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TABLE OF CONTENTS INTRODUCTION ................................................................. 1 PURPOSE OF THE SERIES 1993 BONDS .............................................. 1 REFUNDING PLAN............................................................... 2 DESCRIPTION OF THE SERIES 1993 BONDS .......................................... 3 General................................................................... 3 MandatoryRedemption....................................................... 3 OptionalRedemption......................................................... 4 Extraordinary Mandatory Redemption ............................................. 4 Notice of Redemption......................................................... 5 Registration, Transfer, and Exchange .............................................. 5 SECURITY AND SOURCES OF PAYMENT ............................................ 5 Pledgeof Net Revenues....................................................... 5 Pledge of 1989 Special Assessment Revenues ........................................ 7 Pledge of 1990 Special Assessment Revenues ........................................ 8 Pledge of Other Assessment Revenues ............................................ 10 RateCovenant............................................................. 10 ReserveAccount......................................................... 10 Flow of Funds for the Boods................................................... 11 Additional Parity Bonds ...................................................... 12 JuniorLien Bonds...........................................................13 ESTIMATED SOURCES AND USES OF FUNDS ....................................... 14 MUNICIPAL BOND INSURANCE ................................................... 14 Bond Insurance............................................................ 14 DEBT SERVICE SCHEDULE ...................................... I ............... 16 THESYSTEM................................................................... 16 General................................................................ 16 SystemStaff................................................................17 Waterand Sewer Customers ................................................... 18 RateStructure..............................................................18 Selected F"mancial Data ....................................................... 20 DESCRIPTION OF THE CAPITAL PROJECTS ......................................... 21 WaterProjects............................................................. 21 SewerProjects............................................................. 21 FUTURE FINANCING ARRANGEMENTS ............................................ 22 LITIGATION................................................................... 22 TAX EXEMPTION............................................................... 23 Opinionof Bond Counsel ..................................................... 23 FloridaTax Matters......................................................... 24 Other Federal Income Tax Matters .............................................. 24 VERIFICATION OF MATHEMATICAL COMPUTATIONS ............................... 24 RATINGS...................................................................... 25 UNDERWRITING............................................................... 25 APPROVAL OF LEGALITY........................................................ 25 ACCURACY AND COMPLETENESS OF THE OFFICIAL STATEMENT ..................... 25 ADDITIONAL INFORMATION..................................................... 26 AUTHORIZATION OF OFFICIAL STATEMENT ....................................... 26 APPENDIX A - GENERAL INFORMATION CONCERNING INDIAN RIVER COUNTY, FLORIDA APPENDIX B - FINANCIAL STATEMENTS OF THE COUNTY FOR FISCAL YEAR ENDED SEPTEMBER 30, 1992 APPENDIX C - MASTER BOND RESOLUTION APPENDIX D - SPECIMEN MUNICIPAL BOND INSURANCE POLICY