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_ SEP 5 1984 BOOK RESOLUTION NO. 84-60 A RESOLUTION AWARDING $2,050,000 IMPROVEMENT - BONDS, SERIES NO. ONE, OF INDIAN RIVER COUNTY, FLORIDA, AT NEGOTIATED SALE TO THE PURCHASER; AND PROVIDING AN EFFECTIVE DA'L'E. WHEREAS, a resolution (hereinafter called "Resolution") of the Board of County Commissioners (hereinafter called "Governing Body") of Indian River County, Florida (hereinafter called "Issuer"), duly adopted on July 11, 1984, authorized the issuance of not exceeding $2,050,000 Improvement Bonds, Series No. One (hereinafter called "Bonds"), to provide for the acquisi- tion and construction of certain water distribution improvements in the unincorporated area of the Issuer; and WHEREAS, the Bonds were validated and confirmed -by final judgment of the Circuit Court., Nineteenth Judicial Circuit, in and for Indian River County, Florida, and the appeal period has expired; and WHEREAS, the complex character of the issuance of the Bonds requires lengthy and detailed structuring which could be unreasonably restricted by the lack of flexibility at public sale; and WHEREAS, special assessment bonds normally do not generate sufficient interest in the municipal bond market to justify offering them at public sale; and WHEREAS, a negotiated sale of these Bonds will result in the most favorable bond financing plan and is in the best interest of the Issuer; and WHEREAS, the 20 "Bond -Buyer" Average Yield Index (hereinafter called "Index") published immediately prior to the first day of the month during which this resolution was adopted was 10.17 and WHEREAS, 150 basis points above the Index is 11.67 0, which rate is the statutory interest rate limit (hereinafter called "Interest Rate Limit") applicable to the Bonds; and WHEREAS, Florida National Bank, Jacksonville, Florida 90