1/24/2018 4:26:06 PM
9/30/2015 6:07:42 PM
Agenda Item Number
Recreational Revenue Refunding Bonds Series 2003
Sandbridge Golf Course
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RESOLUTION NO. 2013- 081 <br />A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF <br />INDIAN RIVER COUNTY, FLORIDA AUTHORIZING THE REDEMPTION <br />AND PAYMENT OF THE COUNTY'S OUTSTANDING RECREATIONAL <br />REVENUE REFUNDING BONDS, SERIES 2003; AUTHORIZING AN <br />1NTERFUND LOAN FROM GENERAL FUND RESERVES IN THE AMOUNT <br />OF $1,565,000 TO THE GOLF COURSE TO FUND THE REDEMPTION OF <br />THE SERIES 2003 BONDS; AUTHORIZING THE PROPER OFFICERS OF <br />THE COUNTY TO DO ALL ACTS NECESSARY AND PROPER FOR <br />CARRYING OUT THE TRANSACTIONS CONTEMPLATED BY THIS <br />RESOLUTION; AND PROVIDING FOR AN EFFECTIVE DATE. <br />WHEREAS, the Board of County Commissioners of Indian River County, Florida (the <br />"County") has determined that it is in the County's best interest to redeem and pay off the <br />County's Recreational Revenue Refunding Bonds, Series 2003 (the "Series 2003 Bonds") <br />from available moneys of the County; and <br />WHEREAS, the County issued its Series 2003 Bonds pursuant to Resolution Na. <br />2003-075 adopted by the County on July 8, 2003, as supplemented from time to time, and as <br />particularly supplemented by Resolution No. 2003-080 adopted by the County on July 22, <br />2003 and by Resolution No. 2003-081 adopted by the County on August 5, 2003 <br />(collectively, the "Bond Resolution"); and <br />WHEREAS, the County desires to optionally redeem the outstanding Series 2003 <br />Bonds on their first optional redemption date; and <br />WHEREAS, the County has legally available cash on hand to redeem the Series <br />2003 Bonds; and <br />WHEREAS, the County operates the County's Sandridge If <br />Gourse (the "Golf <br />Gourse") as a separate enterprise fund far budget purposes; and <br />WHEREAS, it is in the best interest of the County to make an interfund loan to the <br />Golf Course to faciFitate the redemption of the Series 2003 Bonds. <br />BE IT RESOLVED <br />BY THE BOARD OF COUNTY COMMISSIONERS OF INDIAN <br />RIVER COUNTY, FLORIDA: <br />SECTION 1. FINDINGS OF FACT, <br />The County hereby finds, determines and <br />declares the matters hereinabove set forth. <br />SECTION 2. AUTHORITY FOR THIS RESOLUTION. This resolution is adopted <br />pursuant to Chapter 125, Florida Statutes, the Band Resolution, and other applicable <br />provisions of law. <br />lil <br />
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