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0 ®fficiel statement $13515,®DD Indian River County, Florida Solid Waste Dispossl System Revenue Bonds Series 1977 INTRODUCTION The purpose of this Official Statement, including the cover page, Summary and appendices, is to set forth information concerning Indian River County (the "County"), its solid waste disposal system and the Solid Waste Disposal System Revenue Bonds, Series 1977 (the "Bonds" or "Obligations"). The Official Statement is being distributed in connection with the sale of the Bonds by the County and for the information of all who may become holders of the Bonds. The Bonds are to be issued under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, particularly Chapter 159, Part I, Florida Statutes; Section 125.01 et seq., Florida Statutes; County Ordinance No. 77-19 enacted on August 3, 1977; Chapter 218, Part II, Florida Statutes, and other applicable provisions of law, and Resolution No. 77-110 adopted on November 2, 1977 by the Board of County Commissioners of the County (the "Board"). Resolution No. 77-110 authorized the issuance of the Bonds and is referred to herein as the "Resolution." Certain sections of the Resolution are reproduced herein under the captions "Security for the Bonds" and "Description of the Bonds." The remaining sections are reproduced as Appendix B. DESCRIPTION OF THE PROJECT The project being financed from the proceeds of the Bonds consists of a solid waste disposal system (the "Facilities") and includes rolling stock, transfer stations, a central disposal facility and. a4and site. Construction and acquisition costs are estimated to be $1,212,000. The Consulting Engineers for the County in connection with the project and the Facilities are Post, Buckley, Schuh & Jernigan, Inc., Consulting Engineers and Planners of Miami, Florida. Their letter describing the project and the. Facilities is included herein as Appendix A and Table 3 thereof is a breakdown of the various estimated construction and acquisition costs. Prior to the placing in operation of the Facilities on August 1, 1977, the County had operated a landfill site adjacent to the Vero Beach municipal airport. A new landfill site was needed because of its attraction to birds and the resulting safety hazard. The Facilities were initially financed by the issuance of $1,100,000 outstanding 4.65% tax anticipation notes which will be retired from the proceeds of the Bonds. Application of Bond proceeds is estimated to be as shown on the following page. JAN 181978