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<br />In the opinion of Bond Counsel, assuming continuing compliance by the County with certain covenants to comply with provisions
<br />of the Internal Revenue Code of 1986, as amended, interest on the Series 1989 Bonds is exempt from present federal income tares under
<br />existing statutes, regulations and decisions, except as set forth tinder "TAX EXEMPTION" in this Official Statement; and interest on
<br />the Series 1989 Bonds is exempt from taxation tinder the laws of the State of Florida, except as to estate tares and tares imposed by
<br />Chapter 220, Florida Statutes, on interest, income, or profits on debt obligations owned by corporations, banks and savings associa-
<br />tions (see "TAX EXEMPTION" herein for fitrtlier information).
<br />NEW ISSUE X00 RATINGS: Moody's: Aoc.
<br />6, r _(11 Standard & Poor's: AAN
<br />( [=6TH- Insured)
<br />sw,iik fNk
<br />INDIAN RIVER COUNTY, FLORIDA
<br />Water and Sewer Revenue Refunding Bonds,
<br />Series 1989
<br />Dated: April W, 1989 Due: May I as shown below
<br />d The Water and Sewer Revenue Refunding Bonds, Series 1989 (the "Series 1989 Bonds") are being issued by Indian River County,
<br />Florida (the "County") in fully registered form in denominations of $5,000 and any integral multiple thereof. Interest on the Series 1989
<br />Bonds -is payable semiannually on May I and November I, commencing November I, 1989, by check or draft of Florida National Bank,
<br />St. Petersburg, Florida, as Paying Agent, made out and mailed to the Registered Owner, as shown on the registration books of the County
<br />maintained by Florida National Bank, St. Petersburg, Florida, as Bond Registrar, on the fifteenth day next preceding the applicable inter-
<br />est payment dates and as otherwise described herein. The principal of the Series 1989 Bonds, when due, will be payable upon presen-
<br />tation and surrender thereof at the principal corporate trust office of the Paying Agent.
<br />`d The Series 1989 Bonds are subject to redemption, at the option of the County, prior to maturity as set forth herein. The Series 1989
<br />Bonds due May 1,20-69an+May 1,1ouq,,re subject to mandatory redemption prior to maturity as described herein.
<br />The Series 1989 Bond a being issued pursuant to a slut o y of the Constitution and laws of the State of Florida, including
<br />'9 Chapters 125 and 159, Florida Statutes, and other applicable provisions of law (the "Act") and Resolution No. 89-19, adopted by the
<br />County on February 14, 1989, as the same may be amended and supplemented (collectively, the "Resolution").
<br />The proceeds of the Series 1989 Bonds together with certain other available funds of the County will be used to (i) retire certain
<br />bonds of the County held by Farmers Home Administration, United States Department of Agriculture ("FmHA") pursuant to loan agree-
<br />ments with the County, (ii) fund the Reserve Account established for the Series 1989 Bonds, and (iii) pay certain costs incurred in con-
<br />nection with issuance of the Series 1989 Bonds, all as more particularly described herein.
<br />The payment of the�rincipal of, and interest on the Series 1989 Bonds, when due, will be insured by a municipal bond insurance
<br />a policy to be issued by (,pti. simultaneously with the delivery of the Series 1989 Bonds.
<br />THE SERIES 1989 BONDS ARE LIMITED OBLIGATIONS OF INDIAN RIVER COUNTY, FLORIDA. THE SERIES 1989
<br />BONDS ARE PAYABLE BY THE COUNTY FROM AND SECURED BY A LIEN UPON AND PLEDGE OF THE NET REV.
<br />a ENUES OF THE SYSTEM INCLUDING AMOUNTS ON DEPOSIT IN THE SINKING FUND, THE BOND AMORTIZATION
<br />`o ACCOUNT AND THE RESERVE ACCOUNT ESTABLISHED UNDER THE RESOLUTION, ALL AS DESCRIBED HEREIN. IT
<br />IS ANTICIPATED THAT SUCH LIEN AND PLEDGE OF THE NET REVENUES OF THE SYSTEM WILL IN THE FUTURE
<br />BE SUBORDINATE TO A LIEN TO BE GRANTED FOR CERTAIN BONDS TO BE ISSUED TO FmHA PURSUANT TO
<br />RESOLUTION 82-61 OF THE COUNTY AS FURTHER DESCRIBED HEREIN.
<br />' NEITHER THE COUNTY, THE STATE OF FLORIDA NOR ANY POLITICAL SUBDIVISION THEREOF HAS PLEDGED
<br />ITS FAITH OR CREDIT OR TAXING POWER TO TILE PAYMENT OF THE SERIES 1989 BONDS. NO HOLDER OF THE
<br />SERIES 1989 BONDS SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING
<br />POWER OF THE COUNTY OR TAXATION IN ANY FORM OF ANY REAL PROPERTY THEREIN TO PAY THE SERIES
<br />1989 BONDS OR THE INTEREST DUE THEREON NOR BE ENTITLED TO PAYMENT OF THE SERIES 1989 BONDS FROM
<br />ANY FUNDS OF THE COUNTY EXCEPT AS DESCRIBED HEREIN.
<br />MATURITIES, AMOUNTS, RATES AND YIELDS
<br />$}t6y5'000Serial Bonds
<br />e Principal Interest Yield or Principal Interest Yield or
<br />Due Amount Rate Price Due Amount Rate Price
<br />1990 $Gs;000 6, toY ,00Y. 1996 $ 1o6,000 7•tc. Iob
<br />1991 $ 1,),000 (,,$o too 1997 $ ,05, _1 10 Ills to.
<br />0 1992 $ Iraq,% L.4o too 1998 $ ttS,Js% i, t5"y8 too
<br />9 1993 $ Q,oat. (,,9S' too 1999 $ i1Sb00 1.toy► too
<br />1994 $ OKV,65 7.ou ; 2000 $ ,10x000 7 t of
<br />1995 $ 5{600 71.0E
<br />$ 4iS;ow 7.11o% Term bonds due May I,laOy —Price loo %
<br />$ t 0 000 'too % erm bonds due May I,xooy—Pricegq }'Lolo
<br />'r4-76000. 1.407- (4rtA BeAJ- dva M �� ccruell interest to be added)
<br />ff ,ien, -is i, if y 11 I legality >
<br />s The Series 1989 Bonds vire offered when, as a ui i MgMand and received b the Underwriter, subject !o the approval o le alit ' b
<br />3 Rhoads & Sinon, Boca Raton, Florida, Bond Counsel to the County. Certain legal matters will be passed upon for the County by
<br />Charles P. Vitunac, Esquire, County Attorney, and for the Underwriter by Gunter, Yoakley, Criser & Stewart, P.A., West Palm
<br />Beach, Florida. /t is expected that the Series 1989 Bonds will be available for delivery in New York, New York, in definitive form on
<br />or about May L 1989.
<br />d GULFSTREAM FINANCIAL ASSOCIATES, INC.
<br />A Kemper Financial Company
<br />Apnl1-1, 1989
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