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OFFICIAL STATEMENT <br />relating to <br />$50,000,000* <br />INDIAN RIVER COUNTY, FLORIDA <br />LIMITED GENERAL OBLIGATION BONDS, SERIES 2006 <br />INTRODUCTION <br />The purpose of this Official Statement, which includes the cover page, the <br />Summary Statement, and the Appendices hereto, is to furnish information with respect <br />to the issuance by Indian River County, Florida (the "County"), of its Limited General <br />Obligation Bonds, Series 2006 (the "Bonds"). The Bonds in the aggregate principal <br />amount of $50,000,000*, are authorized to be issued pursuant to Resolution No. 2004- <br />062 (the "Referendum Resolution), adopted by the Board of County Commissioners (the <br />"Board") on June 22, 2004, as supplemented by Resolution 2005-059, adopted May 17, <br />2005 (the "Bond Resolution"), as further supplemented (herein, collectively, the <br />"Referendum Resolution and the Bond Resolution are hereinafter referred to as the <br />"Resolution") and by the vote of the electors of the County on November 2, 2004, in <br />accordance with Chapter 100, Florida Statutes; and the Referendum Resolution (the <br />"Referendum"). The Referendum Resolution and the Referendum authorize the <br />issuance of not to exceed $50,000,000 aggregate principal amount of limited general <br />obligation bonds, to be issued in one or more series, payable from ad valorem taxes not <br />exceeding %Z mil and having a maturity not exceeding fifteen years. The Bonds are the <br />first series to be issued under the Resolution and the Referendum. The County has <br />previously issued its $11,000,000 Indian River County General Obligation Bonds, <br />Series 2001 (the "2001 Bonds") which are currently Outstanding in the aggregate <br />principal amount of $8,685,000 and its $7,800,000 Indian River County General <br />Obligation Bonds, Series 2003 (the "2003 Bonds"), which are currently Outstanding in <br />the aggregate principal amount of $5,700,000, neither of which issues is subject to an <br />annual limitation on the millage amount for repayment. <br />THE BONDS ARE LIMITED OBLIGATIONS OF THE COUNTY. THE <br />PRINCIPAL OF, REDEMPTION PREMIUM, IF ANY, AND INTEREST ON THE <br />BONDS ARE PAYABLE FROM AND SECURED BY A LIMITED PLEDGE OF THE <br />FAITH, CREDIT AND TAXING POWER OF THE COUNTY, PROVIDED THAT THE <br />AMOUNT OF THE LEVY, IN EACH YEAR SHALL NOT EXCEED ONE HALF OF <br />* Preliminary, subject to change. <br />1 <br />