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RESOLUTION NO. 95-75 SUM[ML4 RY STATEMENT This Summary Statement is subject in all respects to more complete information and to the defmitions contained or incorporated in this Official Statement. The offering of the Bonds to potential investors is made only by means of this entire Official Statement. No person is authorized to detach this Summary Statement from this Official Statement or otherwise to use this Summary Statement without this entire Official Statement. For a complete description of the terms and conditions of the contract between the County and the owners of the Bonds, reference is made to the form of Resolution, the form of which is included herein as Appendix C. The County Indian River County (the "County") was established in 1925 by an act of the Florida Legislature, separating it from St. Lucie County. The County encompasses approximately 497 square miles and is located in the middle of Florida on the eastern coast, approximately 135 miles east of St. Petersburg. The County is bounded on the north by Brevard County, on the south by St. Lucie County, on the west by Osceola and Okeechobee Counties and on the east by the Atlantic Ocean. The City of Vero Beach is the seat of County government and the largest city in the County. Other incorporated cities located within the County are Fellsmere, Indian River Shores, Orchid and Sebastian. There are approximately 100 miles of waterfront land in the County, including about 23 miles of Atlantic beaches. Purpose of the Bonds The proceeds to be received by the County from the sale of the Bonds will be used by the County pursuant to the Resolution to provide funds (1) to finance the cost of acquiring environmentally significant land to protect water quality, open spaces and wildlife habitat; and (2) to pay certain expenses related to the issuance and sale of the Bonds. See the discussion under the heading "PURPOSE OF ISSUANCE" herein. Sources and Security of Payment for the Bonds The Bonds are general obligations of the County secured by a pledge of the full faith, credit and taxing power of the County. In the Resolution the County has covenanted to levy ad valorem property taxes on all non-exempt property located within the boundaries of the County, without limit as to amount or rate ("Ad Valorem Taxes"). See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS" herein. Description of the Bonds Redemption. The Bonds or portions thereof maturing in the year 2006 and thereafter are subject to optional redemption prior to their stated maturities, and may be redeemed in the principal amount of $5,000 each and integral multiples thereof. For more complete information, see "DESCRIPTION OF THE BONDS" and the subheading "Optional Redemption" thereunder. Denominations. The Bonds will be issued .in denominations of $5,000 each or any integral multiple thereof. Book -Entry Only System. The Bonds will be initially registered only in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York ("DTC"), which will act as securities depository for the Bonds. The Bonds will be available to purchasers only under the book -entry 3247AND3MM-91POS-BODY-1 76 June 20, 1995