2003-058 - Laserfiche WebLink

Home Browse Search

SUMMARY STATEMENT This Summary Statement is subject in all respects to more complete information and to the definitions contained or incorporated in this Official Statement. The offering of the Bonds to potential investors is made only by means of this entire Official Statement. No person is authorized to detach this Summary Statement from this Official Statement or otherwise to use this Summary Statement without this entire Official Statement. For a complete description of the terms and conditions of the contract between the County and the owners of the Bonds, reference is made to the Resolution, the formofwhichis included herein as Appendix B. The County Indian River County (the "County") was established in 1925 by an act of the Florida Legislature, separating it from St. Lucie County. The County encompasses approximately 497 square miles and is located in the middle ofFlorida on the eastern coast, approximately 135 miles north ofMiami. The County is bounded on the north by Brevard County, on the south by St. Lucie County, on the west by Osceola and Okeechobee Counties and on the east by the Atlantic Ocean. The City of Vero Beach is the seat of County govemment and the largest city in the County. Other incorporated cities located within the County are Fellsmere, Indian River Shores, Orchid and Sebastian. There are approximately 100 miles of waterfront land in the County, including about 23 miles of Atlantic beaches. Purpose of the Bonds The proceeds to be received by the County from the sale ofthe Bonds will be used by the County pursuant to the Resolution to provide funds, which together with other funds of the County, will be used (1) to refund and redeem on the date of closing ofthe Bonds, all ofthe Outstanding principal amount ofthe County's $15,000,000 General Obligation Bonds, Series 1995, which are currently Outstanding in the aggregate principal amount of $8,320,000, after giving effect to the July 1, 2003 principal payment; and (2) to pay certain expenses related to the issuance and sale ofthe Bonds, including payment ofthe premium for a policy of financial guaranty insurance. See the discussion under the heading "PURPOSE OF ISSUANCE" herein. Sources and Security of Payment for the Bonds The Bonds are general obligations of the County secured by a pledge of the full faith, credit and taxing power ofthe County. In the Resolutionthe Countyhas covenanted to levy ad valorem property taxes on all non-exempt property located within the boundaries of the County, without limit as to amount or rate ("Ad ValoremTaxes"). See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS " herein. i