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s INDIAN RIVER COUNTY, FLORIDA REFUNDING REVENUE BONDS, SERIES 1992 INTRODUCTION This Official Statement, which includes the cover page and appendices hereto, provides certain information relating to the sale by Indian River County, Florida (the 'Issuer" or the "County"), of its $_ Refunding Revenue Bonds, Series 1992 (the "Series 1992 Bonds"), The Series 1992 Bonds are being issued pursuant to Chapters 125 and 279, Florida Statutes, as amended, County Home Rule Ordinance No. 77-19, enacted August 3, 1977, as amended, and other applicable provisions of law (collectively the "Act"); and Indian River County Resolution No. 85-75, adopted July 10, 1985, as amended and supplemented including without limitation the supplements made by County Resolution No. adopted (the "Resolution"). The validity of the Series 1992 Bonds has been determined by a Final Judgment of the Circuit Court of the Nineteenth Judicial Circuit, in and for Indian River County, Florida, rendered and filed on August 26, 1985. The time for an appeal expired on September 25, 1985. The references, excerpts and summaries of all documents referred to herein do not purport to be complete statements of the provisions of such documents, and are made subject to all of the detailed provisions of such documents, to which reference is directed for full and complete statements of all matters relating to the Resolution, the Series 1992 Bonds, the security for the payment of the Series 1992 Bonds and rights and obligations of the Holders of the Series 1992 Bonds. Capitalized terms used but not defined herein have the same meaning as in the Resolution unless the context would indicate otherwise. PURPOSE OF THE SERIES 1992 BONDS The Series 1992 Bonds are being issued 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"), (ii) 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. REFUNDING PLAN Simultaneously with the delivery of the Series 1992 Bonds, the County will deposit a portion of the proceeds of the Series 1992 Bonds and certain other funds in an irrevocable escrow account under an Escrow Deposit Agreement established for the Holders of the Refunded Bonds. NationsBank Trust, as escrow holder, will invest those proceeds and certain other funds in Federal Securities. The principal amounts of such Federal Securities, together with the interest income therefrom, will be sufficient to make timely payments of all principal, premium (if any) and interest in respect to the Refunded Bonds and all costs associated with the acquisition and management of such Federal Securities. A portion of the Refunding and improvement Revenue Bonds, Series 1985, is not being refunded and will continue to be paid from Pledged Funds.