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<br />outstanding; provided, however, that no modification or amendment shall permit a change in the maturity of
<br />such Obligations or a reduction in the rate of interest thereon or in the amount of the principal obligation thereof
<br />or affecting the promise of the Issuer to pay the principal of and interest on the Obligations as the same shall
<br />become due from the Revenues of the Facilities or reduce the percentage of the holders of the Obligations
<br />required to consent to any material modification or amendment hereof without the consent of the holder or
<br />holders of all such obligations; provided, however that no such modification or amendment shall allow or permit
<br />any acceleration of the payment of principal of or interest on the Obligations upon any default in the payment
<br />thereof whether or not the holders of the Obligations consent thereto.
<br />INDIAN RIVER COUNTY
<br />General Description
<br />Indian River County was established by Legislative Act in 1925, separating it from St. Lucie County. It is
<br />bounded on the north by Brevard County, which contains the Kennedy Space Center, on the west by Osceola
<br />County, on the west and south by Okeechobee County., on the south by St. Lucie County, and on the east by the
<br />Atlantic Ocean. Indian River County is located about 190 miles south of Jacksonville and about 135 miles north
<br />of Miami. The County has an area of 511 square miles, or 327,040 acres. The population has increased steadily as
<br />follows: 1930 — 6,724; 1940 — 8,947; 1950 — 11,872; 1960 — 25,309; 1970 — 35,992 and 46,184 — 1976
<br />(University of Florida estimate).
<br />The County is governed by the Board of County Commissioners, consisting of five members elected for
<br />four year overlapping terms. The Board elects a Chairman and Vice -Chairman from its membership. The Clerk of
<br />the Circuit Court, elected for a four year term, serves as the secretary to the Board. The Board appoints a County
<br />Administrator, an Attorney for the Board, a Finance Officer and other employees as needed. Other elected
<br />county officials are the Sheriff, Property Appraiser, Tax Collector, Supervisor of Itegistratior and Elections and
<br />County and Circuit Court Judges. County employees are not represented by a labor organization. They are
<br />members of the Florida Retirement System. The latest actuarial review of the Florida Retirement System
<br />disclosed unfunded liability of $1.8 billion at July 1, 1972. An actuarial review is currently in progress and a final
<br />report is expected in early 19.78.
<br />The City of Vero Beach is the seat of county government and the largest municipality in the County. Vero
<br />Beach was incorporated in 1919 and has increased in population as follows: 1920 - 793; 1940 — 3,050; 1950 —
<br />4,646; 1960 — 8,849; 1970 — 11,908 and 15,308 — 1976 (University of Florida estimate). Vero Beach has a City
<br />Council -City Manager form of government. Five City Council members are elected for two year overlapping
<br />terms. The City Council elects its Mayor and Vice -Mayor from its members. The Council appoints a City Manager
<br />as chief administrator.
<br />Other incorporated municipalities within the County and estimated 1976 population are as follows:
<br />Sebastian — 1,304, Fellsmere — 986 and Indian River Shores — 779.
<br />The economy of Indian River County is based upon agriculture (citrus, vegetables, poultry and cattle),
<br />tourism, light manufacturing, wholesale and retail trade and commercial fishing. A report by the I-lorida Crop and
<br />Livestock Reporting Service states that in 1975/76 Indian River County had 56,206 acres in citrus which
<br />produced 14,580,000 boxes of citrus fruit including oranges, grapefruit and specialty fruit. The County was fifth
<br />among all Florida counties in total citrus production, but was second in grapefruit production. The value of the
<br />1975/76 citrus crop was estimated at approximately $39,000,000. dost of the citrus produced in the County is
<br />sold to the fresh fruit market. There are 36 packing houses and one citrus juice processing plant located in the
<br />county. There are approximately 108,000 acres of land in improved pasture and rangeland used for -the
<br />production of beef cattle and dairy farming. Approximately 90,000 acres are in forest and woodlands.
<br />The largest manufacturer in the County is the Piper Aircraft Corporation, which has approximately 2,700
<br />employees involved in the manufacture and sale of light aircraft and related services. The Piper plant is adjacent
<br />to the Vero Beach Airport.
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