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i„ • WHEREAS, A. G. Edwards & Sons, Inc, and Raymond James & Associates, Inc., as co -managers (collectively, the "Purchasers"), have offered to purchase the Series 1986 Notes on the terms and conditions hereinafter described. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA THAT: SECTION 1. The Series 1986 Notes shall be in the aggregate principal amount of $9,200,000, shall be dated as of December 1, 1987 (the "Dated Date"), Six and Three -Eighths 6 3/8 shall bear interest from the Dated Date at the rate of — percent (�8) per annum, payable initially on June 1, 1988, and semiannually thereafter on June 1 and December 1 of each year until the principal amount thereof is paid in full, and shall mature and be due and payable in full on December 1 , 1990. SECTION 2. The Series 1986 Notes shall be subject to redemption prior to maturity, at the option of the County, as a whole or in part, on June 1, 1989, and on any date thereafter, upon payment of 1008 of the principal amount thereof, together with accrued interest to the date fixed for redemption. In the event of a partial redemption of the Notes, the Notes to be redeemed, and the portions of any Notes to be redeemed in part, shall be selected by lot by the Paying Agent, in increments of $5,000 principal amount. SECTION 3. Florida National Bank, St. Petersburg, Florida, is hereby appointed Paying Agent for the Series 1986 Notes. SECTION 4. It is hereby found, ascertained, determined and declared by the Board that a negotiated sale of the Series 1986 Notes is in the long-term best interests of the County, SECTION 5. The Series 1986 Notes are hereby awarded and sold to the Purchasers at a total price of $ 91124,100.00 , plus accrued interest from the Dated Date.to the date of delivery thereof. The Note Purchase Agreement with 2