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..e...__ 01188 a. flonh & CL <br />140 SECOND AVENUE SWTM <br />eT.PmmsBURd iIORIDA33701 <br />(013)823.8100 <br />May 21, 1990 <br />VIA TELECOPY <br />Mr. Joe Baird <br />Office of Management & Budget <br />Suite 312 <br />County Administration Building <br />1840 25th Street <br />Vero Beach, Florida 32960 <br />RE: $1,210,000 INDIAN RIVER COUNTY, FLORIDA <br />SPECIAL ASSESSMENT REVENUE BONDS, SERIES 1990 <br />Dear Mr. Baird: <br />Attached is William R. Hough & Co.'s formal bid for the purchase of the <br />above -referenced Bonds that are to be issued by the Indian River County Board of <br />County Commissioners. <br />It is our understanding that <br />Reserve Fund. Upon delivery of the <br />County will establish and maintain a <br />into or crede Series 1990 Bonds, the County shall deposit <br />it to an account in the Reserve Fund a sum equal to the Reserve <br />Account Requirement. The Reserve Account Requirement will be as of the date of <br />calculation an amount oqual to the lesser of (1) maximum Bond Service <br />Requirement, <br />(i (11) 125% of the average annual Debt Bond Se10% of the proceeds of the Series 1990 Bonds.rvice Requirement, or <br />It is also our understanding that the County will no longer require a <br />"sophisticated investors" letter, and therefore William R. Hough & Co, may re- <br />tolexecutesandbdeliver ate all rsop sophisticated art ted inv investor letter Bonds <br />at closing. be required <br />Sincerely, <br />WILLIAM R. HOUGH & C <br />Scott G. John n <br />SGJ/pd Senior Vice President <br />attachment <br />STATE, COUNTY AND MUNICIPAL BONDS ���� <br />