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MUNICIPAL BOND INSURANCE <br />THE COUNTY <br />General <br />Indian River County (the "County") was established in 1925 by an act of the <br />Florida Legislature, separating it from St. Lucie County. The County encompasses <br />approximately 497 square miles and is located in the middle of Florida on the <br />eastern coast, approximately 100 miles southeast of Orlando and approximately 135 <br />miles north of Miami. The County is bounded on the north by Brevard County, on <br />the south by St. Lucie County, on the west by Osceola and Okeechobee Counties and <br />on the east by the Atlantic Ocean. The City of Vero Beach is the seat of County <br />government and the largest city in the County. Other incorporated cities located <br />within the County are Fellsmere, Indian River Shores, Orchid and Sebastian. There <br />are approximately 100 miles of waterfront land in the County, including about 23 <br />miles of Atlantic beaches. <br />County Government <br />Indian River County is governed by a five member Board of County <br />Commissioners (the "Commission"). Each member represents one of five districts, <br />elected at large (Countywide) for staggered terms of four years. The Commission <br />elects the Chairman and the Vice -Chairman. A County Administrator is appointed <br />by the Board and is responsible for implementing the policies set forth by the <br />Commission. The Administrator is charged with the fiscal control of the resources <br />of the County as well. Shown below is a listing of the Commissioners by district <br />and the expiration of their respective term: <br />24 <br />