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CONTRACT OF PURCHASE
<br />November 24, 1992
<br />Board of County Commissioners
<br />of Indian River, Florida
<br />Vero Beach, Florida
<br />Re: $7,530,000
<br />INDIAN RIVER COUNTY, FLORIDA
<br />REFUNDING REVENUE BONDS, SERIES 1992
<br />Dear Commissioners:
<br />The undersigned, William R. Hough & Co. (hereinafter referred to as the "Underwriter'),
<br />offers to enter into the following Contract of Purchase with Indian River County, Florida (the 'County")
<br />which, upon your acceptance of this offer, will be binding upon the County and upon the Underwriter.
<br />Terms not otherwise defined herein shall have the same meanings as set forth in the Official Statement (as
<br />such term is defined in Paragraph 1 hereol).
<br />This offer is made subject to your acceptance of this Contract of Purchase on or before 5:00
<br />p.m., New York time on November 24, 1992 or at such other time or on such other date as we may mutually
<br />agree upon.
<br />1. Purchase and Sale of Bonds. Upon the terms and conditions and upon the basis
<br />of the respective representations, warranties and covenants hereinafter set forth, the Underwriter hereby
<br />agrees to purchase from the County, and the County hereby agrees to sell to the Underwriter, all (but not
<br />less than all) of its $7,530,000 aggregate principal amount of Refunding Revenue Bonds, Series 1992, dated
<br />December 1, 1992 (the 'Bonds'). The purchase price for the Bonds is $7,425,774.20 after deducting from
<br />the aggregate principal amount of Bonds the original issue discount of $39,994.90; and the Underwriter's
<br />discount of $64,230.90, plus accrued interest from the date thereof to the date of Closing (as referred to in
<br />Section 7 hereol). The Bonds are to be issued and secured under and pursuant to the Constitution and laws
<br />of the State of Florida, particularly Chapters 125 and 279, Florida Statutes, and other applicable provisions
<br />of Florida law, Indian River County Resolution No. 85-75 and as amended and supplemented including the
<br />supplements made by a resolution adopted by the Board of County Commissioners on November 24, 1992,
<br />(the "Resolution") providing for the issuance of the Bonds. The Bonds shall have the interest rates,
<br />maturities, principal amounts and redemption provisions set forth in Exhibit A.
<br />2. Preliminary Official Statement and Official Statement. The preliminary official
<br />statement of the County dated October 1, 1992 relating to the Bonds, is attached hereto as Exhibit B, (which
<br />together with the cover pages, summary statement and all exhibits, appendices, reports and statements
<br />included therein or attached thereto, and any amendments and supplements that may be authorized by the
<br />County and approved in writing by the Underwriter for use with respect to the Bonds, is herein called the
<br />"Preliminary Official Statement"). The County by its acceptance hereof approves and deems 'final" the
<br />Preliminary Official Statement pursuant to Rule 15c2-12 of the Securities and Exchange Commission. Within
<br />seven business days of the date hereof, you will deliver to the Underwriter two copies of the Official
<br />Statement (which term as used herein shall include the cover page, the summary statement and appendices
<br />contained therein), substantially in the form of the Preliminary Official Statement with such additions thereto
<br />as shall be necessary to reflect the final terms and details of the Bonds (the "Official Statement"), executed
<br />on your behalf as indicated therein and as provided in Section 5 hereof.
<br />
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