07/21/2009 (2) - Laserfiche WebLink

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how the Resolution contains certain parameters that include a net present value savings of five percent interest, which generates a savings of about $125,000 in annual debt service, for the life of the Bonds for the Utility Department. Commissioner Solari voiced his appreciation and congratulations to Director Brown, staff, and the Utility Department for their efforts in obtaining an AA+ rating from Fitch Ratings, for the County's $28.7 million Water and Sewer Revenue Bonds, Series 2009; and then read a short paragraph from the report. He compared the rate structure of the City of Vero Beach with that of Indian River County, and reported that the City of Vero Beach hired a consultant who suggested that over the next five years, water system rates be raised by 31.6% and wastewater system rates by 53%. Commissioner Solari applauded the work of the Utility Department, how they anticipated future needs, and how they represented the citizens of the County. ON MOTION by Commissioner Solari, SECONDED by Commissioner O'Bryan, the Board unanimously approved Resolution 2009-118, amending and supplementing Resolution No. 93-80, providing for the issuance of not exceeding $30,000,000 Water and Sewer Revenue Refunding Bonds, Series 2009, to be applied to pay the costs of defeasing a portion of the County's Water and Sewer Revenue Bonds, Series 1993A; providing for the payment of the bonds from the net revenues of the County's water and sewer system and certain other moneys pledged therefor; providing for the rights of the holders of such bonds; making certain other covenants and agreements in connection therewith; authorizing the negotiated sale of not to exceed $30,000,000 Indian River County, Florida, Water and Sewer Revenue Refunding Bonds, Series 2009 to RBC Capital Markets, subject to the 21 July 21, 2009