3/20/2019 9:55:48 AM
10/5/2015 9:38:51 AM
State Filed Date
77-19 Section 2
Bonds Financing for Capital Projects
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ORDINANCE NO. 80-10 <br />AN EMERGENCY ORDINANCE AMENDING COUNTY ORDINANCE <br />NO. 77-19 ENTITLED: "AN ORDINANCE RELATING TO ' <br />THE ACQUISITION, CONSTRUCTION, FURNISHING AND <br />EQUIPPING OF COUNTY CAPITAL PROJECTS IN INDIAN <br />RIVER COUNTY, FLORIDA; AUTHORIZING THE ISSUANCE <br />OF BONDS BY THE BOARD OF COUNTY COMIISSIONERS <br />OF INDIAN RIVER COUNTY, FLORIDA, TO FINANCE THE <br />COST OF SUCH PROJECTS,PAYABLE FROM REVENUES, IF <br />ANY, DERIVED FRO14 SAID PROJECTS AND ALSO PAYABLE <br />FROM A PORTION OF THE STATE REVENUE SHARING TRUST <br />FUNDS RECEIVED BY INDIAN RIVER COUNTY OR OTHER <br />FUNDS OF THE COUNTY DERIVED FROM SOURCES OTHER <br />THAN AD VALOREM TAXES; PROVIDING THE METHOD BY <br />WHICH THIS ORDINANCE SHALL BECO14E EFFECTIVE"; <br />INCREASING THE MAXIMUM RATE OF INTEREST WHICH <br />BONDS ISSUED THEREUNDER MAY BEAR; REPEALING ALL <br />ORDINANCES IN CONFLICT HEREWITH; PROVIDING AN <br />EFFECTIVE DATE. <br />WHEREAS, pursuant to Article VIII, Section 1 of the <br />Constitution of the State of Florida and Section 125.01 et seq., <br />Florida Statutes, the Board of County Commissioners of Indian <br />River County, Florida, has all powers of local self-government to <br />perform County functions and to render County services in a <br />manner not inconsistent with general or special law and such <br />power may be exercised by the enactment of County ordinances; and <br />WHEREAS, the County has heretofore enacted County <br />Ordinance No. 79-19 authorizing the issuance of bonds to finance <br />County capital projects; and <br />WHEREAS, because of conditions in the municipal bond <br />market, it -is necessary for the public health, safety and general <br />welfare of the County and its citizens that said Ordinance be <br />amended to increase the maximum interest rate at which bonds <br />issued pursuant to said Ordinance No. 77-19 may bear; <br />NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY <br />COMMISSIONERS OF INDIAN RIVER COUNTY, FLORIDA: <br />SECTION 1. Section 2 of Ordinance No. 77-19, duly <br />enacted on August 3, 1977, and effective August 9, 1977, and <br />referred to by title in the title of this Ordinance, be and the <br />same is hereby amended to read as follows: <br />"SECTION 2. To pay the cost of such projects, <br />as above described, or to refund any bonds issued for <br />
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