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RESOLUTION NO. 85-63 40 A RESOLUTION AWARDING $5,165,000 IMPROVEMENT BONDS, SERIES NO. 2., OF INDIAN RIVER COUNTY, FLORIDA, AT NEGOTIATED SALE TO THE PURCHASER; AND PROVIDING AN EFFECTIVE DATE. WHEREAS, a resolution (hereinafter called "Resolution") of the Board of County Commissioners (hereinafter called "Governing Body") of Indian River County, Florida (hereinafter called "Issuer"), duly adopted on March 20, 1985, authorized the of not exceeding $5,165,000 Improvement Bonds, Series No. 2 (hereinafter_ called "Bonds"), to provide for the acquisition and construction of certain sewage collection and treatment improve- ments in the unincorporated area of. the Issuer; and WHEREAS, the Bonds were validated and confirmed by final judgment of the Circuit Court, Nineteent.r Judicial Circuit, in and for Indian River County, Florida, and the appeal period has expired; and WHEREAS, the complex character of the issuance of the Bonds requires lengthy and detailed structuring which could be unreasonably restricted by the lack of flexibility at public sale; and WHEREAS, special assessment bonds normally do nct: generate sufficient interest in the municipal bond market to justify offering them at public sale; and WHEREAS, a negotiated sale of chose Bonds will resul'_ in the most favorable bond financing plan and is in the best interest of the issuer; and WHEREAS, the Issuer has received from Che State Board of Administration, State of Plorida, c.uchority to sell the Bonds at a maximum average net interest cost rate to the Issuer of 11.758 per annum, which rate is the statutory interest Late limit (hereinafter called "Interest• Rate Limit") applicable to the Bonds; and WHEREAS, Flori.'a National Bank, Jacksonville, Florida (hereinafter called "Purchaser"), has offered to purchase -1- (page one of three)