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SECTION 2. APPLICATION OF PROVISIONS OF THE RESOLUTION. The Series 2001 Bonds, herein authorized, shall for all purposes (except as herein expressly provided) be considered to be issued under the authority of the Original Resolution, and shall be entitled to all the protection and security provided therein for Bonds issued thereunder. SECTION 3. PUBLIC SALE. There are hereby authorized to be sold pursuant to a public sale not to exceed $11,000,000 Indian River County, Florida, General Obligation Bonds. SECTION 4. SALE OF SERIES 2001 BONDS; REDEMPTION AND MATURITY PROVISIONS. The County Administrator or his designee, is hereby directed to arrange for the sale of the Series 2001 Bonds utilizing the electronic bid process of PARITY through the publication of the Summary Notice of Sale of the Bonds in a newspaper regularly distributed in Indian River County and in The Bond Bever, such publications to be on such date as shall be deemed by the County Administrator or his designee, to be in the best interest of the Issuer and such publications to be not less than ten (10) calendar days prior to the date of sale as required by Section 218.385(1), Florida Statutes; and to publish such Notice in such other newspapers on such dates as may be deemed appropriate by the County Administrator or his designee. The Series 2001 Bonds shall be subject to optional redemption and shall mature on the dates as is set forth in the Notice of Bond Sale hereinafter approved. Proposals for purchase of the Series 2001 Bonds will be received electronically via PARITY as provided in the Official Notice of Sale, from the time that the Notice of Bond Sale is published until 11:00 a.m., Eastern Daylight Savings Time, on such date and time as may be established by the County Administrator or his designee, and if such date is subject to change, communicated through Thompson Municipal Market Monitor (TM3) not less than twenty-four (24) hours prior to the time bids are to be received for the purchase of Indian River County, Florida, General Obligation Bonds, Series 2001; provided that if the internet is not working on the designated bid date, the bid date shall be automatically changed to the next business day, and the County will communicate a confirmation of this change in bid date through Thompson Municipal Market Monitor (TM3), all as provided in the Notice of Sale (the 'Bid Date"). SECTION 5. The proceeds, including accrued interest and premium, if any, received from the sale of any or all of the Series 2001 Bonds shall be applied simultaneously with the delivery of the Bonds to the purchaser thereof, as follows: (A) The accrued interest and capitalized interest, if any, shall be deposited in the Debt Service Fund created by the Original Resolution and shall be used only for the purpose of paying interest coming due on the Series 2001 Bonds. (B) To the extent not reimbursed therefor by the original purchaser of the Series 2001 Bonds, the County shall pay all costs and expenses in connection with the preparation, sale, issuance and delivery of the Series 2001 Bonds. (C) The remainder of the proceeds of the sale of the Series 2001 Bonds shall be deposited in the "Indian River County General Obligation Bonds, Project Acquisition Fund" (the "Acquisition Fund") created by the Original Resolution, which shall be a trust fund for the benefit of the Owners of the Series 2001 Bonds, and used only for the costs of the Projects. The proceeds of the sale of the Series 2001 Bonds shall be and constitute trust funds for the purposes hereinabove provided and there is hereby created a lien upon such moneys, until so applied, in favor of the Owners of said Series 2001 Bonds. Moneys in the Acquisition Fund may from time to time be invested in Authorized Investments. OCTOBER 23, 2001 -77- 10PGI10