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OFFICIAL STATEMENT <br />$6,510,000 <br />INDIAN RIVER COUNTY, FLORIDA <br />Water and Sewer Revenue Refunding Bonds, <br />Series 1989 <br />INTRODUCTION <br />The purpose of this Official Statement, which includes the cover <br />page and the appendices hereto, is to furnish information in <br />connection with the sale by Indian River County, Florida (the <br />"County") of $6,510,000 aggregate principal amount of its Water and <br />Sewer Revenue Refunding Bonds, Series 1989 (the "Series 1989 Bonds"). <br />The Series 1989 Bonds are being issued pursuant to the authority <br />of the Constitution and laws of the State of Florida, including <br />Chapters 125 and 159, Florida Statutes, and other applicable <br />provisions of law (the "Act") and Resolution No. 89-19, adopted by <br />the County on February 14, 1989, as the same may be amended and <br />supplemented (collectively, the "Resolution"). The Series 1989 <br />Bonds were validated and confirmed by judgment of the 19th Judicial <br />Circuit in and for Indian River County, Florida on March 27, 1989. <br />The appeal period for validation of the Series 1989 Bonds expires on <br />April 26, 1989. The Series 1989 Bonds and any additional <br />obligations of the County issued on a parity with the Series 1989 <br />Bonds pursuant to the Resolution are herein referred to as the <br />"Bonds." <br />The Series 1989 Bonds are limited obligations of Indian River <br />County, Florida, payable by the County from and secured by a lien <br />upon and pledge of the Net Revenues of the System, including amounts <br />on deposit in the Sinking Fund, the Bond Amortization Account and <br />the Reserve Account established under the Resolution, all as <br />described herein. It is anticipated that such lien and pledge of <br />the Net Revenues of the System will in the future be subordinate to <br />a lien on the revenues and receipts of the System to be granted to <br />secure payment of certain bonds to be sold to FmHA pursuant to <br />Resolution 82-61 of the County (the "Senior Lien Bond Resolution") <br />and certain loan commitments between FmHA and the County. See <br />"FUTURE FINANCING PLANS - Prior Pledge to and Lien for Series 1986 <br />Bonds." <br />Neither the County, the State of Florida nor any political <br />subdivision thereof has pledged its faith or credit or taxing power <br />to the payment of the Series 1989 Bonds. No holder of the Series <br />1989 Bonds shall ever have the right to compel the exercise of any <br />ad valorem taxing power of the County or taxation in any form of any <br />real property therein to pay the Series 1989 Bonds or the interest <br />due thereon nor be entitled to payment of the Series 1989 Bonds from <br />any funds of the County except as described herein. <br />