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<br />PRELIMINARY OFFICIAL STATEMENT DATED JUNE •l, 199'3
<br />NEW ISSUE Ratings: Moody's: _
<br />Standard & Poor's: _
<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 of the Internal
<br />Revenue Code of 1986, as amended, interest on the Series 1993 Bonds is excluded from gross income for purposes of federal income taxation and is
<br />not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations under existing statutes,
<br />regulations and judicial decisions; although it should be noted that in the case of corporations (as defined for federal income tax purposes), such
<br />interest is taken into account in determining adjusted current earnings for purposes of such alternative minimum tax. Furthermore, in the opinion of
<br />Bond Counsel, the Series 1993 Bonds and the income therefrom are exempt from taxation under the laws of the State of Florida, except as to estate
<br />taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations, banks and savings
<br />associations. See'TAX EXEMPTION" herein for further information.
<br />Dated: June 1, 1993
<br />$9,700,000*
<br />INDIAN RIVER COUNTY, FLORIDA
<br />Recreational Revenue Refunding Bonds, Series 1993
<br />Due: September 1, as shown below
<br />Indian River County, Florida (the "Issuer" or the "County") is issuing its Recreational Revenue Refunding Bonds, Series 1993 (the "Series
<br />1993 Bonds"), in fully registered form in denominations of $5,000 principal amount or any integral multiple thereof. Interest on the Series 1993
<br />Bonds is payable on Sepember 1, 1993, and semiannually thereafter on each March 1 and September 1, by check or draft of First Union National
<br />Bank of Florida, Jacksonville, Florida, the Bond Registrar and Paying Agent, made out and mailed to each registered owner thereof at the
<br />address as it appears on the registration books kept by the Bond Registrar on the 15th day of the month preceding the applicable interest
<br />payment date. Principal of the Series 1993 Bonds and any redemption premium will be payable upon presentation and surrender of the Series
<br />1993 Bonds, when due, at the principal corporate trust office of the Paying Agent. The Series 1993 Bonds are subject to optional and mandatory
<br />redemption prior to maturity, as provided herein.
<br />The Series 1993 Bonds are being issued by the County to provide funds, together with other available funds, to (a) retire certain
<br />outstanding bonds of the County as described herein, (ii) make a deposit to the Reserve Account established under the Resolution, and (iii) pay
<br />certain costs incurred in connection with the issuance of the Series 1993 Bonds, all as more particularly described herein.
<br />Pursuant to Indian River County, Florida, Resolution No. adopted on as amended and
<br />supplemented (the "Resolution"), the principal of, interest on and redemption premium, if any, on the Series 1993 Bonds will be paid from and
<br />secured by a first lien upon and pledge of the Net Revenues derived from the operation of the County's Recreational Facilities, as described
<br />herein, and the Racetrack and Jai Alai Fronton Funds, and a subordinate lien upon and pledge of the Half -Cent Sales Tax, as provided in the
<br />Resolution. The lien of the holders of the Series 1993 Bonds on the Half -Cent Sales Tax is subordinate to the lien of the holders of the County's
<br />outstanding Refunding and Improvement Revenue Bonds, Series 1985, and the outstanding Refunding Revenue Bonds, Series 1992 (the "Senior
<br />Half -Cent Sales Tax Bonds") and any additional bonds issued on a parity therewith under the resolution pursuant to which the Senior Half -Cent
<br />Sales Tax Bonds were issued. The lien on and pledge of the Half -Cent Sales Tax is subject to modification as more fully described herein.
<br />The Series 1993 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
<br />Series 1993 Bonds shall not constitute a general indebtedness of the County, the State of Florida, or any political subdivision
<br />thereof, within the meaning of any constitutional or statutory provision or limitation; and neither the County, the State of
<br />Florida nor any 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 1993 Bonds when due will be insured by a municipal bond insurance policy to be
<br />issued by AMBAC Indemnity Corporation simultaneously with the delivery of the Series 1993 Bonds. Fur a discussion of the terms and
<br />provisions of such policy, including the limitations thereof, see "MUNICIPAL. BOND INSURANCE" herein.
<br />AIMM,
<br />MATURITIES, AMOUNTS, INTEREST RATES AND PRICES OR YIELDS-
<br />Serial Bonds
<br />Interest Price or Interest Price or
<br />Maturity Amount Rate Yield Maturity Amount Rate Yield
<br />$ - _% Tarin Bonds Due September 1, _ Yield:
<br />$ - _7. Term Bonds Uue September 1, _ Yield:
<br />(Plus Accrued Interest from June 1, 1993)
<br />This cover contains certain information for quick reference only. It is not it summary or this issue. Investon, must rend the entire Preliminary
<br />Official Statement to obtain information essential to the making of an informed investment decision.
<br />The Series 1993 Bonds are offered when, as and if issued an([ received by the Underwriter, subject to the approval of legality by Rhoads &
<br />Sinon, Boca Raton, Florida, Bond Counsel to the County. Certain legal matters will be passed upon for the County by Charles V. Vitunac, Esquire,
<br />County Attorney, and for the Underwriter by their Co -Counsel, Bryant, Miller and Olive, P.A., Tallahassee, Florida, and Jusim and Curer, P.A.,
<br />Fort Lauderdale, Florida. It is expected that the Series 1993 Bonds will be available for delivery in New York, New York, in definitive form on or
<br />about ,19(J3.
<br />Dated: _, 1993
<br />•preliminary. Sut*-ct 10 Change
<br />William R Hough & Ce.
<br />
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