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WHEREAS, the County has received one or more offers to purchase the <br />Bonds on the terms and conditions described in the Notice of Sale; <br />WHEREAS, the County has determined that the Proposal, hereinafter <br />defined, of the Purchaser, hereinafter defined, will produce the lowest <br />effective interest cost to the County on the Bonds. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. The Bonds are hereby awarded and sold to William R. <br />Hough & Co. (the "Purchaser") at a total price of 99.0218 of par plus accrued <br />interest from June 1, 1990 to the date of delivery thereof. The Proposal of the <br />Purchaser (the "Proposal"), which is attached hereto as Exhibit "A", is hereby <br />approved and accepted and the proper officers of the County are authorized and <br />directed to execute the acceptance thereof in the space provided therefor on the <br />Proposal. <br />SECTION 2. The Bonds shall be in the maximum aggregate principal <br />amount of $1,315,000, or such lesser aggregate principal amount as shall be not <br />more than the aggregate outstanding and unpaid Special Assessments (as that <br />phrase is defined in the Bond Resolution) on the date of issuance and delivery <br />of the Bonds to the Purchaser. The Bonds shall be dated as of June 1, 1990, <br />shall be in fully registered form, shall be in denominations of $5,000 or any <br />integral multiple thereof, shall bear interest payable semiannually on June 1 <br />and December 1 of each year, commencing December 1, 1990, until the principal <br />amount thereof is paid, by check mailed by the Paying Agent to the Registered <br />2 <br />