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40 <br />40 <br />n <br />'nwY. <br />FLORIDA NATIONAL BANK <br />April 11, 1984 <br />Indian River County Commission <br />County Administration Building <br />1840 25th Street <br />Vero Beach, Florida 32960 <br />Attention: Gary M. Bradenburg, Esquire <br />Gentlemen: <br />We are pleased to advise that Florida National Bank <br />has approved the purchase of Improvement Bonds ("Bonds") <br />to be issued by Indian River County, Florida ("Issuer") <br />to fund the cunstructi.on of an extension of a 20 inch <br />water line from an existing water reservoir west of Oslo <br />Road to 43rd Avenue, north along 43rd Avenue to either <br />8th or 12th Street, west on said street to Kings Highway, <br />north on Kings Highway to State Road 60 and west on State <br />Road 60 to Interstate 95 to service the developing area <br />west of Vero Beach (the "Project"). This letter outlines <br />the general terms and conditions under which Florida <br />National Bank ("Bank") will purchase the Bonds. The Bonds <br />shall be in an amount not to exceed $2.050.000 and will be <br />repaid by the Issuer from special assessments against the <br />properties initially to be benefited by the Project, all <br />of which properties have reserved water taps with West <br />County Utility, Inc. ("Utility"). The Bonds will be pay- <br />able annually and mature on May 1, 1997 and will be subject <br />to, but not limited to, the following terms and conditions: <br />1. INTEREST RATE <br />The interest rate on the Bonds shall be 10% per <br />annum payable annually. It is understood that the in- <br />terest payable to the Bank is to be tax-free, and the Bank <br />will require an opinion of bond counsel confirming that <br />fact. <br />214 HOGAN STREET / GE14ERAL MAIL CENTER / JACKSONVILLE. FLORIDA 32231/ (9(4) 359.5111 <br />V <br />