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JUDSOM FREEMAN <br />RAT W.RICMARDSON.JR. <br />THOMAS S.SLADE.DI <br />EDWARD MOCARTHY. JR. <br />JON F. KELLY <br />DANIEL U. LIVERMORE.JR. <br />DOUGLAS J. MILNE <br />^.a RAMAN ALLEN <br />JUDSON FREEMAN.JR. <br />ROBERT O. FREEMAN <br />FRANK L.WATSON <br />OF COUNSEL <br />Chairman and Clerk <br />Board of County Commissioners <br />Indian River County, Florida <br />Dear Sir and Madams <br />1200 BARNETT BANK BUILDING <br />JACKSONVILLE, FLORIDA 32202 <br />(004 353-1264 <br />July 6, 1977 <br />As Bond Counsel to Indian River County, Florida, we <br />have examined certified copies of the proceedings and other <br />documents of the Board of County Commissioners of Indian River <br />County, Florida (hereinafter called "County") relating to the <br />issuance and sale of a <br />$200,000 <br />INDIAN RIVER COUNTY, FLORIDA <br />REVENUE AND GENERAL OBLIGATION NOTE <br />Dated July 6, 1977 <br />Said Note is a bearer Note, numbered 2, reg- <br />istrable as to principal and interest, bear- <br />ing interest, payable at maturity, at the <br />rate of four and sixty-five hundredths per <br />centum (4.650 per annum, and maturing on <br />May 1, 1978. <br />Part of an authorized issue of Notes in the <br />aggregate principal amount of not exceeding <br />$850,00 of which $600,000 principal amount <br />has heretofore been issued. <br />Said Note is redeemable prior to maturity in the manner <br />provided in said Note. We have examined said Note as executed. <br />The Note is issued pursuant to the Constitution and <br />Statutes of the State of Florida, particularly Section 125.01, <br />Florida Statutes, Chapter 159,.Part I, Florida Statutes, and <br />other applicable provisions of law, and a resolution of the <br />County duly adopted on May 4, 1977, to advance the cost of solid <br />waste disposal system improvements (the "project"). <br />In our opinion, said Note is a valid and legally binding <br />general obligation of the County, payable from the revenues derived <br />by the County from the operation of the project and, to the extent <br />said revenues are insuffidient therefor, the County is authorized <br />and required by law to levy on all real property taxable by the <br />County for the fiscal year 1977-78 such ad valorem taxes, at an <br />annual rate not to exceed ten (10) mills on the dollar of assessed <br />value, as may be necessary to pay said Note.and the interest thereon. <br />We are further of the opinion that the interest on said <br />Note is exempt from Federal income taxes under existing statutes <br />and court decisions. <br />Respectfully submitted, <br />-JU L BOOK 30 FACE 20 <br />