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<br />1
<br />JYO90N FREEMAN 1800 BARNETT BANK BUILDING
<br />RAY W.RICHARDSON.JR.
<br />THOMABB.6LADE,M JACKSONVILLE, FLORIDA 32202
<br />EDWARD McCARTHY, JR. 190-0 383-1864
<br />JOHN F. KELLY
<br />DANIEL U. LIVERMORE,JR,
<br />DOUGLAS J. MI LN E
<br />A.GRAHAM ALLEN
<br />! JUDSON FREEMAN,JR. August lO, 1977
<br />ROBERT 0. 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 Madam:
<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 />$300,000
<br />INDIAN RIVER COUNTY, FLORIDA
<br />REVENUE AND GENERAL OBLIGATION NOTE
<br />Dated August 10, 1977
<br />Said Note is a bearer Note, numbered 3, 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 (4.65%) 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 />$1,350,000 of which $800,000 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 />` a 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, as amended by a resolution
<br />adopted on August 10, 1977, to advance the cost of solid waste
<br />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 insufficient 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 />10 19'
<br />BOOK 30 PAGE 344,
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