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TABLE OF CONTENTS Page INTRODUCTION.............................................1 General.......................................................... I Authority for the Series 2025 Bonds ............ l Purpose of the Series 2025 Bonds ................1 Security for the Series 2025 Bonds ............... l Redemption Provisions.................................2 Continuing Disclosure..................................2 37 Additional Information ................................. 2 INDIAN RIVER COUNTY...............................3 39 THEPROJECT..................................................4 FINANCES .............................................. ESTIMATED SOURCES AND USES OF Ad Valorem Taxes......................................40 FUNDS....................................................... 5 DEBT SERVICE SCHEDULE FOR THE AnnualAudit .............................................. SERIES 2025 BONDS...............................6 Description of Financial Practices .............. DESCRIPTION OF THE SERIES 2025 LIABILITIES OF THE COUNTY..................42 BONDS...................................................... 7 General.......................................................... 7 Book -Entry -Only System ............................. 7 Interchangeability, Negotiability and General....................................................... Transfer.................................................... 9 Series 2025 Bonds Mutilated, Destroyed, Economic Factors.......................................43 Stolen or Lost ......................................... l l Redemption Provisions ............................... l I Purchase in Lieu of Optional Redemption.. 14 SECURITY FOR THE SERIES 2025 BONDS LITIGATION .................................................. 14 Covenant to Budget and Appropriate .........14 Series 2025 Bonds Not General Obligation 15 Construction Account.................................16 47 No Debt Service Reserve Fund...................16 Annual Budget............................................16 48 Annual Audit..............................................17 48 Rebate Account...........................................17 GENERAL INFORMATION REGARDING NON -AD VALOREM REVENUES .......17 50 General........................................................17 50 Taxes...........................................................19 50 Intergovernmental Revenues ......................28 51 Licenses, Permits and Fees ......................... 31 Charges for Services ................................... 32 Fines and Forfeits ....................................... 33 Interest........................................................ 33 Miscellaneous Revenues .............................33 52 Non -Governmental Funds ..........................33 Historical Non -Ad Valorem Revenues ....... 34 Page HISTORICAL NON -AD VALOREM REVENUES IN CERTAIN GOVERNMENTAL FUNDS AND THE GOLF COURSE ENTERPRISE FUND.. 36 Historical Revenues and Expenditures of Governmental Funds .............................. 37 Other Non -Ad Valorem Indebtedness........ 37 SANDRIDGE GOLF COURSE ...................... 39 OTHER MATTERS REGARDING COUNTY FINANCES .............................................. 40 Ad Valorem Taxes......................................40 Budget Process ........................................... 41 AnnualAudit .............................................. 42 Description of Financial Practices .............. 42 LIABILITIES OF THE COUNTY..................42 Pension Plans .............................................. 42 Other Post -Employment Benefits ............... 42 RISK FACTORS ............................................. 43 General....................................................... 43 Limited Special Obligations .......................43 Economic Factors.......................................43 Climate Change Issues ............................... 44 Future Natural Disasters .............................44 Cybersecurity.............................................. 44 LITIGATION .................................................. 45 LEGAL MATTERS........................................46 TAX MATTERS ............................................. 47 Opinion of Bond Counsel ........................... 47 Internal Revenue Code of 1986 ..................47 Collateral Tax Consequences ..................... 48 Other Tax Matters ...................................... 48 Original Issue Discount..............................49 Original Issue Premium..............................49 ENFORCEABILITY OF REMEDIES ............ 50 RATINGS........................................................ 50 UNDERWRITING .......................................... 50 CONTINUING DISCLOSURE ....................... 51 MUNICIPAL ADVISOR ................................ 51 FINANCIAL STATEMENTS .........................51 INVESTMENT POLICY OF THE COUNTY 52 DISCLOSURE REQUIRED BY FLORIDA BLUE SKY REGULATIONS ................. 52 CERTIFICATE CONCERNING THE OFFICIAL STATEMENT ....................... 53 CONTINGENT FEES ..................................... 53 MISCELLANEOUS ........................................ 54