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PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 16, 1992 Ratings: Moody's: Aaa Standard & Poor's: AAA (MBIA Insured) In the opinion of Bond Counsel, assuming continuing compliance by the County with certain covenants to comply with provisions of the Internal Revenue Code of 1986, as amended, interest on the Series 1992 Bonds is excluded from gross income for purposes of federal income taxation and is not an item of tax preference for purposes of the federal alterulive minimum tax imposed on individuals and corporations under existing statutes, regulations and judicial decisions; although it should be noted that in the case of corporations (as defined for federal income tax purposes), such interest is taken into account in determining adjusted current earnings for purposes of such alternative minimum tax. Furthermore, in the Opinion of Mond Counsel, the Series 1992 Bonds and the income therefrom are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income or profits on debt obligations owned by corporations, batiks and savings associations. See "TAX EXEAHYNON" herein for further information. $7,815,000* INDIAN RIVER COUNTY, FLORIDA Refunding Revenue Bonds Series 1992 Dated: October 1, 1992 Due: September 1, 1992 Indian River County, Florida (the "Issuer" or the "County") is issuing its Refunding Revenue Bonds, Series 1992 (the "Series 1992 Bonds"), in the form of fully registered bonds in the denominations of $5,000 principal amount or any integral multiple thereof. Interest on the Series 1992 Bonds is payable on March 1, 1993, and semiannually thereafter on each September 1 and March 1, by check or draft of NationsBank Trust, the Bond Registrar and Paying Agent, mailed to each Registered Owner thereof at the addresses as it appears on the registration books kept by the Bond Registrar on the 15th day of the month preceding the applicable interest payment date. At the option of any Registered Owner of $1,000,000 or more in principal amount of the Series 1992 Bonds, interest shall be payable by wire transfer pursuant to written instructions from such Registered Owner. Principal of the Series 1992 Bonds and any redemption premium will be payable upon presentation and surrender of the Series 1992 Bonds at the principal corporate trust office of the Paying Agent. The Series 1992 Bonds are subject to optional and mandatory sinking fund redemption prior to maturity as set forth herein. The Series 1992 Bonds am being issued by the County to provide funds, together with other available funds, to (i) retire a portion of the County's outstanding Refunding and Improvement Revenue Bonds, Series 1985, and all of the outstanding Capital Improvement Revenue Bonds, Series 1987, (collectively, the 'Refunded Bonds'), 00 fund a Reserve Account in an amount necessary to meet the Maximum Debt Service Requirement, and (iii) pay all costs and expenses relating to the issuance of the Series 1992 Bonds, and the retirement of the Refunded Bonds, all as more particularly described herein. Pursuant to Indian River County, Florida, Resolution No. _ adopted on as amended and supplemented, (the "Resolution'), the principal of, interest on and redemption premium, if any, on the, Series 1992 Bonds will be paid from and secured by a first lien upon and pledge of the proceeds of the Local Government Half -Cent Sales Tax and certain Investment Income received by the County. The Series 1992 Bonds shall not be or constitute general or moral obligations or a pledge of the faith, credit or taxing power of the County, the State of Florida, or any political subdivision thereof, or an indebtedness of any of them as "bonds" within the meaning of the Constitution of the State of Florida, but shall be special obligations of the County payable solely from and secured solely by a lien upon and pledge of the Pledged Funds as more fully described herein. No Registered Owner shall ever have the right to compel the exercise of the ad valorem taxing power of the County, the State of Florida or any political subdivision thereof or taxation in any form of any real property therein, to pay the Series 1992 Bonds or the interest thereon, or be entitled to payment of such principal and interest from any funds of the County other than Pledged Funds. Payment of the principal and interest on the Series 1992 Bonds when due will he, insured by a municipal bond insurance policy to be issued by Municipal Bond Investors Assurance Corporation (MBIA), simultaneously with the delivery of the Series 1992 Bonds. I� MATURITIES, AMOUNTS, INTEREST RATES AND PRICES $ Serial Bonds - 'Prhteipal Interest 1111rlcipnt interest Due Amount Rate Price Due Amount Rate Price (acemed interest added) The Series 1992 Bonds are offered when, as and if issuer/ and received by the Underwriter, subject to the approval of legality by Rhoads & Sinwn, Boca Raton, Florida, Bond Counsel to the County. Certain legal matters will be passed upon for the County by Charles P. Vitunac, F,squire, County Attorney. It is expected that the Series 1992 Bonds in definitive form will he available for delivery in New York, New York on or about November _ _, 1992. William I Hough & Co Dated: °Preliminary, subject to change.