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11 <br />,.,A.G FAva 1s ,So� s,1nG _ <br />December F4 1987 <br />County of Indian River, Florida <br />1840 25th Street <br />Vero Beach, FL 32960 <br />tun Bank Building—Pelican Bay <br />801 Laurel Oak Drive, Suite 603 <br />Naples, FL 33963 <br />(813) 598-2405 <br />Re: $9,200,000 Indian River County, Florida__ -L$ <br />Water and Sewer Revenue Bonds, Series 1986, <br />Anticipation Notes <br />Ladies and Gentlemen: <br />In connection with the proposed issue by Indian River <br />County, Florida (the "County") of $9,200,000 principal amount <br />of Indian River County, Florida Water and Sewer Revenue <br />Bonds, Series 1986, Anticipation Notes, (the "Notes") <br />A. G. Edwards & Sons, Inc. and Raymond James & Associates, <br />Inc. (the "Underwriters") are to underwrite a public offering <br />of the Notes. Arrangements for underwriting the Bonds will <br />include a Note Purchase Agreement between the County and the <br />Underwriters. <br />The purpose of this letter is to furnish, pursuant to <br />the provisions of Section 218.385(4), Florida Statutes, as <br />amended, certain information in respect of the arrangements <br />contemplated for the underwriting of the Notes as follows: <br />(a) The nature and estimated amounts of <br />expenses to be incurred by the Underwriters in <br />connection with the purchase and reoffering of the <br />Notes are set forth in Schedule I attached hereto. <br />(b) No person has entered into an understandiiig <br />with the Underwriters or, to the knowledge of the <br />Underwriters, with the County for any paid or promised <br />compensation or valuable consideration, directly or <br />indirectly, expressly or implied, to act solely as an <br />intermediary between the County and the Underwriters or <br />to exercise or attempt to exercise any influence to <br />effect any transaction in the purchase of the Notes. <br />(c) The underwriting spread (i.e., the' diffe- <br />rence between the price at which the Notes will be <br />initially offered to the public by the Underwriters(/00% <br />of the principal amount) and the price to be paid to <br />the County for the Notes (31.17n- of the principal <br />amount), exclusive of accrued interest in both cases) <br />will be 0.8x5"% of the principal amount of the Notes. <br />