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"Variable Rate Bonds" shall mean obligations issued with a variable, adjustable, convertible or other similar rate which is not fixed in percentage at the date of issue for the entire term thereof as shall be determined by subsequent resolution of the Issuer. "Vice Chairman" shall mean the Vice Chairman of the Board of County Commissioners of Indian River County, Florida SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: A. It is necessary and serves a paramount public purpose for the Issuer to issue its Revenue Bonds (Spring Training Facility), Series 2001, to provide for all or a portion of the cost of the acquisition, construction, rehabilitation and equipping of a spring training facility and related improvements. B. The Issuer is authorized under the Act to issue its Bonds for the paramount public purpose of paying all ora portion of the cost of the Project. C. The Los Angeles Dodgers, Inc. (the "Dodgers") is a major league baseball franchise which has been conducting its spring training program in Indian River County, Florida since 1948. D. The Dodgers generate a significant economic impact in Indian River County, Florida and as a result of the spring training activities which occur within Indian River County, Florida, such economic impact has been reported to be approximately $30-$36 million each year, and that in order to preserve this economic benefit for the Issuer, the Issuer must undertake the Project. The Issuer has determined that the Project is in furtherance of its purposes to provide for the health and general welfare of the citizens and residents of the Issuer. E. The Bonds shall not be general or moral obligations of the Issuer and do not constitute a general obligation of the State of Florida or any political subdivision thereof but are limited obligations payable solely from the Pledged Revenues. Neither the faith and credit nor the taxing power of the Issuer, the State or any political subdivision thereof is pledged to the payment of the principal of the Bonds or the interest thereon or other costs incident thereto F. The Pledged Revenues will be sufficient to pay all of the principal of and interest on the Bonds as the same become due, and to make all required sinking fund, reserve and other payments required under this Resolution. G. The principal of and interest on the Bonds and all required sinking fund, reserve and other payments shall be made solely from the Pledged Revenues as herein provided. The Issuer shall never be required to levy ad valorem taxes on any property therein to pay the principal of and interest on the Bonds or to make any of the required sinking fund, reserve or other payments, and any failure to pay the Bonds shall not give rise to a lien upon any property of the Issuer, except the Pledged Revenues. SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the acceptance of the Bonds by the Bondholders from time to time, this Resolution shall be deemed to be and shall constitute a contract between the Issuer and such Bondholders. The covenants and agreements herein set forth to be performed by the Issuer shall be for the equal benefit, protection and security of the legal Bondholders of any and all of such Bonds, all of which shall be of equal rank and without preference, priority or distinction of any of the Bonds over any other thereof, except as expressly provided therein and herein. AUGUST 7, 2001 -82- PiI PG€97