2003-058 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 2003-058 Official Statement and an Official Statement in connection with the issuance of the 2003 Bonds and to take certain other actions in connection with the issuance and sale of the 2003 Bonds; and WHEREAS, the Issuer will be provided all applicable disclosure information by the Underwriter as required by Section 218.385, Florida Statutes, prior to the execution of the Purchase Agreement, a copy of which disclosure is to be attached to the Purchase Agreement; NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA, as follows: SECTION 1. SERIES DESIGNATION. The issuance of not to exceed $8,320,000 Indian River County, Florida General Obligation Refunding Bonds, Series 2003 by the Issuer is hereby approved upon the terms and conditions set forth in this Resolution (the "2003 Bonds"). The series designation for the series of Bonds herein authorized is hereby determined to be Series 2003. The refunding of the Refunded Bonds and their redemption on July 1, 2003, is hereby authorized. SECTION 2. APPLICATION OF PROVISIONS OF THE RESOLUTION. The 2003 Bonds, herein authorized, shall for all purposes (except as herein expressly provided) be considered to be issued under the authority of the Original Resolution, and shall be entitled to all the protection and security provided therein for Bonds issued thereunder. SECTION 3. SALE OF 2003 BONDS; APPLICATION OF PROCEEDS. (a) Due to the willingness of the Underwriter to purchase not to exceed $8,320,000 in aggregate principal amount of the 2003 Bonds at favorable interest costs and the importance of timing in the marketing of such obligations, it is hereby determined that it is in the best interest of the public and the Issuer to sell the 2003 Bonds at a negotiated sale and such sale to the Underwriter pursuant to the terms and conditions contained in the Purchase Agreement and herein is hereby authorized and approved, subject to the satisfaction of the conditions set forth in Section 3(b) below. (b) The County Administrator is hereby authorized to receive the offer to purchase the 2003 Bonds from the Underwriter in the form of an executed Purchase Agreement in the form approved herein. The Chairman or Vice Chairman of the Board of County Commissioners or the County Administrator is hereby authorized to award the sale of the 2003 Bonds upon the County Administrator's determination that the offer submitted by the Underwriter for the purchase of all of the 2003 Bonds is within all of the following parameters: (1) in the case of the 2003 Bonds, the true interest cost rate shall not exceed 2.80%, (2) the refunding of the Refunded Bonds to be refunded by the 2003 Bonds shall provide the County with a net present value savings of not less than 5.0% of the par amount of such Refunded Bonds with an Underwriter' Discount not in excess of $4.10 per $1,000 principal amount thereof, and (3) the actual principal amount of 2003 Bonds shall be limited to the lesser of $8,320,000 or the actual sum of the amounts required to (i) pay the cost of issuance of the 2003 Bonds, (ii) pay the premium on the Municipal Bond Insurance Policy (herein defined), and (iii) retire the Refunded Bonds in full on July 1, 2003, including any premium and accrued interest thereon to the date of redemption. The Chairman or Vice Chairman of the Board of County Commissioners or the County Administrator are hereby authorized to award the sale of the 2003 Bonds as set forth above or to reject the offer from the Underwriter for the 2003 Bonds. Such award shall be final. The County Administrator