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PIIE:LIMINARY OFF NEW ISSUE THE REST OF. THIS DOCUMENT WILL BE INCLUDED AS A SEPARATE DOCUIW.M' Il DECEMBER 3, 1987 RATING: Moody's: _ (see "RATING" herein) In the opinion of Bond Counsel, assuming car, vith certain covenants to comply with provisions of the Internal Revenue Code of 1986, as amender -am present federal income taxes under existing statutes, regulations and decisions, except as set forth under "TAX EXEMPTION" in this Official Statement, • and the Notes and the income thereon are exempt from taxation under the laws of the State of Florida, except as to estate taxes and taxes imposed by Chapter 220, Florida Statutes, on interest, income, or profits on debt obligations owned by corporations, banks and savings associations, /See "TAX I,,XEM4V770N" herein for further information.) Indian River County, Florida Water and Sewer Revenue Bonds, Series 1986, Anticipation Notes Dated: December 1, 1987 Due: December 1, 1990 (Price. _ ___ %, plus accrued interest) The Water and Sewer Revenue Bonds, Series 1965, Anticipation Notes (the "Notes") are being issued by Indian River County, Florida (the "County") in fully registered form in denominations of $5,000 and any integral multiple thereof. Interest on the Notes is payable semiannually on'June I and December 1, commencing June 1. 1988, by check or draft of Florida National Bank, Jacksonville, Florida, as Paying Agent, made out and mailed to the registered owner, as shown on the registration books of the County on the fifteenth day next preceding the applicable interest payment dates and as otherwise described herein. The principal of the Notes will be payable upon presentation and surrender thereof at the principal corporate trust office of the Paying Agent, The Notes are subject to redemption at the option of the County prior to maturity as set forth herein. The Notes are being issued to li) finance, on an interim basis, a portion of the cost of certain additions, extensions ,and improvements to the County's water and sewer system (the "Project"), (ii) pay interest on the Notes to maturity, :and (iii) pay certain costs incurred in connection with issuance of the Notes. The Notes are being issued in an aggregate principal amount of $9,200,000 in anticipation of the receipt by the County of the proceeds from the sale of its $9,200,000 Water and Sewer Revenue Bonds, Series 1986 (the "Series 1986 Bonds" ). The County currently expects that the Series 1986 Bonds will be sold to the United States Department of Agriculture, Farmers Home Administrat ion pursuant to the laws of the State of Florida and Resolution No. 86-35 duly adopted by the County on June 18, 198(1, as amended and supplemented (the "Bond Resolution"), on or prior to December 1, 1990- If the County fails to issue the aeries 1986 Bonds or the Series 1986 Bonds are not purchased by Farmers Home Administration, sufficient funds may not be available to pay the principal of the Notes at maturity. THE NO'T'ES ARE LIMIT ;) OBLIGATIONS OF INDIAN RIVER COUNTY, FLORIDA. PRINCIPAL OF THE NOTES IS PAYABLE SOLELY FROM AND SECURED SOLELY BY A PRIOR LIEN UPON AND PLEDGE OF THE PROCEEDS DERIVED FROM THE SALE'. OF TIfE SERIES 191#1 BONDS OR THE SALE OF OTHER BOND ANTICIPATION NOTES ISSUED TO EXTEND AND RENEW '1111E INDEBTEDNESS EVIDENCED BY THE NOTES. INTERESTON THE NOTES IS PAYABLE SOLELY PROM THE PltocE.EDS OF THF. NOTES DEPOSITED IN THF. NOTES PAYMENT ACCOUNT ESTABLISHED UNDER THE' BOND RESOLUTION. SEE "RISK FACTORS" HEREIN. NEITHER THE COUNTY, THE: STATE: OF FLORIDA NOR ANY POLITICAL SUBDIVISION THEREOF HAS PLEDGED ITS FAITH Olt CREDIT Olt TAXING POWER TO THE PAYMENT OF THE NOTES. NO HOLDER OF THE NOTES SHALI. EVER HAVE. THE: RIGHT TO COMI'EII, THE EXERCISE OF ANY AD VALOREM TAXING POWER OF THE COUNTY OR TAXATION IN ANY FORM OF ANY REAL PROPERTY THEREIN TO PAY THE NOTES OR THE INTEREST DUE THEREON NOR BE ENTITLED TO PAYMENT OE' THE NOTES FROM ANY FUNDS OF THE COUNTY EXCEPT AS DESCRIBED HEREIN. The Notes are offered when, as and if issued and received by the Underwriters, subject to the approval of legality by Rhoads ,z Sinon, Boca Raton, Florida, Bond Counsel to the County, and certain other conditions. Certain legal matters will bepassed upon for the County by Charles R Vitunac, Esquire, County Attorney, and for the Underwriters by Ballard Spahr, Andrews dl Ingersoll Washington, D.C., C.'ounsel to the Underwriters. It is expected that the Notes will be available for delivery in New York, New York, on or about December 17, 1987 (rff E warif s & Ons, Inc Raymond James & Associate' ssocia t e ' Inc. cernber , 1987 1 t .