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RESOLUTION NO.. 82-140
<br />A RESOLUTION FIXING THE MATURITY AND INTEREST
<br />PAYMENT DATES FOR AN $850,000 INDUSTRIAL DEVELOP-
<br />MENT REVENUE BOND, SERIES 1982 (RAMPMASTER
<br />PROJECT), OF INDIAN RIVER COUNTY, FLORIDA;
<br />AWARDING THE BOND AT NEG07IATED SALE TO THE
<br />PURCHASER; AND PROVIDING AN EFFECTIVE DATE.
<br />WHEREAS, a resolution (hereinafter called "Resolution")
<br />of the Board of County Commissioners (hereinafter called
<br />"Governing Body") of Indian River County, Florida (hereinafter
<br />called "Issuer"), duly adopted on November 3, 1982, authorized
<br />the issuance of not exceeding $850,000' Industrial Development
<br />Revenue Bonds, Series 1982 (Rampmaster Project), hereinafter
<br />called "Bonds," to provide for the acquisition and construction
<br />of a capital project in the area of the Issuer; and
<br />WHEREAS, the Bonds were validated and confirmed by final
<br />judgment of the Circuit Court, Nineteenth Judicial Circuit, in
<br />and for Indian River County, Florida, and the appeal period will
<br />expire midnight, January 3, 1983; and
<br />WHEREAS, Barnett Bank of South Florida, N.A., Miami,
<br />Florida (hereinafter called "Purchaser"), has offered to purchase
<br />the Bonds at the price of .par, pursuant to the remaining terms of
<br />the Bond Purchase Agreement attached hereto as Exhibit A
<br />(hereinafter called "Bond Purchase Agreement"); and
<br />WHEREAS, industrial development revenue bonds are tradi-
<br />tionally sold on a negotiated basis and, consequently, a com-
<br />petitive sale of the Bonds would in all probability not produce
<br />better terms than a negotiated sale, particularly in view of the
<br />timing of such an offering and the current instability of the
<br />bond market; and
<br />WHEREAS, the Bonds are payable from the proceeds of the
<br />Loan Agreement, Mortgage and Security Agreement, as defined in
<br />the Resolution, and, therefore, the Issuer does not have a direct
<br />interest in the terms of sale and the Proprietor, as defined in
<br />the Resolution, has expressed its unwillingness to undertake the
<br />risks and expenses attendant to a public sale of the Bonds; and
<br />WHEREAS, the complex nature of the security for payment
<br />of the Bonds requires a lengthy review of the credit of the
<br />Proprietor which would be financially impractical for bidders to
<br />undertake in a competitive sale context; and
<br />WHEREAS, the Governing Body deems it necessary and
<br />desirable at this time to fix the maturity and interest payment
<br />dates for the Bonds, and to award the Bonds at negotiated sale to
<br />the Purchaser, subject to the condition subsequent of an appeal
<br />being taken from the validation proceeding for the Bonds within
<br />the time prescribed by law; now, therefore,
<br />BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF
<br />INDIAN RIVER COUNTY, FLORIDA:
<br />SECTION 1. REMAINING FISCAL DETAILS FOR BONDS. The
<br />Bonds shall bear interest payable on February 1, .1083, the first
<br />day of each month thereafter, and at maturity; and shall mature
<br />on December 28, 1992.
<br />SECTION 2. AWARD OF BONDS. The Bonds, in the form of a
<br />single, fully registered Bond, are hereby awarded and sold to
<br />Barnett Bank of South Florida, N.A., Miami, Florida, at the price
<br />of par and upon the remaining terms and conditions of the Bond
<br />ORIGINAL RESOLUTION AND CLOSING DOCUMENTS WILL
<br />BE PUT ON FILE IN THE OFFICE OF THE CLERK
<br />_ WHEN RECEIVED. _
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