2003-058 - Laserfiche WebLink

Home Browse Search

$11,000,000 Indian River County General Obligation Bonds, Series 2001, which will be Outstanding in the aggregate principal amount of $9,925,000 after giving effect to the July 1, 2003 principal payment. The Bonds are being issued to provide funds, which together with other funds ofthe County, will be used to refund and redeem on the date of closing ofthe Bonds, all ofthe Outstanding principal amount of the County's $15,000,000 General Obligation Bonds, Series 1995, which will be Outstanding in the aggregate principal amount of $8,320,000 after giving effect to the July 1, 2003 principal payment. Proceeds of the Bonds will also be used to pay the costs of issuance of the Bonds, including the premium for a policy of financial guaranty insurance. The Underwriter is duly authorized to execute this Bond Purchase Contract. 2. Good FaithDeposit. Delivered to you herewith, as a good faith deposit, is a corporate check of the Underwriter payable to the order of the County in the amount. of $ [Good Faith Amount] as security for the performance by the Underwriter of its obligations to accept and pay for the Series 2003 Bonds at Closing (as defined herein) in accordance with the provisions hereof In the event that you accept this offer, said check shall be held uncashed by the County as a good faith deposit. At the Closing, the check will be retumed to the Underwriter. In the event you do not accept this offer, the check shall be immediately returned to the Underwriter. If the Underwriter fails (other than for a reason permitted hereunder) to accept and pay for the Series 2003 Bonds at the Closing as provided herein, the check may be cashed by you and the proceeds retained by the County as and for full liquidated damages for such failure and for any and all defaults hereunder on the part of the Underwriter, and the retention of such amounts shall constitute a full release and discharge of all claims and damages for such failure and for any and all such defaults hereunder on the part of the Underwriter. In the event that the County fails to deliver the Series 2003 Bonds at the Closing, or if the County is unable at or prior to the date of Closing to satisfy or cause to be satisfied the conditions to the obligations of the Underwriter contained in this Bond Purchase Contract, or if the obligations of the Underwriter contained herein shall be cancelled or terminated for any reason permitted by this Bond Purchase Contract, the County shall be obligated to immediately return the check to the Underwriter and the return of such check shall constitute a full release and discharge of all claims and damages for such failure and for any and all such defaults hereunder on the part of the County. 3. Offering. It shall be a condition of your obligation to sell and deliver the Series 2003 Bonds to the Underwriter, and the obligation of the Underwriter to purchase and accept delivery of the Series 2003 Bonds, that the entire aggregate principal amount ofthe Series 2003 Bonds shall be sold and delivered by you and accepted and paid for by the Underwriter at the Closing. The Underwriter agrees to make a public offering of all of the Series 2003 Bonds at the initial offering prices set forth in Exhibit A attached hereto; provided, however, the Underwriter reserves the right to make concessions to dealers and to change such initial offering prices as the Underwriter shall deem necessary in connection with the marketing of the Series 2003 Bonds. 2