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TABLE OF CONTENTS <br />INTRODUCTION 1 <br />PURPOSE OF THE SERIES 1991 BONDS 2 <br />ESTIMATED SOURCES AND USES OF FUNDS 2 <br />DESCRIPTION OF THE SERIES 1991 BONDS 2 <br />Mandatory Redemption 3 <br />Optional Redemption 3 <br />Notice of Redemption 3 <br />Registration, Transfer, and Exchange 3 <br />SECURITY AND SOURCES OF PAYMENT 4 <br />Pledge of Net Revenues 4 <br />Insurance 5 <br />Rate Covenant 5 <br />Flow of Funds for the Bonds 6 <br />Flow of Funds Under Senior Lien Bond Resolution 8 <br />ADDITIONAL FINANCING ARRANGEMENTS 8 <br />Senior Lien Bonds 8 <br />Parity Bonds 8 <br />FUTURE FINANCING ARRANGEMENTS 10 <br />MUNICIPAL BOND INSURANCE 10 <br />DEBT SERVICE SCHEDULES 11 <br />THE SYSTEM 13 <br />General 13 <br />System Staff 13 <br />Water and Sewer Customers 13 <br />Rate Structure 14 <br />Outstanding Debt 14 <br />Selected Financial Data 14 <br />THE 1991 PROJECT 16 <br />THE GRANT 16 <br />TAX EXEMPTION 16 <br />Opinion of Bond Counsel 16 <br />Non -Arbitrage Bonds 16 <br />Corporate Alternative Minimum Taxes; Environmental Tax; Branch Profits Tax 17 <br />Financial Institutions' Cost of Carrying Tax -Exempt Bonds 17 <br />Original Issue Discount 17 <br />Other Federal income Tax Consequences 17 <br />LITIGATION 17 <br />RATINGS 1 g <br />UNDERWRITING 1 g <br />APPROVAL OF LEGALITY 18 <br />MISCELLANEOUS 18 <br />ADDITIONAL INFORMATION 19 <br />AUTHORIZATION OF OFFICIAL STATEMENT 19 <br />APPENDIX A - INDIAN RIVER COUNTY, FLORIDA -- GENERAL INFORMATION a-1 <br />APPENDIX B - FINANCIAL STATEMENTS OF THE COUNTY B-1 <br />APPENDIX C - SUMMARY OF CERTAIN PROVISIONS OF THE RESOLUTION C-1 <br />APPENDIX D - ENGINEERS' REPORT D-1 <br />APPENDIX E - SPECIMEN MUNICIPAL BOND INSURANCE POLICY E -I <br />APPENDIX F - FORM OF OPINION OF BOND COUNSEL F -I <br />APPENDIX G - CERTAIN DEFINED TERMS USED HEREIN G -I <br />