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M1 SUMMARY (Subject in all respects to more complete information contained in this Official Statement.) Indian River County (County seat Vero Beach) is located on the east coast of the State of Florida adjacent to and directly south of Brevard County. It is the center of one of the principal citrus growing areas in Florida and the nation. Light industry and tourism are also important to the economy. Population was estimated at 46,184 in 1976 compared to 35,992 recorded by the 1970 U. S. Census. The Bond proceeds are being used for acquisition of a new sanitary land fill site and attendant solid waste disposal equipment. The project was initially financed by tax anticipation notes and was placed in operation in August 1977. The Bond proceeds will be used to retire such notes and pay additional project costs. The Bonds will be payable from and secured by a prior lien on the net revenues derived from operation of the solid waste disposal system. Certain equipment necessary to weigh and charge for waste disposal has not yet been delivered and installed (expected installation date February 1, 1978). The County has covenanted to institute rates within 90 days of delivery of the Bonds. In addition, the Bonds are secured by a prior lien upon the guaranteed entitlement portion of Revenue Sharing Trust Funds distributed to the County by the State of Florida. The County has covenanted that any obligations payable from such Revenue Sharing Trust Funds in addition to the Bonds described herein shall be expressly junior and subordinate in all respects as to lien on and source and security for payment from sucb Revenue Sharing Truss Funds. The guaranteed entitlement is the amount which must be distributed from the state revenue sharing trust fund for counties so that each county receives not less than the amount which it received in the year 1971-72 from intangible taxes on personal property, cigarette taxes and road taxes. The foregoing taxes are the sources of funds deposited in the state revenue sharing trust fund. Revenue sharing funds for all counties for the fiscal year ended June 30, 1977 were $59,381,850 compared to total guaranteed entitlements for all counties of $30,329,957. The largest source of revenue for the revenue sharing trust fund is the intangible tax, consisting of an annual 1 mill tax on stocks, bonds, loans (including bank loans) and accounts receivable and a non-recurring tax of 2 mills on mortgages. In the 1977 fiscal year intangible, cigarette and road taxes were 80%, 18% and 2% respectively of trust fund revenues. (1) First complete year of operation during which service charges will be collected. (2) Based upon estimates of Consulting Engineers for the project. (3) Total funds received by the County from the state revenue sharing trust fund were $360,105 for the fiscal year ended June 30i 1977. Additional obligations may be issued ranking on a parity with Bonds with respect to lien on the net revenues of the solid waste disposal system (but not as to lien on the Revenue Sharing Trust Funds) provided certain debt service coverage tests and other conditions are met as set forth herein. 4 $ca JJ PAVE %lj Fiscal Years Ending September 30 1979(1) 1980 1981 Net Revenues of the Solid Waste $222,700 $310,200 $325,900 Disposal System (2) Revenue Sharing Trust Funds 205,850 205,850 205,850 (Guaranteed Entitlement Portion) (3) $516,050. $531,750 $428,550 Total Pledged Revenues Coverage of Maximum Annual Principal and Interest Requirements 2.30x 2,77x 2.85x ($186,500 in 1992) (1) First complete year of operation during which service charges will be collected. (2) Based upon estimates of Consulting Engineers for the project. (3) Total funds received by the County from the state revenue sharing trust fund were $360,105 for the fiscal year ended June 30i 1977. Additional obligations may be issued ranking on a parity with Bonds with respect to lien on the net revenues of the solid waste disposal system (but not as to lien on the Revenue Sharing Trust Funds) provided certain debt service coverage tests and other conditions are met as set forth herein. 4 $ca JJ PAVE %lj