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Fr- <br />APR 111984 <br />BOOT( 56' PAGE72-2, <br />Z-2. <br />ON MOTION by Commissioner Lyons, SECONDED <br />by Commissioner Wodtke, the Board unanimously <br />(4-0) authorized the Chairman to execute the <br />acceptance of said Letter of Commitment with the <br />the changes as outlined above. <br />FLORIDA NATIONAL BANK <br />April 11, 1984 <br />Indian River County Commission <br />County Administration Building <br />1840 25th Street <br />Vero Beach, Florida 32960 <br />Attention: Gary M. Bradenburg, Esquire <br />Gentlemen: <br />We are pleased to advise that Florida National Bank <br />has approved the purchase of Improvement Bonds ("Bonds") <br />to be issued by Indian River County, Florida ("Issuer") <br />to fund the construction of an extension of a 20 inch <br />water line from an existing water reservoir west of Oslo <br />Road to 43rd Avenue, north along 43rd Avenue to either <br />8th or 12th Street, west on said street to Kings Highway, <br />north on Kings Highway to State Road 60 and west on State <br />Road 60 to. Interstate 95 to service the developing area <br />west of Vero Beach (the "Project"). This letter outlines <br />the general terms and conditions under which Florida <br />National Bank ("Bank") will purchase the Bonds. The Bonds <br />shall be in an amount not to exceed $2,050,000 and will be <br />repaid by the Issuer from sPecial assessments against the <br />properties initially to be benefited by the Project, all <br />of which properties have reserved water taps with West <br />County Utility, Inc. ("Utility"). The Bonds will be pay- <br />able annually and mature on May 1, 1997 and will be subject <br />to, but not limited to, the following terms and conditions: <br />1. INTEREST RATE <br />The interest rate on the Bonds shall be 10% per <br />annum payable annually. It is understood that the in- <br />terest payable to the Bank is to be tax-free, and the Bank <br />will require an opinion of bond counsel confirming that <br />fact. <br />�3 <br />