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• <br />BOOK 60 Ft.k 713 <br />The maximum average net interest cost rate desired by the County <br />is 11.75%, 200 points above the applicable 20 Bond Buyer Index. <br />The bonds will be purchased by Florida National Bank at private <br />sale pursuant to the loan commitment from the bank. The purchase <br />price will be par. Since the bank is a sophisticated purchaser, <br />no, official statement or prospectus will be prepared in connection <br />with the bond issue. <br />Enclosed you will find the following: <br />(1) A certified copy of the resolution authorizing the <br />issuance of the bonds; <br />(2) Financial data relating to the anticipated revenue, <br />debt service an -d coverage with respect to the bonds; and <br />(3) The most recent financial statement of the County. <br />The bond validation hearing has been scheduled for April 29, 1985; <br />therefore, no final judgment of validation is available at this <br />time. <br />If you require any further information, please contact Mr. Gary M. <br />Brandenburg, County Attorney, 1840 25th Street, Vero Beach, FL <br />32960, (305) 567-8000 or. Judson Freeman, Jr., Esq., 1200 Barnett <br />Bank Building, Jacksonville, FL 32202, (904) 353-1264, bond <br />counsel to the County. <br />Very truly yours, <br />PWa4ma <br />LJt7 <br />n <br />PBL/Fk <br />PERMISSION TO DRAW ON IRREVOCABLE LETTER OF CREDIT, RYANWOOD <br />SHOPPING CENTER <br />The Board reviewed the following memo: <br />ALAN KIRCIINEn. <br />PRESIIIENT <br />IRREVOCABLE LETTER OF CREDIT <br />DATE ISSUED: March 27, 1985 <br />DATE OF EXPIRATION: May 1, 1985 <br />APPLICANT: Kings Highway Plaza Partnership, A Flordia General <br />Partnership <br />BENEFICIARY: Indian River Country <br />Department of Building & Zoning <br />Vero Beach, Florida,_j2R6D <br />58 <br />