2001-107 - Laserfiche WebLink

Home Browse Search

It shall not be necessary that all Series 2001 Bonds bear the same rate of interest, provided that all Series 2001 Bonds maturing on the same date shall bear the same rate of interest. A rate of interest based upon the use of split or supplemental interest payments or a zero rate of interest will not be considered. Paying Agent and Registrar The Paying Agent and Registrar for the Series 2001 Bonds is First Union National Bank through its designated office in Miami, Florida. Seciirity Principal of and interest on the Series 2001 Bonds to be issued pursuant to Resolution No. 95-63, as supplemented, and all required sinking fund, and other payments shall be payable solely from the County's ad valorem taxes without limit on all taxable property in the County as provided herein; provided, however, that the Bonds shall be structured by the County in such a manner that at the time of issuance the millage rate required to make the maximum annual payment of the principal of and interest on the Series 2001 Bonds shall not exceed 1/2 mil of the then assessed value of all lands situated in the County subject to ad valorem taxation. The Series 2001 Bonds are general obligations of the County secured by the full faith and credit and taxing power of the County. In each year while any of the Series 2001 Bonds are outstanding and unpaid, there shall be levied and collected an ad valorem tax on all the taxable property within the County sufficient to pay the interest on the Series 2001 Bonds as it becomes due, and to provide for the payment of the principal on the Series 2001 Bonds at their maturity. The County is irrevocably and unconditionally obligated to levy and collect ad valorem taxes, without limitation as to rate or amount, on all the taxable property within the County, sufficient in amount to pay all principal of, redemption premium, if any, and interest on the Series 2001 Bonds as the same shall become due and payable. Purpose Pursuant to the Original Resolution, as supplemented by Resolution No. 01- ,the Series 2001 Bonds are being issued to finance the acquisition of environmentally significant land to protect water quality, open spaces, and wildlife habitat in Indian River County(the "Projects"), under the authority of and in full compliance with the Constitution and Statutes of the State of Florida, including particularly Chapter 125,Florida Statutes,Resolution No. 92-146 of Indian River County, Florida, a vote of the electors of Indian River County, Florida, in accordance with Chapter 100, Florida Statutes, the Original Resolution and Resolution No. 01- , and to pay the cost of issuance of the Series 2001 Bonds. Issuance of Series 2001 Bond The Series 2001 Bonds will be issued and sold by Indian River County, Florida, a political subdivision of the State of Florida. The Series 2001 Bonds are being issued pursuant to Resolution No. 95-63, as supplemented, adopted May 16, 1995 (the " Original Resolution") by the Board of Page 5 of 9