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Preliminary Official Statement Dated June 2003
<br />NEW ISSUE - Full Book Entry Only
<br />Ratings: Standard & Poor's: "AAA"
<br />Fitch: "AAA"
<br />(See "Ratings" herein)
<br />In the opinion of Bryant, Miller and Olive, P.A. ("Bond Counsel'), under existing statutes, regulations, rulings and court decisions, and assuming continuing compliance with
<br />the tax covenants described herein, interest on the Bonds is excludable from gross income for federal income tax purposes, and is not an item of tax preference for purposes of the federal
<br />alternative minimum tax imposed on individuals and corporations. Such interest, however, will be includable in the calculation of certain corporations' alternative minimum taxable income.
<br />See "TAX EXEMPTION" herein regarding certain other tax considerations. Bond Counsel is further of the opinion that the Bonds and the income therefrom are exempt from taxes under
<br />the laws of the State of Florida, except as to Florida estate taxes imposed by Chapter 198, Florida Statutes, as amended, and not income and franchise taxes imposed by Chapter 220, Florida
<br />Statutes, as amended.
<br />$8,320,000*
<br />INDIAN RIVER COUNTY, FLORIDA
<br />GENERAL OBLIGATION REFUNDING BONDS,
<br />SERIES 2003
<br />Dated: July 1, 2003 Due: July 1, as shown below
<br />The Indian River County, Florida General Obligation Bonds, Series 2003 (the "Bonds") are being issued by Indian River County, Florida (the "County') in the form of fully
<br />registered bonds and, when issued, will be registered in the name of Cede & Co, as nominee of the Depository Trust Company, New York, New York ("DTC"). DTC will act as securities
<br />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
<br />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
<br />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
<br />semiannually on January 1 and July 1, of each year, commencing January 1, 2004. The principal of, premium, if any and interest on the Bonds will be paid by U.S. Bank, National Association,
<br />Ft. Lauderdale, 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
<br />of such payments td 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
<br />and Indirect Participants (as defined herein), as more fully described herein.
<br />The Bonds are not subject to redemption prior to their stated maturities.
<br />The Bonds are being issued to provide funds, .which together with other funds of the County, will be used to refund and redeem on the date of closing of the Bonds, all of the
<br />Outstanding principal amount of the County's $15,000,000 General Obligation Bonds, Series 1995, which will be Outstanding in the aggregate principal amount of $8,320,000 after giving
<br />effect to the July 1, 2003 principal payment. For additional information, see "PURPOSE OF ISSUANCE" herein. Proceeds of the Bonds will also be used to pay the costs of issuance of the
<br />Bonds, including the premium for a policy of financial guaranty insurance.
<br />THE BONDS ARE GENERAL OBLIGATIONS OF THE COUNTY SECURED BY A PLEDGE OF THE FULL FAITH, CREDIT AND TAXING POWER OF THE COUNTY.
<br />IN THE RESOLUTION THE COUNTY HAS COVENANTED TO LEVY AD VALOREM PROPERTY TAXES ON ALL NON-EXEMPT PROPERTY LOCATED WITHIN THE BOUNDARIES
<br />OF THE COUNTY, WITHOUT LIMIT AS TO AMOUNT OR RATE. The Bonds will rank on a parity with the $11,000,000 Indian River County General Obligation Bonds, Series 2001, which
<br />will be Outstanding in the aggregate principal amount of 09,925,000 after giving effect to the July 1, 2003 principal payment.
<br />Payment of the principal of and interest on the Bonds when due will be insuredby a financialguaranty insurance policy tobe issued by Ambac Assurance Corporation simultaneously with the
<br />delivery of the Bonds. See the material under the heading "FINANCIAL GUARANTY INSURANCE" herein.
<br />Principal Maturity Interest
<br />Amount July 1 Rate
<br />Arnbac
<br />PRINCIPAL AMOUNTS, MATURITIES, INTEREST RATES AND PRICES OR YIELDS
<br />$8,320,000• Serial Bonds
<br />Yield - Cusio
<br />Principal Maturity Interest
<br />Amount July I Rate
<br />Yield gige
<br />2004 2008
<br />F 2005 2009
<br />`) 'O2006 2010
<br />5y
<br />g ° c
<br />" a l 2007
<br />Y
<br />°
<br />▪ THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE INVESTORS MUST READ THE ENTIRE
<br />▪ 7 OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.
<br />cThe Bonds are offered when, as and if issued and received by the Underwriter, subject to prior sale, withdrawal or modification of the offer without notice and subject to the unqualified
<br />c 2 approval of legality by Bryant, Miller and Olive„ P.A., Tallahassee, Florida, Bond Counsel. Certain legal matters will be passed on for the County by its County Attorney and Nabors, Giblin
<br />g 8 . & Nickerson, P.A., Tampa, Florida, Disclosure Counsel. 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
<br />y `n & or about July , 2003.
<br />• ti WILLIAM R. HOUGH & CO.
<br />• IDated: June , 2003
<br />H = '
<br />Preliminary, subject to change.
<br />F ? c
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