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40a. 6 -1b - / 4a2' M . 9i - o
<br />art -t AIFEO.4 .x 991
<br />NEW ISSUE RATINGS: Moody's /) a
<br />Standard & Poor's: Ai, i)
<br />(AMBAC Insured)
<br />See "RATINGS" herein
<br />In the Opinion of Bond Counsel, assuming continuing compliance by the County with certain covenants to comply with provisions
<br />of the Internal Revenue Code of 1986. as amended, interest on the Series 1991 Bonds is excluded from gross income for purposes of
<br />federal income laxation and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on
<br />individuals and corporations under existing statutes, regulations and judicial decisions; although it should be noted that in the case of
<br />corporations (as defined for federal income tax purposes), such interest is taken into account in determining adjusted current earnings
<br />for purposes of such alternative minimum tax. Furthermore. in the Opinion of Bond Counsel, the Series 1991 Bonds and the income
<br />therefrom are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220.
<br />Florida Statutes, on interest, income or profits on debt obligations owned by corporations, banks and savings associations. See "TAX
<br />EXEMPTION" herein for further information.
<br />$6,0;5,000(
<br />INDIAN RIVER COUNTY, FLORIDA
<br />Recreational Revenue Bonds, Series 1991
<br />Dated: August 1, 1991 Due: September 1, as shown below
<br />Indian River County, Florida (the "Issuer" or the "County") is issuing its Recreational Revenue Bonds, Series 1991 (the "Series
<br />1991 Bonds"), in the form of fully registered bonds in the denominations of $5,000 principal amount or any integral multiple thereof.
<br />Interest on the Series 1991 Bonds is payable from August 1, 1991, on March 1, 1992 and semiannually thereafter on each September 1
<br />and March 1 by check or draft of C&S/Sovran Trust Company (Florida), N.A., Fort Lauderdale, Florida, the Bond Registrar and
<br />Paying Agent, mailed to each registered owner thereof at the address as it appears on the registration books kept by the Bond Registrar
<br />on the 15th day of the month preceding the applicable interest payment date. Principal of the Series 1991 Bonds and any redemption
<br />premium will be payable upon presentation and surrender of the Series 1991 Bonds at the principal corporate trust office of the Paying
<br />Agent.
<br />The Series 1991 Bonds are subject to optional and mandatory sinking fund redemption prior to maturity as set forth herein.
<br />The Series 1991 Bonds are being issued by the County to provide, together with other available funds, the monies to finance the
<br />cost of expanding the Sandridge Golf Course in the County, funding a debt service reserve account and paying the costs of issuance of
<br />the Series 1991 Bonds.
<br />Pursuant to Indian River County, Florida, Resolution No. 85-78, adopted July 17, 1985, as amended and supplemented (the
<br />"Resolution"), the principal of, redemption premium, if any, and interest on the Series 1991 Bonds will be paid from and secured by a
<br />lien upon and pledge of the Net Revenues derived from the operation of the Sandridge Golf Course and related clubhouse facilities, the
<br />Racetrack and Jai Alai Fronton Funds and the Half -Cent Sales Tax, as provided in the Resolution. The lien of the holders of the Series
<br />1991 Bonds on the Net Revenues, Racetrack and Jai Alai Fronton Funds and Half -Cent Sales Tax is on a parity with the lien of the
<br />holders of the County's Recreational Revenue Bonds, Series 1985, currently outstanding in the aggregate principal amount of
<br />$2,720,000 (the "Parity Bonds"). The lien of the holders of the Series 1991 Bonds and the Parity Bonds on the Half -Cent Sales Tax is
<br />subordinate to the lien of the holders of the County's $9,855,000 Refunding and Improvement Revenue Bonds, 1985 Series, and
<br />$3,655,000 Capital Improvement Bonds, 1987 Series (the "Senior Half -Cent Sales Tax Bonds") and any additional bonds issued on a
<br />parity therewith under the resolution pursuant to which the Senior Half -Cent Sales Tax Bonds were issued.
<br />The Series 1991 Bonds are special obligations of the County, and the principal of, redemption premium, if any, and interest
<br />thereon are payable solely from the revenues and funds pledged for the payment thereof as more fully described herein. The Series
<br />1991 Bonds shall not constitute a general indebtedness of the County, the State of Florida, or any political subdivision thereof, within
<br />the meaning of any constitutional or statutory provision or limitation; and neither Indian River County, the State of Florida nor any
<br />political subdivision thereof shall be obligated to levy or collect any ad valorem taxes for payment thereof.
<br />Payment of the principal of and interest on the Series 1991 Bonds when due will be insured by a municipal bond insurance policy
<br />to be issued by AMBAC INDEMNITY CORPORATION simultaneously with the delivery of the Series 1991 Bonds.
<br />Doe
<br />1994
<br />1995
<br />1996
<br />1997
<br />1998
<br />1999
<br />Principal
<br />Amount
<br />/25; 000
<br />/30..000
<br />/35,D00
<br />/cf 5e 000
<br />55> 000
<br />/�SiOLri
<br />MATURITIES,
<br />Interest
<br />Rate
<br />535_/
<br />5,'55
<br />.70
<br />5,75.
<br />5,90
<br />6'00
<br />s h5,6)00
<br />The Series 1991 Bonds are offered wh,
<br />Rhoads & Sinon, Boca Raton, Florida, B�
<br />Vitunac, County Attorney and for the U
<br />Palm Beach, Florida. Itis expected that
<br />on or about August 21, 1991.
<br />Dated: ) i, lir , 1991
<br />ProlimiAser, subject to ci.
<br />AMC
<br />AMOUNTS, INTEREST RATES AND PRICES
<br />$ Serial Bonds
<br />Price Doe
<br />)0o-000
<br />)00,000
<br />)00.• ooc)
<br />'% y95
<br />99,,/ 3 2004
<br />51.3"aD
<br />5
<br />% Term Bonds Doe September 1,2 o i )YieId:99.7?%ko
<br />% Term Bonds Doe September 1, 2016 Webb 92, , 516
<br />4 camel [Merest from August 1,1991)
<br />2000
<br />2001
<br />2002
<br />2003
<br />Principal
<br />Ammo
<br />/2x000
<br />1$x/000
<br />(Pili
<br />,asand
<br />i
<br />d Counsel. Ce
<br />�derwriter by its
<br />e Series 1991 Bon
<br />Interest
<br />Rate
<br />6, o
<br />.2Ci
<br />Price
<br />9'P 3/'t
<br />99. ?CZ.,
<br />ued and accepted by the Underwriter, subject to t c approval of kgality by
<br />in legal matters will be passed upon the County its counsel, Charks P.
<br />nsel, Boose Casey Ciklin Lubitz Martens Mc : ne & O'Connell, West
<br />in definitive form will be available for delivery i New York, New York.
<br />LIAM R.\HOUGH & CO,
<br />sgs 6.105
<br />3 ►, I f o, uoa 6.757 'Term &)gots
<br />1
<br />
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