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i F F✓ <br />JUDSON FREEMAN <br />RAY W. RICHARDSON. JR. <br />THOMAS IL SLADE, M <br />EDWARD MCCARTHY JR. <br />JOHN F. KELLY <br />DANIEL U. LIVERMORE,JR. <br />DOUGLAS J. MILNE <br />^.GRAHAM ALLEN <br />RICHARD E. KLEIN <br />JOHN L. MCWILLIAMS. DZ <br />JUDSON FREEMAN, JR. <br />ROBERT O. FREEMAN <br />FRANK L. WATSON , <br />OF COUNSEL <br />Chairman <br />Board of County Commissioners <br />Indian River County, Florida <br />Dear Sir: <br />1200 SARNETT BANK BUILDING <br />JACKSONVILLE, FLORIDA 32202 <br />(004) 363-12S4 <br />December 14, 1978 <br />As Bond Counsel to Indian River County, Florida, we have <br />examined certified copies of the proceedings and other documents <br />of the Board of County Commissioners of Indian River County, <br />Florida (hereinafter called "County") relating to the issuance <br />and sale of <br />$235,000 <br />INDIAN RIVER COUNTY, FLORIDA <br />REVENUE AND GENERAL OBLIGATION NOTES <br />Dated December 14, 1978 <br />Said Notes are bearer Notes; Numbered 1 to 5, <br />inclusive, Notes Nos. 1 to 4, inclusive, being <br />in the denomination of $50,000 each and No. 5 <br />for $35,000; registrable as to principal and <br />interest; bearing interest, payable at maturity, <br />at the rate of six and forty hundredths per <br />centum (6.400 per annum, and maturing on <br />December 13, 1979. <br />Said Notes are not redeemable prior to maturity. We <br />have examined one of said Notes as executed (Note No. 1). <br />The Notes are 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 December 6, 1978, to.advance the cost <br />of the acquisition of a water system (the "project"). <br />In our opinion, said Notes are valid and legally binding <br />general obligations of the County, payable from the revenues <br />derived by the County from the operation of the project and, to <br />the extent said revenues are insufficient therefor, the County is <br />authorized and required by law to levy on all real property <br />taxable by the County for the fiscal year 1979-80 such ad valorem <br />taxes, at an annual rate not to exceed ten (10) mills on the <br />dollar of assessed value, as may be necessary to pay said Notes <br />and the interest thereon. <br />We are further of the opinion that the interest on said <br />Notes is exempt from Federal income taxes under existing statutes <br />and court decisions. <br />Respectfully submitted, <br />DEC 1978 <br />a I <br />