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<br />WHEREAS, A. C. Edwards & Sons, Inc. and Raymond James & Associates,
<br />Inc., as co -managers (collectively, the "Purchasers"), have offered to purchase
<br />the Series 1986 Notes on the terms and c.onditlon. hrrelnafter described.
<br />NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY CO '1I5 I0aERS OF
<br />INDIAN RIVER COUNTY, FLORIDA ZHAT:
<br />SECTION 1. The Snries 1986 Notes shalt he In the aggregate principal
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<br />amount of $9,200,000, shall b-1 dated AR nF D,cvm',rr L. 1987 (th« 'Dated Date").
<br />Six .lnd Three -Fid, 6 3/8shall bear interest from the Dat.ed Date at ill• rate of _ percrrat ( _1)
<br />per annum, payable Initially on Junr 1, 1988, and semiann,caLly t.h,rre•rftrr on June
<br />I and December I of each year urlt.lt the prLntLpal amount t.hrrenf t: paid In
<br />full, and Rilnl.l mature and be due :anti peyabtr to full en Dp«:=,iahrr l . 1990.
<br />!;EC'rtON 2, 'file aeries 1986 Notes shalt he subject, fn redawption prior
<br />to maturlty, at: the opt.t,:,n of the County, as A ,whole, or In p:Art, W1 .tune 1, 1989,
<br />and un any date ther'enft.er, upon payment c,I loint of t.h„ princEp,ai nra_>unt thereof.
<br />together with accrued Int -@rest to the+ date f'Exed tr.,r redsmptlon. In the event of
<br />a pnrtial redemption of the Notes, the Nntes to be redeemed, and the portions of
<br />any Notts to he redeemed in part, shall he selected by lot by the Paying Agent,
<br />in increments of $5,000 princLpal :u:uunt,
<br />SECTION J, Florida Nat.torial Bulk, St, Petersburg, Florida, is hereby
<br />appointed Paying Agent for the Series 1986 Notes.
<br />SECTION 4. It is hereby found, ascertained, determiners and declared by
<br />the Board that a negotiated sale of the Series 1986 Notes is in the long-term
<br />best interests of the County.
<br />SECTION 5. The Series 1986 Notes are hereby awarded and sold to the
<br />Purchasers at a total price of $ 9,124,100.00 , plus accrued interest from the
<br />Dated Date.to the date of delivery thereof. The Note Purchase Agreement with
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