CANCELING THE REMAINING AUTHORIZED BUT UNISSUED BONDS; AUTHORIZING THE PURCHASE OF MUNICIPAL BOND INSURANCE; AUTHORIZING THE PURCHASE OF A DEBT SERVICE RESERVE FUND POLICY; AUTHORIZING THE EXECUTION OF A FINANCIAL GUARANTY AGREEMENT WITH FINANCIAL GUARANTY INSURANCE COMPANY; PROVIDING CERTAIN OTHER MATTERS IN CONNECTION WITH THE ISSUANCE AND DELIV- ERY OF SUCH BONDS; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, the Board of County Commissioners of Indian River County, Florida (the "Issuer"), has by Resolution No. 93-80 adopted by the County on April 13, 1993 (the "Master Bond Resolution"), as supplemented from time to time, particularly by Resolution No. 96- 30, adopted on February 20, 1996 (the 111996 Resolution"), autho- rized the issuance of not to exceed $45,000,000 Indian River County, Florida, Water and Sewer Revenue Bonds, Series 1996 (the "Bonds"); and WHEREAS, the proceeds of the Bonds are to be used to (i) make certain capital improvements and additions to the water and sewer system owned and operated by the County; (ii) reimburse the County for the cost of acquiring a water and sewer system from the City of Sebastian, Florida; (iii) make a deposit to the Reserve Account established under the Master Bond Resolution; (iv) fund the Sinking Fund in an amount to pay a portion of the interest first coming due on the Bonds; and (v) pay certain costs incurred in connection with the issuance of the Bonds; and WHEREAS, the Issuer intends to negotiate the sale of the Bonds as hereinafter provided to William R. Hough & Co. and Smith Barney Inc. (the "Underwriters") for the reasons set forth herein; and WHEREAS, the Issuer wishes to approve the form of an agreement for the purchase of the Bonds authorized to be sold hereby; and WHEREAS, the Issuer desires to delegate to the Chairman or Vice Chairman and the County Administrator or the Director of Management and Budget the authority to award the sale of the Bonds to the Underwriters;