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86-20 RESOLUTION NO. A RESOLUTION FIXING THE DATE, MATURITY SCHEDULE, TERM BOND AMORTIZATION INSTALL- MENTS, INTEREST RATES, INTEREST PAYMENT DATES, REDEMPTION PROVISIONS AND BOND REGISTRAR AND PAYING AGENT WITH RESPECT TO $2,720,000 RECREATIONAL REVENUE BONDS, SERIES 1985, OF INDIAN RIVER COUNTY, FLORIDA; AWARDING THE BONDS AT NEGOTIATED SALE TO THE PURCHASER; APPROVING THE FORM AND DISSEMINATION OF THE OFFICIAL STATE- MENT FOR THE BONDS; FIXING THE RESERVE ACCOUNT REQUIREMENT FOR THE BONDS; CAN- CELLING AUTHORIZATION FOR THE ISSUANCE OF THE BALANCE OF THE BONDS; 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 July 17, 1985, as amended, authorized the issuance of not exceeding $9,200,000 Recreational Revenue Bonds, Series 1985 (hereinafter called "Bonds"), to finance the cost of construction and equipment of a public qolf course and related clubhouse facilities; and WHEREAS, prior to adoption of this resolution, signifi- cant changes have occurred in the municipal bond market regarding interest rates on long term municipal bonds, which are favorable to the Issuer; and WHEREAS, based upon all available information and advice from the staff of the Issuer, the Governing Body has determined that it is in the best interest of the Issuer to respond to these favorable market conditions without undue delay; and WHEREAS, there is insufficient time to respond to these favorable market conditions by offering the Bonds for public sale; 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, a negotiated sale of these Bonds will result in the most favorable bond financing plan and is in the best -1-