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1'rrlittrin II r (J//i, ''Ij06 Dated: May 1, 2006 Due: July 1, 4s shown NEW ISSUE - Full Book Entry Only Ratings: Standard & Poors: " " (Underlying "AA-") Fitch:" " (Underlying "AA-" ) (See "Ratings" herein) hi the opinion. of Bryant Miller Olive ("Bond Counsel"), under existing statutes, regulations, rulings and court decisions, and assuming continuing compliance with the tax covenants described herein, interest on th.e Bonds is excludable from gross income for federal income tax purposes, and is riot an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. Such interest, however, will be includable in the calculation of certain corporations' alternative minimum taxable income. See "TAX EXEMPTION" herein regarding certain other fax considerations. Bond Counsel is further of the opinion that the Bonds and the income thereon are exempt from all present intangible personal property taxes imposed pursuant to Chapter 199, Florida Statutes. $50,000,000* INDIAN RIVER COUNTY, FLORIDA LIMITED GENERAL OBLIGATION BONDS, SERIES 2006 The Indian River County, Florida Limited General Obligation Bonds, Series 2006 (the "Bonds") are being issued by Indian River County, Florida (the "County") in the form of fully registered bonds and, when issued, will he registered in the name of Cede & Co, as nominee of the Depository Trust Company, New York, New York ("DTC"). DTC will act. as securities depository for the Bonds. Purchases of Bonds will be in book -entry only' form, in denominations of $5,000 or any integral multiples thereof. Purchasers will not receive certificates representing their interest in the Bonds so purchased. So long as Cede & Co. is the registered owner of the Bonds, references herein to the registered owners shall mean Cede & Co., and shall' not mean the Beneficial Owners (as defined herein) of the Bonds. See "DESCRIPTION OF THE BONDS -BOOK -ENTRY -ONLY -SYSTEM" herein for further information. Interest on the Bonds is payable semiannually on January 1 and July 1, of each year, commencing January 1, 2007. The principal of, premium, if any and interest on the Bonds .will be paid by J.P. Morgan Trust Company, National Association, Jacksonville, Florida, as paying agent. (the "Paying Agent"). So long as DTC or its nominee, Cede & Co., is the registered owner, such payments will be made directly to DTC. Disbursement of such payments to the Direct Participants (as defined herein) is the responsibility of DTC, and disbursements of such payments to Beneficial Owners is the responsibility of Direct Participants and Indirect Participants (as defined herein), as more fully described herein. The Bonds are. being issued to provide funds for the acquisition by the County of lands to protect water resources and/or drinking water sources, environmentally significant lands, historic sites, and/or agricultural land, by purchasing interests in lands to protect water resources and/or drinking water sources, environmentally significant lands, historic sites, and/or agricultural lands including, but:not limited to, fee simple interest, less than fee simple interest., conservation easements, the purchase or transfer of development rights, and the acquisition of other similar interests in lands to protect water resources and/or drinking water sources, environmentally significant lands, historic sites, and/or agricultural lands, together with the necessary preservation, restoration, remediation and reclamation activities to preserve, protect, or enhance such property, or, in the case of agricultural lands, to maintain the agricultural purpose of such property or restore such property to its natural state. For additional information, see "THE ACQUISITION PROGRAM" herein. THE BONDS ARE LIMITED OBLIGATIONS OF THE COUNTY. THE PRINCIPAL OF, REDEMPTION PREMIUMS, IF ANY, AND INTEREST ON THE BONDS ARE PAYABLE FROM AND SECURED BY A LIMITED PLEDGE OF THE FAITH, CREDIT AND TAXING POWER OF THE COUNTY, PROVIDED -THAT TI -IE AMOUNT OF THE LEVY, IN EACH YEAR SHALL NOT EXCEED ONE HALF OF ONE MIL ON ALL OF THE TAXABLE PROPERTY IN THE COUNTY. PURSUANT TO THE BOND RESOLUTION, BUT SUBJECT TO THE FOREGOING LIMITATION, THE COUNTY IS OBLIGATED TO LEVY AD VALOREM TAXES ON ALL TAXABLE PROPERTY IN THE COUNTY, IN EACH YEAR, AT A RATE AS SHALL BE NECESSARY TO PROVIDE FOR THE PROMPT PAYMENT OF ALL PRINCIPAL OF, REDEMPTION PREMIUMS, IF ANY, AND INTEREST ON THE BONDS. THE BONDS ARE NOT A DEBT, LIABILITY OR OBLIGATION OF THE STATE OF FLORIDA OR ANY POLITICAL SUBDIVISION THEREOF (EXCEPT FOR THE COUNTY, TO THE LIMITED EXTENT DESCRIBED ABOVE) AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE STATE OF FLORIDA OR ANY POLITICAL SUBDIVISION THEREOF (EXCEPT FOR THE COUNTY, TO THE LIMITED EXTENT DESCRIBED HEREIN) ARE PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF THE BONDS OR ANY INTEREST OR REDEMPTION' PREMIUM THEREON. Payment. of the principal of and interest on the Bonds when due will be insured by a financial guaranty insurance policy to be issued by [Insurer] simultaneously with the delivery of the Bonds. See the material under the heading "MUNICIPAL BOND INSURANCE" herein. [INSURER LOGO] PRINCIPAL AMOUNTS, MATURITIES, INTEREST RATES AND PRICES OR YIELDS* $ Serial Bonds Principal Maturity Interest Price or Principal Maturity Interest Price or Amount. (July 1) Rate Yield Amount (Julv 1) Rate Yield THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION. The Bonds are offered when, as and if issued and received by the Underwriters, subject to prior sale, withdrawal or modification of the offer without notice and subject. to the unqualified approval of legality by Bryant Miller Olive, Tallahassee, Florida, Bond Counsel. Certain legal matters will be passed on for the County by its County Attorney and Nabors, Giblin & Nickerson, P.A., Tampa, Florida, Disclosure Counsel. First Southwest. Company, Orlando, Florida served as Financial Advisor to the County in connection with the issuance of the Bonds. It is expected that the Bonds in definitive form will be available for delivery in New York, New York, through the offices of DTC on or about May , 2006. Sealed bids for the purchase of the Bonds will be received by the County on May , 2006, as provided in the Official Notice of Bond Sale or thereafter as .the County may give notice through its Financial Advisor. *Preliminary, subject to change.