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r NOV 4 1981 Boos 48 FAcE 80 <br />On Motion by Commissioner Scurlock, seconded by <br />Commissioner Wodtke, Commissioner Fletcher voted in <br />opposition, the Board by a 4 to 1 vote authorized the <br />Chairman to sign the purchase proposal as submitted by The <br />Leedy Corporation. <br />THE L.EEDY CORPORATION <br />POST OFFICE BOX 711 <br />749 NORTH GARLAND AVENUE <br />ORLANDO, FLOFt1DA 32801 <br />MUNICIPAL FINANCIERS November 4, 1981 TELEPHONE 305/423-3464 <br />Honorable Chairman and Members of <br />the Board of County Commissioners <br />Indian River County <br />Vero Beach, Florida 32961 <br />Gentlemen: <br />For $725,000 Indian River County, Florida, Capital Improvement Revenue Bonds, <br />Series 1981, authorized by resolution 81-31 of the Board of County Commissioners, <br />adopted on May 6, 1981, we offer to pay you $ 688,750 , and accrued interest <br />to the date of delivery, subject to the following terms and conditions: <br />1. The bonds shall mature on October 1 in the years and amounts and bear <br />interest at the rate (or rates) as set forth in Exhibit A, attached to <br />this purchase agreement. <br />2. The County agrees to maintain until maturity in the Reserve Account- <br />heretofor established by resolution 79-116 authorizing the issuance <br />of $4,350,000 Indian River County, Florida, Capital Improvement Revenue <br />Bonds, Series 1980, not less than $483,000 U. S. Treasury Bonds maturing <br />August 15, 2001, bearing interest at the rate of 13 3/8% per annum. <br />3. The County agrees to maintain until maturity in the Reserve Account <br />authorized by resolution 81-31 not less than $128,000 U. S. Treasury <br />Bonds maturing August 15, 2001, bearing interest at the rate of <br />13 3/8% per annum. <br />It is understood that the conditions contained in #2 and #3 above are in no way <br />intended to impair the original purpose of the respective reserve accounts. <br />4. The Bonds shall be payable at the Florida National Bank, Jacksonville, <br />Florida. <br />5. The unqualified opinion of Freeman, Richardson, Watson $ Kelly, P.A., <br />shall accompany the bonds at delivery, as well as the customary closing <br />documents. <br />6. It is hereby mutually agreed and understood that any and all expenses <br />of issuance will be borne by the County. <br />