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Bonds are general obligations of the County secured by the full faith and credit and taxing power of the County.
<br />In each year while any of the Series 1995 Bonds are outstanding and unpaid, there shall be levied and collected
<br />an ad valorem tax on all the taxable property within the County sufficient to pay the interest on the Bonds as
<br />it becomes due, and to provide for the payment of the principal on the Bonds at their maturity. The County is
<br />irrevocably and unconditionally obligated to levy and collect ad valorem taxes, without limitation as to rate or
<br />amount, on all the taxable property within the County, sufficient in amount to pay all principal of, redemption
<br />Premium, if any, and interest on the Bonds as the same shall become due and payable.
<br />Pursuant to the Resolution, the Series 1995 Bonds are being issued to finance the acquisition of
<br />environmentally aigoificant land to protect water quality, open spaces, and wildlife habitat in Indian River County
<br />(the "Projects% under the authority of and in full compliance with the Constitution and Statutes of the State of
<br />Florida, including particularly Chapter 125, Florida Statutes, Resolution No. 92-146 of Indian River County,
<br />Florida, a vote of the electors of Indian River County, Florida, in accordance with Chapter 100, Florida Statutes,
<br />and a Resolution duly adopted by the County Commissioners of Indian River County, Florida (hereinafter
<br />referred to as the "Commission"), on the 16th day of May, 1995, and to pay the cost of issuance of the Series
<br />1995 Bonds.
<br />Issuance of Series 1995 Bonds
<br />The Series 1995 Bonds will be issued and sold by Indian River County, Florida, a political subdivision
<br />Of the State of Florida. The Series 1995 Bonds are being issued pursuant to Resolution No. 95-63, as
<br />supplemented, adopted May 16,1995 (the "Resolution") by the Board of County Commissioners of Indian River
<br />County, Florida, and pursuant to the provisions of Chapter 125, Florida Statutes, and other applicable provisions
<br />Of law.
<br />Municloal Bond Insuranee Polkv
<br />A commitment to issue a municipal bond insurance policy guaranteeing payment of principal and interest
<br />on the Series 1995 Bonds has been obtained from
<br />Bidders, at their option, may elect to utilize this bond insurance commitment in their bid. Alternatively, bidders
<br />may rely upon published ratings on the Series 1995 Bonds received from Moodys Investors Service and Standard
<br />& Pooes Ratings Group of_ and , respectively. if bond insurance is used, the price bid for purchase of the
<br />Series 1995 Bonds, asset forth on the Official Bid Form, will be reduced by the amount of the bond insurance
<br />Policy premium, solely for the purpose of calculating the true interest cost rate of the bid. The County will pay
<br />the insurance premium if the Successful Bidder has elected to have the Series 1995 Bonds insured. Information
<br />regarding the bond insurance commitment, including the amount of the premium, may be obtained from Arthur
<br />H. Diamond of Fishkind & Associates, Inc., Financial Advisor to the County, Telephone: (407) 382-3256.
<br />Emmal
<br />Proposals are desired on forms which will be furnished by the County, and envelopes, containing
<br />Proposals should have endorsed thereon "Proposal for $15,OOopo• Indian River County, Florida, General
<br />Obligation Bonds, Series 1995; Do Not Open Until 11:00 a.m. (Eastern Daylight Time), July 11,1995", or words
<br />of equivalent import, and should be addressed to the County at the above address.
<br />Each proposal must be accompanied by the sum of $300,000 in the form of either (i) a Cashier's or
<br />Certified Check drawn upon an incorporated bank or trust company, payable to Indian River County, Florida,
<br />as evidence of good faith, or (ii), a Financial Surety Bond from any insurance company licensed to issue such
<br />a surety bond in the State of Florida and approved by the County (as of the date hereof only Capital Guaranty
<br />•Preliminary, subject to change.
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