9/21/1977 (2) - Laserfiche WebLink

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Honorable Chairman and Members of the Board of County Commissioners of Indian River County, Florida Page 2 September 21, 1977 1. The County will adopt the necessary bond resolution and other documents required to issue the bonds and will take all legal and administrative steps in cooperation with William R. Hough & Co. necessary to accomplish the finan- cing in an expeditious manner. The bond resolution and official statement to be adopted by the County shall incorporate the description, security, protective covenants and obligations of the County as are set forth in Attach- ment A hereto, and shall contain such other customary and usual protective covenants found in bond resolutions drawn for other similar bond issues, and shall be satisfactory to both parties. 2. The County shall have received a project feasibility report from Post, Buckley, Schuh & Jernigan, Inc., Consulting Engineers. Such feasibility report shall contain a description of the requirements of the project including the estimated revenues, expenses and net revenues which are projected to be derived from the operation of the County's solid waste disposal system for the next five years. Said feasibility report shall also set forth recommendations as to the appropriate level of Renewal and Replacement Reserves for the system which shall provide an adequate reserve for depreciation of all depreciable assets. 3. The County and William R. Hough & Co. agree to cooperate fully in pro- ceeding immediately with the validation process for this bond issue and with the development of a complete Official Statement of the County relating to this bond issue. 4. This offer to purchase is made subject to the successful validation of the Bonds in the Circuit Court and the appeal period having expired without appeal having been made, and subject to the unqualified approving opinion as to the legality of the Bonds by Messrs. Freeman, Richardson, Watson, Slade, McCarthy and Kelly, Jacksonville, Florida, Bond Counsel to Indian River County. 5. The obligation of William R. Hough & Co. to take delivery of the Bonds are subject to the following: (i) no decision by a court of the United States or the tax court of the United States shall have been rendered, or a ruling, regulation (final, temporary or proposed), or official statement by or on behalf of the Treasury Department of the United States, the Internal Revenue Service or other governmental agency shall be made, or legislation shall have been enacted by or favorably reported to either the House of Representatives or the Senate of the United States with respect to Federal taxation upon revenues or other income of the general character derived by the County or upon interest received on the Bonds of the general character of the Bonds, which in the opinion of the undersigned, materially affects the market price of the Bonds, or (ii) there shall have been a declaration of war by the Govern- ment of the United States, or there shall have occurred a_general suspension of trading on the New York Stock Exchange or the declaration of a general banking moratorium by the United States or New York State Authorities. i SEP ,2 11977