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11 $9,085,000' INDIAN RIVER COUNTY, FLORIDA WATER AND SEWER REVENUE BONDS, SERIES 1991 INTRODUCTION This Official Statement, which includes the coves page and the appendices hereto, furnishes certain information relating to the sale by Indian River County, Florida (the 'County) of $9,085,000' aggregate principal amount of its Water and Sewer Revenue Bonds, Series 1991 (the 'Series 1991 Bonds'). The Series 1991 Bonds are additional parity bonds of the County under the Resolution (hereinafter defined). As of the date of this Official Statement there are outstanding under the Resolution bonds designated u the County's Water and Sewer Revenue Refunding Bonds, Series 1989 (the 'Series 1989 Bonds') in the aggregate principal amount of $6,375,000. (The Series 1989 Bonds, the Series 1991 Bonds and any additional obligations of the County issued as Additional Parity Bonds pursuant to the Resolution are herein referred to u the 'Bonds.') The Series 1991 Bonds are being issued pursuant to the authority of the Constitution and laws of the State of Florida, including Chapters 125 and 159, Florida Statutes, and other applicable provisions of law (the 'Act') and Indian River County Resolution No. 89-19 as amended and supplemented, including the amendments and supplements made by Resolution No. 91-81, adopted by the County on July 23, 1991, as the same may be amended and supplemented (collectively, the "Resolution'). The validity of the Series 1991 Bonds has been determined by a Final Judgment of the Nineteenth Judicial Circuit, in and for Indian River County, Florida, rendered on August 27, 1991. The time for appeal will expire on September 26, 1991. The Series 1991 Bonds may not be issued if an appeal is pending on the proposed closing date. The Bonds are limited obligations of Indian River County, Florida, payable by the County from and secured by a lien upon and pledge of the Net Revenues of the System, including amounts on deposit in the Sinking Fund, the Bond Amortization Account and the Reserve Account established under the Resolution, all as described herein. Such lien and pledge of the Net Revenues of the System is subordinate to a lien on the revenues and receipts of the System granted to secure payment of certain bonds sold to Farmers Home Administration, United States Department of Agriculture ('FmHA") pursuant to Resolution No. 82-61 of the County (the 'Senior Lien Bond Resolution'). The aggregate amount of indebtedness relating to such bonds is $9,650,000. Other than such bonds, the County shall not issue any bonds or obligations senior to or having priority over the Bonds. See 'ADDITIONAL FINANCING ARRANGEMENTS — Senior Lien Bonds." Neither the County, the State of Florida nor any political subdivision thereof has pledged its faith or credit or taxing power to the payment of the Series 1991 Bonds. No holder of the Series 1991 Bonds shall ever have the right to compel the exercise of any ad valorem taxing power of the County or taxation in any form of any real property therein to pay the Series 1991 Bonds or the interest due thereon nor be entitled to payment of the Series 1991 Bonds from any funds of the County except as described herein. The references, excerpts, and summaries of all documents referred to herein do not purport to be complete statements of the provisions of such documents, and are made subject to all of the detailed provisions of such documents, which reference is directed for full and complete statements of all matters relating to the Resolution, Series 1991 Bonds, the security for the payment of the Series 1991 Bonds and rights and obligations of the holders of the Series 1991 Bonds. Capitalized terms used but not defined herein have the same meaning as in the Resolution unless the context would clearly indicate otherwise. See 'Appendix G - Certain Defined Terms Used Herein' for definitions. ..I:^t+1', VI J J 1L