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PAYING AGENTS:
<br />The principal of and Interest on the Bonds will
<br />be payable at the Florida National Bank, Jackson-
<br />ville, Florida.
<br />SECURITY:
<br />The Bonds will be valid and binding general
<br />obligations of the County for which the full faith
<br />and credit of the County is irrevocably pledged.
<br />The authorizing resolution provides that so long
<br />as any of the Bonds shall be outstanding, there
<br />shall be levied, assessed and collected and a
<br />valorem tax, unlimited as to rate or amount, upon
<br />all taxable property within the County sufficient In
<br />amount to pay the principal of and interest on the
<br />Bonds as the same become due. The issuance of
<br />'the Bonds was approved by the qualified electors;
<br />of the County at an election duly called and held
<br />In the County on November 2,1982.
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<br />PURPOSE: `
<br />The Bonds -were authorized by a resolution
<br />duly adopted by the County on November 17,
<br />1982, as supplemented, and are to be Issued fort
<br />the purpose of financing the cost of acquiring
<br />beachfront land in the Atlantic Ocean . in the
<br />County for recreational purpose&
<br />?.:
<br />PROPOSALS
<br />Proposals are desired on forms which will be;
<br />fumistmi1l g•the-County and• envelopes contain-
<br />ing Proposals should have endorsed thereon
<br />"Proposals for`$5,000,000 Indian River County,
<br />Florida, General Obligation Bonds;; Do Not Open
<br />Until 1100 A.M.,:Eastem Standard Time, Wednes-
<br />day, April 20, 1983, or words of equivalent im-
<br />port, and should be addressed to the Board of
<br />County Commissioners at the above address. - ` ,,
<br />Each Proposal must be accompanied by a car-
<br />tilled or bank cashier's check, drawn on an Incor-
<br />porated bank or trust company payable uncondi-
<br />tionally to the order of the County, In a sum equal
<br />to two percent (2%) of the par value of the Bonds;
<br />as evidence of good faith. If the successful bidder
<br />shall fail to comply prompty with the terms of his
<br />Proposal; the amount of such check will be for-
<br />feited as liquidated damages. The good faith
<br />check of unsuccessful bidders will be returned to
<br />the bidders by registered mail at the address
<br />stated in their Proposals, or delivered to a repre-
<br />sentative of the bidder immediately after the
<br />award of the Bonds to the successful bidder. The
<br />proceeds of the good faith check of the success-
<br />ful bidder will be applied to the payment of the
<br />purchase price of the Bonds. Prior to the delivery
<br />of the Bonds, the County may cash and invest the
<br />proceeds from the good faith check. Full payment
<br />of the balance of the purchase price must be
<br />made, at the time of delivery, by the successful
<br />bidder In Federal funds. No interest will be paid to
<br />any bidder upon any, good faith check.
<br />DELIVERY AND PAYMENT:
<br />It is anticipated that the Bonds In definitive
<br />form will be available for delivery on or about
<br />Tuesday. May. 10, 1983, at 10:00 A.M. at the of-
<br />fices of Freeman, Richardson, Watson & Kelly,
<br />P.A., in Jacksonville. Florida, or some other date,
<br />time and place to be' mutually agreed upon be-
<br />tween the successful bidder and the County. Full
<br />payment of the -balance of the purchase price, in-
<br />cluding accrued interest to the delivery date, must
<br />be made to the County at the fimeof delivery.
<br />MUNICIPAL BOND,INSURANCE
<br />The County has received a commitment from
<br />American Municipal Bond Assurance Corporation
<br />("AMBAC") to issue a municipal bond Insurance
<br />policy unconditionally and irrevocably guarantee
<br />Ing timely payment of principal and Interest on
<br />the Bonds to the paying agent or agents for the
<br />Bonds. Any purchase of such policy shall be at
<br />the sole option of the bidder. Should a bidder
<br />specify that the County purchase such municipal
<br />bond insurance, the premium will be paid by the
<br />County from Bond proceeds. Each bidder must
<br />specify on the bid form whether municipal bond
<br />Insurance is requested. If the Bonds are awarded
<br />on an insured basis, reference to the policy shall
<br />appear on the Bonds.
<br />CLOSING DOCUMENTS:
<br />The County will furnish to the purchaser upon
<br />delivery of the Bonds the unqualified approving
<br />option of Freeman, Richardson, Watson 8 Kelly,
<br />P.A., Bond Counsel, Jacksonville, Florida, and
<br />customary closing papers.
<br />OFFICE STATEMENT:
<br />Upon the sale of the fronds, the County will f
<br />publish an Official Statement in substantially the
<br />same form as the Preliminary Official Statement,
<br />subject to minor additions, deletions and rev!-,:
<br />sions as determined by the County as necessary
<br />to complete the Preliminary Official Statement. k
<br />reasonable number of copies of the Official State-
<br />ment will be made available to the successful bid-
<br />der at the expense of the County.
<br />t
<br />APR 2 01933
<br />CUSIP NUMBERS:-
<br />It
<br />UMBERStIt is anticipated that CUSIP Identification num
<br />bers will be printed on the bonds, but neither the
<br />failure to print such number an any Bond nor any
<br />error with respect thereto shall constitute cause
<br />for failure or refusal by the successful bidders to
<br />accept delivery of and pay for the Bonds in ac-
<br />cordance with their agreement to purchase the
<br />Bonds. All expenses in relation to the printing -of
<br />CUSIP Numbers on the Bonds shall be paid for by.
<br />the County; provided, however, that the CUSIP
<br />Service Bureau charge for the assignment of said
<br />numbers shall be the responsibility of and shall
<br />be paid for by the successful bidder.
<br />COPIES OF DOCUMENTS:
<br />Copies of the Preliminary Official Statement
<br />the Notice of Sale and the Official Bid Form, and
<br />further information which may be desired, may be
<br />obtained- from Michael Wright, County Adminis
<br />trator, 1840 '25th Street, Vero Beach, Florida
<br />32980, Telephone (305) 587-8000, or from Worth
<br />Blackwell, William R. Hough Co., Suite 924, One
<br />Fourth Street North, St. Petersburg, Florida
<br />33701, Telephone (813) 823-8100.
<br />Indian River County, Florida
<br />Michael Wright ,
<br />County Administrator ,-
<br />Apr.13, _1983..
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<br />bQQiY ty,3 PAcE 263
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