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TABLE OF CONTENTS <br />PAGE <br />INTRODUCTION........................................................... 1 <br />PURPOSE OF THE SERIES 1993 BONDS ........................................ 1 <br />REFUNDING PLAN ......................................................... 2 <br />DESCRIPTION OF THE SERIES 1993 BONDS ..................................... 2 <br />General............................................................. 2 <br />Optional Redemption ................................................... 2 <br />MandatoryRedemption ................................................. 3 <br />Notice of Redemption ................................................... 4 <br />Registration, Transfer, and Exchange ........................................ 4 <br />SECURITY FOR THE SERIES 1993 BONDS ...................................... 4 <br />Pledge of Pledged Funds ................................................. 4 <br />RateCovenant........................................................ 5 <br />ReserveAccount....................................................... 5 <br />Municipal Bond Insurance ................................................ 6 <br />Additional Parity Bonds ................................................. 6 <br />MUNICIPAL BOND INSURANCE .............................................. 6 <br />Payment Pursuant to Municipal Bond Insurance Policy ........................... 6 <br />AMBAC Indemnity Corporation ........................................... 7 <br />THE SENIOR HALF -CENT SALES TAX BONDS .................................. 8 <br />ESTIMATED SOURCES AND USES OF FUNDS ................................... 8 <br />DEBT SERVICE SCHEDULE .................................................. 9 <br />THE RECREATIONAL FACILITIES ............................................ 10 <br />RACETRACK AND JAI ALAI FRONTON FUNDS .................................. 11 <br />Taxeson Pari-Mutuel Wagering ........................................... 11 <br />Rights of Cancellation by Voters ........................................... 12 <br />History of Total Revenues and Distributions .................................. 13 <br />HALF -CENT SALES TAX ..................................................... 13 <br />HISTORICAL AND ESTIMATED REVENUES AND <br />DEBT SERVICE COVERAGE ................................................. 16 <br />FINANCIAL ADVISOR....................................................... 17 <br />LITIGATION............................................................... 17 <br />RATINGS................................................................. 17 <br />FINANCIAL STATEMENTS ................................................... 17 <br />DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS ................. 17 <br />APPROVAL OF LEGALITY ................................................... 18 <br />TAX EXEMPTION.......................................................... 18 <br />Federal Income Tax Matters .............................................. 18 <br />FloridaTax Matters .................................................... 19 <br />Other Federal Income Tax Matters ....................................... 19 <br />VERIFICATION OF MATHEMATICAL COMPUTATIONS ........................... 20 <br />UNDERWRITING........................................................... 20 <br />MISCELLANEOUS20 <br />AUTHORIZATION OF OFFICIAL STATEMENT21 <br />Appendix A - Indian River County, Florida General Information <br />Appendix B - General Purpose Financial Statements and Independent Auditors' Report for the Fiscal Year <br />ended September 30, 1992 <br />Appendix C - The Resolution <br />Appendix D - Specimen Municipal Bond Insurance Policy <br />Appendix E - Proposed Form of Opinion of Bond Counsel <br />