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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 /986, as amended, interest on the Series 1989 Bonds is exempifrom presentfederal income tares under existing statutes, regulations anddecisions, except as ser forth under "TAX EXEMPTION" in this Official Statement; and interest on the Series 1989 Bonds is exempt from taxation under the laws of the State of Florida, except as to estate rates and races imposed by Chapter 220, Florida Statutes, on interest, income, or profits on debt obligations owned by corporations, banks and savings associations (see "TAX EXF,MPTIAV— herein for further information). NEW ISSUE $6,510,000 INDIAN RIVER COUNTY, FLORIDA Water and Sewer Revenue Refunding Bonds, Dated: April 15, 1989 Series 1989 Due: May 1 as shown below The Water and Sewer Revenue Refunding Bonds, Series 1989 (the "Series 1989 Bonds") are being issued by Indian River County, Florida (thu "County") in fully registered form in denominations of $5,000 and any integral mulliple thereof. Interest on the Series 1989 Bonds is parable scmi- annnally O8 May I a11d NAV,,rA6r I. eommeneing November I. 1091), 6y cheek or d—A n1` Florida National Bank, St. PL—mburg. Florida. os Paying Agent, made out and railed to the Registered Owner, as shown on the registration books of the County maintained by Florida National Bank. St, Petersburg, Florida, as Bond R99isirar, on 1119 fift99nth day next preceding the applicable interest payment dates and as otherwise deseribed herein. The principal of the Series 1989 Bonds, when due, will be payable upon presentation and surrender thereof at the principal corporate trust office of the Paying Agent. The Series 1989 Bonds are subject to redemption, at the option of the County, prior to maturity as set forth herein. The Series 1989 Bonds due May 1, 2004, May 1, 2009 and May I, 2019 are subject to mandatory redemption prior to maturity as described herein. The Series 1989 Bonds are being issued pursuant to the authority of the Constitution and laws of the State of Florida, including Chapters 125 and 159, Florida Statutes, and other applicable provisions of law (the "Act") and Resolution No. 89-19, adopted by the County on February 14, 1989, as the same may be amended and supplemented (collectively, the "Resolution"). The proceeds of the Series 1989 Bonds together with certain other available funds of the County will be used to (i) retire certain bonds of the County held by Farmers Home Administration, United Slates Department of Agriculture ("FmHA") pursuant to loan agreements with the County, (ii) fund the Reserve Account established for the Series 1989 Bonds, and (iii) pay certain costs incurred in connection with issuance of the Series 1989 Bonds, all as more particularly described herein. The payment of the principal of, and interest on the Series 1989 Bonds when due will be insured by a municipal bond insurance policy to be issued simultaneously with the delivery of the Series 1989 Bonds by FINANCIAL GUARANTY INSURANCE COMPANY FIGIC _ Service mark used by Financial Guaranlylnsurance Company, a private company not affiliated %ilh any U.S. government agency. THE SERIES 1989 BONDS ARE LIMITED OBLIGATIONS OF INDIAN RIVER COUNTY, FLORIDA. THE SERIES 1989 BONDS ARE PAYABLE BY THE COUNTY FROM AND SECURED BY A LIEN UPON AND PLEDGE OF THE NET REVENUES OF THE SYSTEM INCLUDING AMOUNTS ON DEPOSIT IN THE SINKING FUND, THE 13OND AMORTIZATION ACCOUNT AND THE RESERVE ACCOUNT ESTABLISHED UNDER THE RESOLUTION, ALL AS DESCRIBED HEREIN. IT IS ANTICIPATED THAT SUCH LIEN AND PLEDGE OF THE NET REVENUES OF THE SYSTEM WILL IN THE FUTURE BE SUBORDINATE TO A LIEN TO BE GRANTED FOR CERTAIN BONDS TO BE ISSUED TO FmIIA PURSUANT TO RESOLUTION 82.61 OF THE COUNTY AS FURTHER DESCRIBED HEREIN. NEITHER THE COUNTY, THE STATE OF FLORIDA NOR ANY POLITICAL SUBDIVISION THEREOF HAS PLEDGED ITS FAITH OR CREDIT OR TAXING POWER TO THE PAYMENT OF THE SERIES 1989 BONDS. NO HOLDER OF THE SERIES 1989 BONDS SHALL EVER HAVE THE RIGHT TO COMPEL THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE COUNTY OR TAXATION IN ANY FORM OF ANY REAL PROPERTY THEREIN TO PAY THE SERIES 1989 BONDS OR THE INTEREST DUE THEREON NOR BE ENTITLED TO PAYMENT OF THE SERIES 1989 BONDS FROM ANY FUNDS OF THE COUNTY EXCEPT AS DESCRIBED HEREIN. MATURITIES, AMOUNTS, RAPES AND YIELDS $1,045,000 Serial Bonds Principal Interest Yield or Principal Interest Yield or Due Amount Rate Price Due Amount Rate Price 1990 $65,000 6.70% 100% 1996 $100,000 7.10%: 100%n 1991 70,000 6.80 100 1997 105,000 7.10 too 1992 75,000 6.90 too 1998 115,000 7.15 100 1993 80,000 6.95 100 1999 125,000 7.20 100 1994 85,000 7.00 100 2000 130,000 7.25 100 1995 95,000 7.05 100 $ 625,000 7.40% Tbrm bonds due May 1, 2004 — Price 100% $1,080,000 7.40% Term bonds due May 1, 2009 — Price 991/2% $3,760,000 7.40% Term bonds due May 1, 2019 — Price 991/4% (Accrued interest to be added) The Series 1989 Bonds are offered when, as and if issued and received Ir), the Underwriter, subject to the approml of legality by Rhamd s & Siuon, Boca Raton, Florida, Bond Counsel to the Comity. Certain legal inatters• will be passer/ uponfor the County by Charles P Vit untie•, Esquire, Courcy Attorney, and for the Undenvrirer by Gunter, Yoakley, Criser & Stewart, P.A., West Print Beach, Florida. It is expected that the Series 1989 Bonds will be available for delivery in New York, New York, in defhnitiveforret ()It or about May 4, 1989. GULFSTREAM FINANCIAL ASSOCIATES, INC. April 27, 1989 A Kemper Financial Company