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2003-075
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2003-075
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Last modified
3/31/2017 10:36:19 AM
Creation date
9/30/2015 5:06:55 PM
Metadata
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Resolutions
Resolution Number
2003-075
Approved Date
07/08/2003
Resolution Type
Bonds
Entity Name
BCC
Subject
Refunding Recreational Revenue Refunding Bonds
Archived Roll/Disk#
2746
Supplemental fields
SmeadsoftID
2455
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a <br />"Reserve Account Requirement" shall mean, with respect to each series of Bonds, the <br />lesser of (i) an amount equal to ten percent (10%) of the proceeds of each respective series of <br />Bonds, (ii) the maximum amount of principal and interest on the respective series of Bonds <br />becoming due in any ensuing Fiscal Year; or (iii) 125% of the average annual amount of <br />principal and interest on the respective series of Bonds becoming due in ensuing Fiscal Years. <br />"Reserve Account Surety" shall mean the provider of a Reserve Account Credit <br />Instrument designated by subsequent resolution of the County for a series of Bonds. <br />"Reserve Account Credit Instrument" shall mean the surety bond or other debt service <br />reserve fund insurance policy or letter of credit described in Section 16B(4) hereof issued by <br />Reserve Account Surety guaranteeing certain payments into the Reserve Account as provided <br />therein and subject to the limitations set forth in a subsequent resolution for each series of Bonds. <br />"Series 1993 Bonds" shall mean the Indian River County, Florida Recreational Revenue <br />Refunding Bonds, Series 1993, dated as of September 1, 1993, in the original aggregate principal <br />amount of $9,875,000, issued under Resolution No. 93-145 of the County, as amended and <br />supplemented. <br />"Series 2003 Bonds" shall mean the Indian River County, Florida Recreational Revenue <br />Refunding Bonds, Series 2003 issued under this Resolution, as amended and supplemented. <br />"Term Bonds" shall mean the Bonds of a series all of which are stated to mature on one <br />date but which shall be subject to earlier retirement by operation of the Bond Amortization <br />Account. <br />Words importing singular number shall include the plural number and vice versa and <br />words importing persons shall include firms and corporations or other entities and vice versa. <br />SECTION 3. FINDINGS. It is hereby ascertained, determined and declared that: <br />A. It is necessary, desirable and in the best interest of the County to refund the <br />Refunded Bonds. <br />B. It is necessary, desirable and in the best interest of the County to finance a portion <br />of the amount necessary to redeem the Refunded Bonds by the issuance of the Series 2003 <br />Bonds. <br />C. The Bonds shall be payable solely from the Pledged Funds. <br />D. It is expected that the Pledged Funds will be sufficient to pay the principal of, <br />premium, if any, and interest on the Bonds. <br />SECTION 4. RESOLUTION TO CONSTITUTE CONTRACT. In consideration of the <br />acceptance of the Bonds by the Registered Owners thereof who shall hold the same from time to <br />
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