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Purpose
<br />Pursuant to the Resolution, the Series 2006 Bonds are being issued to finance the acquisition
<br />by the County of lands to protect water resources and/or drinking water, environmentally
<br />significant land, historic sites, and/or agricultural lands by purchasing interests in land including
<br />but not limited to fee simple interest, less than fee simple interest, conservation easements, the
<br />purchase or transfer of development rights and the acquisition of other similar interests in lands to
<br />protect water resources and/or drinking water, environmentally significant land, historic sites,
<br />and/or agricultural lands, together with the necessary preservation, restoration, remediation and
<br />reclamation activities to preserve and enhance such property, or in the case of agricultural lands, to
<br />maintain the agricultural purpose of property, such as to restore such property to its natural state,
<br />including customary and necessary costs and expenses incurred in the acquisition of such lands and
<br />expenses incident to the sale, issuance and delivery of the Bonds (the "Projects"), under the
<br />authority of and in full compliance with the Constitution and Statutes of the State of Florida,
<br />including particularly Chapter 125, Florida Statutes, Resolution No. 92-146 of Indian River County,
<br />Florida, a vote of the electors of Indian River County, Florida, in accordance with Chapter 100,
<br />Florida Statutes, Resolution No. 2005-059 and Resolution No. 2006 -
<br />Issuance of Series 2006 Bonds
<br />The Series 2006 Bonds will be issued and sold by Indian River County, Florida,,a political
<br />subdivision of the State of Florida. The Series 2006 Bonds are being issued pursuant to Resolution
<br />No. 2005-059, as supplemented, adopted May 17, 2005 (the "Authorizing Resolution") by the Board
<br />of County Commissioners of Indian River County, Florida, Resolution No. 2006- adopted by
<br />the Board of County Commissioners on , 2006 and pursuant to the provisions of
<br />Chapter 125, Florida Statutes, and other applicable provisions of law.
<br />Municipal Bond Insurance Policy
<br />The County has provided the Preliminary Official Statement to several major municipal
<br />bond insurance companies. Bidders may, at their option, obtain a policy of municipal bond
<br />insurance unconditionally and irrevocably guaranteeing payment of principal of, and interest on, all
<br />or any designated maturity of the Bonds; however, the selection of the insurer and the responsibility
<br />for payment of the premium for such municipal bond insurance policy shall rest with the Successful
<br />Bidder and such premium must be paid contemporaneously with the payment to the County of the
<br />purchase price for the Bonds. Any fees to be paid to the rating agencies as a result of said insurance
<br />will be paid by the County. Each bidder should indicate whether a municipal bond insurance
<br />policy will be purchased, designate which maturities, if any, of the Bonds have been insured and the
<br />name of the insurer. Appropriate disclosure with respect to such insurance, if utilized, will be the
<br />responsibility of the Successful Bidder. Any failure of a municipal bond insurance policy to be
<br />issued shall not constitute cause for a failure or refusal by the Successful Bidder for such Bonds to
<br />accept delivery of or pay for the Bonds awarded to it in accordance with the terms of this Official
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