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93 08:53 ID:JOSIAS AND GOREN <br />TEL NO:7714923 #814 P03 <br />$9,973,000 <br />INDIAN RIVER COUNTY, FLORIDA <br />RECREATIONAL REVENUE REFUNDING BONDS, BERING 1993 <br />FURCNABE CONTRACT <br />August 17, 1993 <br />Chairman <br />Board of County Commissioners <br />Indian River County, Florida <br />1840 25th Street <br />Vero Beach, Florida 32960 <br />Ladies and Gentlemen: <br />The undersigned William R. Hough & Co. (the "Underwriter") <br />offers to enter into this Purchase Contract with Indian River <br />County, Florida (the "County"), which, upon acceptance of this <br />offer by the County, will be binding upon the County and upon the <br />Underwriter. This offer is made subject to written acceptance <br />hereof by the County at or prior to 5:00 P.M., Eastern Daylight <br />Time, on the data hereof and, if not so accepted, will be subject <br />to withdrawal by the Underwriter upon notice delivered to the <br />County at any time prior to the acceptance hereof by the County. <br />1. Purehaao And Sale. Upon the terms and conditions and in <br />reliance on the representations, warranties, covenants and <br />agreements not forth herein, the underwriter hereby agrees to <br />Purchase from the County and the County hereby agrees to sell and <br />deliver to the Underwriter, all (but not less than all) of the <br />aggregate principal' amount of $9,875,000 Indian River County, <br />Florida Recreational Revenue Refunding Bonds, Series 1993 (the <br />"Bonds"). The Bonds shall be dated September 1, 1993. The <br />purchase price shall be $9,535,939.30 (which represents the par <br />amount of the Bonds minus original issue discount of $251,963.20 <br />and underwriter's discount of $87,097.50) plug accrued interest <br />from their date to the date of the closing referred to in Paragraph <br />7 of this Purchase Contract (the "Closing"). <br />The bonds shall be as described in and shall be issued and <br />Secured under the provisions of Resolution No. , adopted on <br />adopted on ' as amended and restated by Resolution No. <br />as saende <br />upplemented (the "Resolution') ofhthesCountyna <br />,�yiorethempurposeaof <br />providing funds, together with certain other legally available <br />funds, to <br />t(i) retire all of the County's outstanding bonds relating <br />o the Sandridge Golf Course and related clubhouse facilities which <br />consist of the $2,720,000 Recreational Revenue Bonds, Series 1985 <br />currently outstanding in the aggregate principal amount of <br />$2,635,000 (the "Series 1985 Bonds") and the $6,015,000 <br />Recreational Revenue Bonds, Series 1991 currently outstanding in <br />IK:WUIO•AfAlle-MA.21 <br />