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WHEREAS, the county deems it in its long term best <br />interest that the Bonds be sold at this time at private sale by <br />negotiation; <br />WHEREAS, it is necessary and desirable to authorize and <br />approve certain terms and provisions with respect to the Bonds and <br />the sale thereof; <br />WHEREAS, the United States of America, acting through the <br />Farmers Home Administration, United States Department of <br />Agriculture (the "Purchaser"), has offered to purchase the Bonds on <br />the terms and conditions hereinafter described; <br />WHEREAS, the County desires to redeem $9,200,000 <br />aggregate principal amount of Water and Sewer Revenue Bonds, series <br />1986, Anticipation Notes, of the County (the "Notes"), as a whole, <br />by optional redemption prior to maturity; and <br />WHEREAS, it is necessary and desirable to authorize and <br />approve certain terms and provisions with respect to the redemption <br />Of the Notes. <br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. The Series 1986 Bonds shall be in the <br />aggregate principal amount of $9,200,000, shall be dated as of <br />date of their delivery, shall be in fully registered form, shall be <br />in denominations as provided in the Bond Resolution, shall bear <br />interest payable annually on September I of each year, commencing <br />September 1, 1990, until the principal amount thereof is paid, as <br />provided in the Bond Resolution, at the interest rate of five <br />2 <br />