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i be the highest variable rate borne over the preceding twenty-four (24) months by Uutstanamg Variable Rate Bonds issued under this Resolution or as Additional Parity Bonds or, if no such Variable Rate Bonds are at the time Outstanding, by variable rate debt for which the interest rate is computed by reference to an index comparable to that to be utilized in determining the interest rate for the debt then proposed to be issued. If Additional Parity Bonds are Option Bonds, the date or dates of tender shall be disregarded, unless actually tendered and not remarketed, and the stated maturity dates thereof shall be used for purposes of this calculation, if such Option Bonds are required to be paid from Local Government Half -Cent Sale Tax hereunder on such date of maturity. "Bond Year" shall mean the period commencing on April 1st (provided the first Bond Year shall commence on the date of issuance of the Bonds) and ending on the following March 31" of each year. "Capital Appreciation Bonds" shall mean the aggregate principal amount of the Additional Parity Bonds that bear interest payable solely at maturity or upon redemption prior to maturity in the amounts determined by reference to the Compounded Amounts, all as shall be determined by subsequent resolution of the Issuer. In the case of Capital Appreciation Bonds that are convertible to Current Interest Bonds with interest payable prior to maturity or redemption of such Additional Parity Bonds, such Additional Parity Bonds shall be considered Capital Appreciation Bonds only during the period of time prior to such conversion. "Capital Appreciation Income Bonds" shall mean those Additional Parity Bonds initially issued as Capital Appreciation Bonds and which become Current Interest Bonds when the original issue amount and the Compounded Amount equals $5,000 principal amount or an integral multiple thereof as determined by subsequent resolution of the Issuer. "Chairman" shall mean the Chairman of the Board of County Commissioners of Indian River County, Florida. "Clerk" shall mean the Clerk of the Circuit Court of Indian River County, Florida and such term shall include any Deputy Clerk. "Compounded Amoun,.s" shall mean, as of any date of computation with respect to any Capital Appreciation Bond, an amount equal to the principal amount of such Capital Appreciation Bond (the principal amount at its initial offenng) plus the interest accrued on such Capital Appreciation Bond from the date of delivery to the original purchasers thereof to the interest date next preceding the date of computation or the date of computation if an interest date, such interest to accrue at the applicable rate which shall not exceed the legal rate, compounded semiannually, plus, with respect to matters related to the payment upon redemption or acceleration of the Capital Appreciation Bonds, if such date of computation shall not be an interest date, a portion of the difference between the Compounded Amount as of the immediately preceding interest date and the Compounded Amount as of the immediately succeeding interest date, calculated based on the assumption that Compounded Amount accrues during any semi-annual period in equal daily amounts on the basis of a 360 -day year of twelve 30 -day months. "County Administrator" shall mean the County Administrator of the Board of County Commissioners of Indian River County, Florida. "Current Interest Bonds" shall mean Bonds or Additional Parity Bonds, the interest on which is paid on each Interest Payment Date as such interest accrues. "Development Agreement" shall mean that certain Development Agreement dated as of September 1, 2000, between the Issuer and The Los Angeles Dodgers, Inc. AUGUST 7, 2001 131< 11 X994 • -80-